I am going to start my first year at Mac in the upcoming September of 2011--'zah~

I applied to OSAP because it seemed like the sensible thing to do and because the potential of a little spare money never hurt anyone. I received a letter a while back from them saying that I have been deemed to have sufficient funds so they would not be giving me anything--so I pushed them out of mind until recently.

An email came. Apparently I am going to be allotted a fair amount of money for the school year. Only, I can pay the tuition for first year off the bat before the certificates are even issued. What people have been advising me to do is to pay the tuition in full to avoid interest fees building up on it and them collect the OSAP loans so that I might put it in a bank account and let the interest on that grow. Then I can pay back OSAP before the end of the year and simply keep the interest.

Is doing this advisable? Would paying off my student account before collecting OSAP not void the entitled sum?

/cue typical freshmen panic

Thank you in advance for any assistance!

Originally Posted by IonicBonds

I am going to start my first year at Mac in the upcoming September of 2011--'zah~

I applied to OSAP because it seemed like the sensible thing to do and because the potential of a little spare money never hurt anyone. I received a letter a while back from them saying that I have been deemed to have sufficient funds so they would not be giving me anything--so I pushed them out of mind until recently.

An email came. Apparently I am going to be allotted a fair amount of money for the school year. Only, I can pay the tuition for first year off the bat before the certificates are even issued. What people have been advising me to do is to pay the tuition in full to avoid interest fees building up on it and them collect the OSAP loans so that I might put it in a bank account and let the interest on that grow. Then I can pay back OSAP before the end of the year and simply keep the interest.

Is doing this advisable? Would paying off my student account before collecting OSAP not void the entitled sum?

/cue typical freshmen panic

Thank you in advance for any assistance!

Yes you can do that. You don't have to pay OSAP until like 6 months after you graduate (but interest starts accumulating the day you finish your graduating year), if you are continuing education after undergrad then I believe you can delay it even longer, you just have to figure out how with the help of SFAS or OSAP.