OSAP and Professional Experience Year Information and Useful

OSAP and Professional Experience Year Information and Useful Tips Enrolment Services 172 St. George Street 416 -978 -2190 osap. staff@utoronto. ca

OSAP Repayment Begins! • PEY Not Full-Time OSAP loan repayment begins • PEY Not eligible for Loans/Grants + Not eligible for Interest Free Status • Repayment = 6 months from the end of full-time studies

Repayment Example • Study end date for 2013 -2014 is April 30, 2014 • Non-Payment Period: May 1 to Oct 31, 2014 • Interest is charged on the CSL in this period • Consolidation date: Nov 1, 2014 • First Payment Date: Nov 30, 2014

Interest Charges • OSAP = Canada + Ontario student loans • Interest Rate (floating) : Ø CSL is Prime + 2. 5% Ø OSL is Prime + 1. 0 % • • Loans are interest free when you’re full-time Not full-time = 6 month Non-Payment period Interest on the CSL in Non-Payment period OSAP is an open loan: pay early + lump sum

Repayment Assistance • National Student Loans Service Centre Ø 1 -888 -815 -4514 Ø http: //canlearn. ca (Select NSLSC) • NSLSC will contact you prior to Consolidation Ø Consolidation letter will be mailed to you • Apply for Repayment Assistance Ø Reduced payments based on your monthly income • Revision of Terms Ø Reduce payments by extending amortization period

Update your address • NSLSC Ø 1 -888 -815 -4514 Ø http: //canlearn. ca (Select NSLSC) • OSAP website Ø http: //osap. gov. on. ca • U of T Student Web Service Ø http: //www. rosi. utoronto. ca

Returning from PEY Not applying for OSAP • STOP Loan repayment process: Ø Notify the NSLSC that you’re full-time student Ø Continuation of Interest Free Status (CIFS) form Ø Complete CIFS in September at the Registrar Office • Pay any Outstanding interest: Ø Contact the NSLSC: 1 -888 -815 -4514

Returning from PEY Applying for OSAP • Apply Early: Ø Apply & provide documents prior to end of May Ø Most Documents: submitted to Enrolment Services • Assessments for early applications: early August • OSAP appeals: Ø Appeals are possible in some cases Ø Consult with Enrolment Services in August

Factors that could change in new OSAP application • Independent status: Ø 4 years out of high school Ø Parental income not used in the assessment • Residency: Ø If you work in another Province for 12 consecutive months then you’re no longer eligible for OSAP Ø If you’re a resident of another Province, and work in Ontario for 12 consecutive months, then you could be eligible for OSAP.

PEY income and OSAP • OSAP is an income/asset sensitive program • Assets have to be declared: Ø Vehicles, bank account balances, investments, etc. Ø 16 weeks prior to the start of classes: mid-May • Summer income: mid-May to start of classes • Funding Estimators: Ø OSAP Website: http: //osap. gov. on. ca Ø Enrolment Services: www. adm. utoronoto. ca/fa

Using PEY income wisely • PEY income, and how you use it, impacts OSAP • Assets have a significant impact: Ø Declared as of 16 weeks prior to Sept (mid-May) Ø Pay down high interest debts prior to May Ø Vehicles affect your OSAP significantly • Summer income (mid-May to start of classes): Ø Reduce your expenses in the summer • Rules consistent with Faculty Grants Committee

PEY income and UTAPS • UTAPS is linked to OSAP assessment • OSAP recipients: no separate application • Out of Province Students: Ø Apply beginning in August Ø Enrolment Services: www. adm. utoronto. ca/fa • Qualifying for UTAPS: Ø Unmet financial need + FT in both terms • Funding Estimator: loans and grants Ø Enrolment Services: www. adm. utoronto. ca/fa

PEY and Aiming for the Top • Request deferral if you meet the renewal terms • Make deferral request starting in July 2014 • Make request no later than Jan 2015 • Send an e-mail to: Ø Beth Lebans (beth. lebans@utoronto. ca) Ø Include legal name, student # and SIN # • Deferral confirmation after Jan 2015

Enrolment Services • 172 St. George Street • Tel: 416 -978 -2190 • Hours: ØMon, Wed, Thurs, Fri: 9: 30 am to 4: 30 pm ØTues: 1 pm to 6 pm