Written by Megan Liang
The Ontario Student Assistance Program (OSAP) is a financial aid program that helps students across Ontario pay for college or university. OSAP offers funding through grants and student loans. Grants are monetary amounts where the recipient does not have to pay the monetary amount back, whereas student loans are monetary amounts needed to be paid back once you have completed your educational schooling (“Learn About OSAP.”).
When a student applies for OSAP, they will be automatically considered for both grants and loans. Now you may ask, “what if a student receives a grant and a loan, but decides not to take the loan?”. If a student receives a grant and a loan and decides not to take the loan, they can decline the loan after their application is approved (“Learn About OSAP.”).
OSAP can help students pay for a variety of university expenses. These include tuition, books, supplies, electronics, compulsory student fees charged by a school, living expenses (only applicable to full-time students), and more (“Learn About OSAP.”).
This may all sound very helpful and you may wonder “who is eligible for OSAP?”. OSAP is accessible and open to all Ontario residents of any age who identify as Canadian citizens, permanent residents or protected persons (“Learn About OSAP.”). However, you may not be eligible for OSAP if you have enough financial resources (including other forms of government aid), if you have reported income on your OSAP application that is significantly different from what you report on your revenue taxes to the Canada Revenue Agency (CRA), if you have declared bankruptcy, and more. Please check the “Learn about OSAP” page (https://www.ontario.ca/page/learn-about-osap) for a detailed list of who is not eligible for OSAP. It is important to report accurate and honest information on your application!
Lastly, an important note—if you are a full-time student filing your first OSAP application, you will need to complete a short information session before you begin (“OSAP: Ontario Student Assistance Program.”). This session is intended to help you understand how OSAP works, your roles and responsibilities if you are selected as an OSAP recipient, basic financial information, and information about your budgeting plan and education. Don’t worry, the modules are short!
Once you finish the modules, you should be on your way to completing your OSAP application!
Works Cited
“Learn About OSAP.” Ontario, www.ontario.ca/page/learn-about-osap.
“OSAP: Ontario Student Assistance Program.” Ontario.ca, www.ontario.ca/page/osap-ontario-student-assistance-program.
Comments