Ontario Student Assistance Program

The Ontario Student Assistance Program (OSAP) is a financial aid program delivered by the government of Ontario, Canada, for post-secondary education students. The provincial government and the government of Canada fund OSAP to provide loans, grants, and scholarships on a needs-based formula.[1]

OSAP is a program run by the Ontario Ministry of Training, Colleges and Universities, and funded by the provincial and federal governments. OSAP provides eligible Ontario students with financial assistance to help pay for their tuition, books, mandatory fees, living costs and transportation.

Contents

Loans

The loan is interest-free to pay for post secondary education as long as the student remains a full-time student (at a recognized institution) - the interest is paid by the government.

Loan repayment usually begins 6 months after the student ceases to be a (full-time) student. Interest paid on the Ontario loan(s) is prime rate + 1%,[2] provided the payments are made on time.

To be eligible, the student must be either a Canadian citizen, permanent resident or protected person and have resided in the province of Ontario for at least 12 consecutive months for when that person was not a postsecondary student.[3] There is an ongoing debate in Canada in regards to how student loans adversely affect young people's financial situation upon graduation and reforming student loans.

Grants

There are specific grants targeted for the first year of students' initial entry into post-secondary education and the second year of a higher education program.[4] On top of meeting the loan eligibility requirements, post-secondary students must meet additional criteria to be eligible for grants.[4] That is, the education program must be at least two years in length and the student must start post-secondary education within four years of leaving secondary school.[4] In addition, the student's parent(s) income must be below a set net income threshold in order for the student to be eligible for a grant.[4]

Students from low-income families who qualify for a federal student loan and meet the specific grant eligibility requirements will receive $250 per month of study. This grant is available for all years of an eligible university undergraduate, college, or trade school program.
Students from middle-income families who qualify for a federal student loan and meet the specific grant eligibility requirements will receive $100 per month of study. This grant is available for all years of an eligible university undergraduate, college or trade school program. (Please note that the eligibility thresholds for the low- and middle-income grants will be adjusted to reflect the cost of living in each province and territory for different family sizes).
Under this grant, students with permanent disabilities may receive $2,000 per academic year to help cover the costs of accommodation, tuition, and books.
Under this grant, students with permanent disabilities who have exceptional education-related costs such as tutors, note-takers, interpreters, braillers or technical aids may receive up to $8,000 per academic year.
Under this grant, low-income students with children may receive $200 in grant assistance per month of study for each child under 12 years of age.
Under this grant, part-time students with up to two children under 12 years of age may be eligible for $40 per week of study, and part-time students with three or more children may be eligible for $60 per week of study.
Under this grant, part-time students may be eligible for up to $1,200 per school year.
Beginning on August 1, 2009, eligible recipients of a Canada Millennium Scholarship Foundation (CMSF) Millennium bursary in 2008–2009 may receive a transition grant which does not need to be paid back, for up to three additional years of undergraduate study. The transition grant will equal the difference between the CMSF Millennium bursary received during the 2008-2009 school year and a Canada Student Grant for Persons from Low-Income Families or Canada Student Grant for Persons from Middle-Income Families.

See also

References

  1. ^ Government of Ontario (November 13, 2007). "About OSAP". Retrieved July 24, 2008, from https://osap.gov.on.ca/eng/not_secure/about.htm
  2. ^ Repaying My OSAP Loan - What is the interest rate? http://accesswindow.osap.gov.on.ca/aw/ENG/not_secure/OSAP1016.htm#S6-200
  3. ^ https://osap.gov.on.ca/eng/not_secure/App_elig_req_123.htm : August 16, 2009
  4. ^ a b c d Government of Ontario (December 7, 2007). "Canada Access Grant for Students from Low-Income Families, Millennium/Ontario Access Grant, and Ontario Access Grant Eligibility Requirements". Retrieved July 24, 2008, from https://osap.gov.on.ca/eng/not_secure/App_elig_req_CAG_1234.htm

External links

 
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