My tuition is $6628...and it says osap is giving me $5820 and it says all balance forward $808.00. So I think i have to pay $808 by september 1st right?

And I think osap is giving me $9,700....
are they giving me 60% of $9700 ? (5820) and give me the rest in January? I don't understand why I would need it in January when I need it before that to buy textbooks.... What's the 40% im getting in january for ? Can I have it sooner to pay for textbooks?




BTW I checked payment in full....I hope that was the right choice :(

if you're using osap to pay for your tuition, it's best to check off flex plan with OSAP. So that 60% of the funding you're getting will be paid in September and 40% in January. I've been using this flex plan every year and it always works out.

The 40% part, you can't have it sooner than January, you really are getting it in January. As for textbooks, well that's a different story.

You check the FLEX option for Osap, not payment in full. That's how OSAP works, 60% in Sept and 40% in Jan. There's no way around that.

If we selected that we don't want osap to pay on our behalf, would they just deposit the money into our bank account? :$

Originally Posted by Safia P

If we selected that we don't want osap to pay on our behalf, would they just deposit the money into our bank account? :$

I think that would be the case, but it's best to have OSAP pay on your behalf so that it's automatic and you don't have to do anything.

Originally Posted by Sami

My tuition is $6628...and it says osap is giving me $5820 and it says all balance forward $808.00. So I think i have to pay $808 by september 1st right?

And I think osap is giving me $9,700....
are they giving me 60% of $9700 ? (5820) and give me the rest in January? I don't understand why I would need it in January when I need it before that to buy textbooks.... What's the 40% im getting in january for ? Can I have it sooner to pay for textbooks?




BTW I checked payment in full....I hope that was the right choice :(

First of all, you most probably DON'T want to select payment in full, because the estimation expects OSAP distributed over time.. 60% to be released to the school whenever OSAP sends it to them (we used to pick up OSAP ourselves any where between a bit before school up until the first week in September).

Keep in mind, even though you're getting 40% of your funding later, it might be best to pay as much as you can, meaning pick up your 60% OSAP as soon as possible and get as much of your tuition paid off, because of interest. You can either not use the money that shows up later or put it to use for other important things.

What I've been doing is getting my OSAP as soon as possible and having my Dad pay off the rest required, then just pay him back in my own time, although that's not an option to most people.

The 40% later is designed to spread the money out over time, because a lot of students have textbooks for term 2, rent, and other things they need the money for.

You definitely DON'T have to use the OSAP Flex option. It depends entirely on your financial situation. If you are able to pay in full then that would be the best option as you avoid the Flex option charge (35$?) as well as interest. You should be choosing your payment plan based on your financial situation, just because you are using OSAP doesn't mean you can only choose the OSAP Flex plan.

In addition to what Ryan said, I believe that the 2nd money release is designed to adjust any entitlements since some students decide that their studies allows more time than expected so they take up a job, or they realize that their studies are more demanding than they thought so they quit their job, or students drop/increase their course loads.