Originally Posted by Greco

All i'm saying is OSAP shouldn't have a lot of the policies they have. I mean, we have to pay this back WITH interest anyways, it's not like it's free money. When you go get a student loan from the bank or any loan they don't ask you to sell your car, ask how much your parents make, or tell you if you have a job you can't get a loan. Regardless it's us who are paying back the loan, all that shouldn't matter. OSAP thinks any income is supposed to be saved, to pay for school, as if people don't have bills and other responsibilities, lol. Right.

Anyways, nothing we can do about it.

OSAP is a loan. Thus, interest. The government can't just give away free money, as it isn't in their best interest.

Originally Posted by lorend

OSAP is a loan. Thus, interest. The government can't just give away free money, as it isn't in their best interest.

Well technically they would be investing in education and thus also investing in innovations and ideas that can help Canada. Also OSAP gives you grants as part of the loan which is free money and especially first year you get a lot...

EDIT: but I agree about the working thing they really mess you up...i put in that i would be making $1600 the whole academic year my osap was reduced by over 2k...so im like noooo i think i would rather get that 2k and not work for $1600 thank you.

To be fair, OSAP is assistance and they are helping people. I don't think people should get TOO upset because it's not like we HAVE to use it. We're lucky some people get anything.

Having said that, I agree that it's really messed up. I'm in my fourth year and OSAP relies almost completely on what my parents make. My parents can only afford to give me a few hundred bucks per year to put towards my schooling. Some people's parents have things to pay for that are more important than university. Some people don't talk to their parents at all.

I only got $200 from OSAP this year, because I made $5000 in the summer and $1000 during the school year. That only covers my tuition. I had to take out bank loans for rent, groceries, etc :(

What if I don't do my income taxes?
speaking of which i should get on that...
where do I go to get them back? over a 3-4 year period.

anyone know a private accounting place that does them cheap?I know there are alot in sauga and oakville but I wouldnt drive all the way there

Originally Posted by Katia

anyone know a private accounting place that does them cheap?I know there are alot in sauga and oakville but I wouldnt drive all the way there

I get mine done at H&R block all the time for the $29.99 student discount price.

Originally Posted by lorend

OSAP is a money-making venture on behalf of the government. I fail to see how no one else recognizes this.

First year I picked up my OSAP the guy was trying to convince me to spend some of it on a new TV instead of tuition.

Originally Posted by knox

First year I picked up my OSAP the guy was trying to convince me to spend some of it on a new TV instead of tuition.

LOL

I didn't qualify for any OSAP. It was a tough reality check, but I decided to go to university anyway and pay for it myself by working. I'm going part time, and it will take me an extra year and a half to get my degree. My final year I will be going full time, and when I graduate, I won't have any student debt. And yes, I live on my own, pay my own bills and receive absolutely nothing from my parents/government/banks.

I know a few people who took a year off after there second year, worked full time, saved alot of money and came back to university, paid for all of it. And have no debt. It just took them a year longer.

Working during school can be hard. Very hard. I've learned how to manage my time, and the best benefit is that I'm still a part of the workforce, gaining experience, meeting future employers, and networking. My parents made sure my sisters and I knew, that if you want something in life, your not "entitled" to it, and you have to go out and work for it. And if that means your education will take a year longer, so be it. One of the best motivators for success, can actually be knowing you paid for something all by yourself. When you do get that A, it feels even better.

OSAP is a great resource for those who are lucky to get help from it. But I would encourage anyone to seriously consider getting a job (if you can - I know its hard out there). People take too many loans out for everything, and they swim in debt the rest of there life. Even working 5 hours a week is something. Because in the end, OSAP is just another loan.

Well that's my tidbit on it.

Well that could be a good idea if you can get a full time job that pays decent. it's really hard to get a good job with just a highschool degree and a year of university!

I do not receive a constant cash flow, but when I do get it, its a decent sum. so that's why I got osap. and every couple of months I just put away a couple thousand in a savings account, where it made me interest, and not have almost the right amount to pay all of it off. So I'll be graduating this year with like 2,000 in debt.

I think that is a better approach. This way your money can gain interest while you do nothing

Also, anybody know how much the percent is on outstanding OSAP past the 6 months ?

I find the whole OSAP thing incredibly offensive to those who put forth the effort to help themselves (i.e. go out and work during the school year, work crazy hours during the summer, work through high school to save up money) or to those whose parents aren't fans of the whole idea of being "First Parental Bank".

I mean why should someone be penalized for working hard and still have to live on the same amount as loans (because they are significantly clawed back when you earn money). Financially taking the loans is a clear winner because you a) pay no interest till you are done your studies b) might get some grant money and c) will earn far more money by graduating in 4 years and working 1 then taking a year off during university or by only taking 24 units a year.

It's the same deal with a lot of the social programs. There's very little point taking a very bottom end job because you're better off on the social program. (this is known as the "welfare wall") While I don't doubt there should be claw backs as you earn more it should be gradual i.e., you loose 1 dollar of loan entitlement for each $2.50 you earn or something like that, rather than making student work pointless to a certain extent.

I make a good amount over the summer working in Toronto, enough to pay off my tuition and have a good chunk left over. I keep collecting OSAP so I can toss it in my savings account and make interest off it. I have enough saved up to pay it all off come graduation, so it's free interest money really.

Even if your parents can afford to send you to school, if you qualify for OSAP you should grab it anyway. You can lock that money away in a guaranteed investment account for 3 years just to make money off of it while you're in school.

Oh man, that is why the greatest lesson I've learned in life is, that its NOT FAIR.
If you work alot during the summer, and still get help from OSAP, bank it, and then make interest... ???
And I work during the summer too, and don't get OSAP, and can't even go full time to school because I have to work to save up money for next years tuition ... RAHHH!!!

Originally Posted by praetorian

Oh man, that is why the greatest lesson I've learned in life is, that its NOT FAIR.
If you work alot during the summer, and still get help from OSAP, bank it, and then make interest... ???
And I work during the summer too, and don't get OSAP, and can't even go full time to school because I have to work to save up money for next years tuition ... RAHHH!!!

Yeah I got lucky with my job, but I'm pretty sure I get OSAP because I don't live at home and neither of my parents don't pay for school or make enough to cancel out OSAP.

I agree with most of what has been written here, but I have to say one thing: OSAP does a really shitty job of tracking people's income. I'll give a couple of examples:

My dad works in the states, and when he filed his taxes last year, the conversion rate from US currency to Canadian was about 1.25...so basically for that month or so he made 25% more money, but OSAP looked at it for the whole year, so instead of his usual 60K per year, his salary for OSAP was $75K...which means i got next to nothing from OSAP (forget about bursaries or grants).

On the other hand, my friend's dad was unemployed when he filed his taxes, so his income came out to $0. He got enough $$ from OSAP to afford books, tuitions, and dorming in Mary Keyes.