Financial Planning For College Key Questions To Start

Financial Planning For College

Key Questions To Start Asking • • • How much will College cost (tuition, supplies, books, etc. )? Where will I live? On or off campus? What type of financial assistance is available to me? Does Loyalist offer scholarships or bursaries? What am I prepared to give up (e. g. car, vacation, clothes, etc. )? • Have I discussed my options with my family and/or school advisor? • Have I prepared my budget for school?

Estimated Cost For The 2020/21 Academic Year • Tuition $4, 000 • Books and Supplies • Residence / Housing $1, 500 $6, 000 • Additional Student Costs • Food • Spending Money • Transportation • Necessities • Fun • Total $120 per week 33 weeks/year = $3, 960 $11, 500 – $16, 500

Resources • Summer job savings • Federal Government funding • • • CERB - Canada Emergency Response Benefit CESB - Canada Emergency Student Benefit CSSG – Canada Student Service Grant Sponsorship (e. g. Indigenous, tuition subsidy) Personal savings Parental contributions Registered Education Savings Plans (RESPs) Scholarships, bursaries and awards Loans (e. g. bank line of credit, OSAP) Student employment (e. g. on-campus jobs) Please note: RESPs won’t affect how much OSAP you receive

What Is OSAP? The Ontario Student Assistance Program (OSAP) is a government-funded financial aid program for full-time and parttime students that can make it easier for students to go to college. The program offers two types of funding: • Grants you don’t have to pay back • Loans you need to repay ontario. ca/osap

Who Is Eligible? OSAP is open to Ontario residents who are: • Canadian citizens, permanent residents or protected persons When determining eligibility, the government considers: • Your status (dependent student, married, common law, sole support parent, etc. ) • Program of study ( educational costs) • Course load (full- or part-time) • Study period • You and your family’s financial contribution • Living expenses

OSAP Changes For 2020/21 Federal Government Changes • For the 2020/21 academic year, the maximum amount of student grants will be doubled. This applies to the following: – Non-repayable Canada Student Grant for full- and part-time students – Canada Student Grant for Students with Permanent Disabilities – Canada Student Grant for Students with Dependants • The expected student contribution and spousal contribution have been removed • The maximum weekly living amount has been increased • Existing distinctions based on support to First Nations, Inuit and Métis students will increase • No provincial changes have been announced at this time

Getting Started To complete your OSAP application, you will need: • Social Insurance Number (for both you and your parents/guardians) • Loyalist student number • Date of birth (for both you and your parents/guardians) • Parents’ postal codes • Your email address (school email is preferred) • Last day you attended high school and your Ontario Education Number (OEN) • Name and date of birth for anyone to whom you wish to give consent to view your OSAP file (e. g. family, relatives, etc. ) • Parents’ 2019 income tax returns You may also need: • Most recent social assistance statement (Ontario Works, ODSP, CPP, etc. ) • A summary of your other assets (e. g. GICs, savings accounts)

Applying For OSAP Online

New OSAP Information Module If you are a full-time student completing your first OSAP application for the 2020/21 school year, you will need to complete a short information session before starting your application. This session will help you understand: • How OSAP works • Your roles and responsibilities if you become an OSAP recipient • Basic financial information to support you through your postsecondary education (e. g. budgeting, understanding credit and debt, etc. )

New User Registration

OSAP Access Number (OAN)

Email Address Validation

Start Full-Time Or Part-Time Application

Additional Information For Profile

Additional Information For Profile

School Search

Program Search

Program Selection

Current Situation

Current Situation

Personal Information

Income & Assets

Income & Assets

Income & Assets

Parental Information

Parental Information LOYALIST COLLEGE

Parental Information

Review & Submit

Documents Required Once your application is submitted, check the Documents Required page: Documents that are required: • Student signature pages • Parental signature pages • Master Student Financial Assistance Agreement (MSFAA) Other documents that may be required: • Children's Aid verification form • Permanent disability verification form • Indigenous status • Permanent Residency • Marriage certificate/affidavit of common law or sole support parent • Children's birth certificates Important: Visit the OSAP website often to check the status of your application and for updates to funding amounts and application changes

$1 Million In FREE Money! • • Entrance Scholarships Entrance Bursaries Returning Student Bursaries Financial Need Bursaries First Generation Bursaries Indigenous Bursaries Other Awards

Alternative Sources Of Bursary Funding • scholarshipscanada. com • yconic. ca • campusaccess. com • • • Parent workplace bursaries Student workplace bursaries Service club or organization bursaries/awards Athletic/ sports team High school through your guidance office

Next Steps • Ask questions • Complete your budget • Have the conversation – With family, your guidance office or advisors • Apply for funding – Student jobs, OSAP, bank loans, scholarships and bursaries, etc.

Questions? financialaidoffice@loyalistcollege. com Dawn Price Financial Aid Advisor | Loyalist College T: 613 -969 -1913, ext. 2226 E: dprice@loyalistcollege. com 376 Wallbridge-Loyalist Road Belleville, Ontario K 8 N 5 B 9 youregoingplaces. com