I have a friend who will be going into his 1st year in September. He's applied for OSAP but just now did he get a summer job and hence didn't get the chance to indicate how much he will be earning for the summer on the application.

What should he do? He estimates that he'll be making around $7000. If he were to inform them would that reduce his OSAP by a large amount? What if he decided to buy a car for that amount as well and register it in his name, would that also reduce his loan as well?

Would highly appreciate any helpful advice. Thank you!

I think it would. My brother got grants when he applied for OSAP, and they counted toward his 'income', although he didn't physically have a job at the time. They still deducted it from his OSAP money.

Don't take my word for granted though

Originally Posted by optimism

I have a friend who will be going into his 1st year in September. He's applied for OSAP but just now did he get a summer job and hence didn't get the chance to indicate how much he will be earning for the summer on the application.

What should he do? He estimates that he'll be making around $7000. If he were to inform them would that reduce his OSAP by a large amount? What if he decided to buy a car for that amount as well and register it in his name, would that also reduce his loan as well?

Would highly appreciate any helpful advice. Thank you!

He needs to fill out a change request form at the financial aid office so that they can update his income information on his osap application.

And yes, his income will likely reduce his osap and so would owning a car.

Originally Posted by optimism

I have a friend who will be going into his 1st year in September. He's applied for OSAP but just now did he get a summer job and hence didn't get the chance to indicate how much he will be earning for the summer on the application.

What should he do? He estimates that he'll be making around $7000. If he were to inform them would that reduce his OSAP by a large amount? What if he decided to buy a car for that amount as well and register it in his name, would that also reduce his loan as well?

Would highly appreciate any helpful advice. Thank you!

You say "if he were to inform them" like it is an option. If he doesn't, and they find out, there will be pretty serious consequences. It explicitly states that you should inform your financial office of any changes to your financial situation, and that's a pretty significant change.

It might reduce his loan (the income and/or the vehicle, which is considered an asset), but he still has an extra $7000 that he can then use to pay for tuition, and that will reduce the debt he's in.

7000? god damn for an 18 (assuming) year old thats good.Fulltime for 8 weeks that like 21/h

If he doesnt report it , OSAP may be nice and let it slide but for that amount probably not. They could issue an Overpayment and you wont get anymore osap until he pays it off( ie give all the money he didnt deserve back)

Fill out a form when year starts @ OSAP office (gilmour hall)

If you don't report that income, he gonna get a hurt reeeeeall bad. Assets or extra things like cars modifies the funding you'll recieve -- usually they think it means you're better off than you actually are and it will reduce the funding you receive.

How does OSAP know you own a car?

Originally Posted by muons

How does OSAP know you own a car?

You have to state it on your OSAP application as an asset.

Yeah he could also call OSAP to see exactly what to do.

I remember when getting my OSAP money at the beginning of the school year (which was done in person but now they changed it to online), you had the opportunity to tell them if there had been any changes and to check the amount you put down in the first place. Cause I'm sure the people at OSAP know that some people may get unexpected jobs that they didn't plan for when they applied.

https://osap.gov.on.ca/prodconsum/gr...prd8887915.pdf