Studying at a university can be an overwhelming experience, especially if
money is an issue. Moreover, with rising educational expenses it has become all the more difficult to pursue
education from a reputed university.
However, there are many financial assistance programs offered by provincial and federal governments to help
students who do not have the resources to manage their educational costs. The financial assistance is
available in many forms, including loans, scholarship, grants, bursaries, fellowships, work study and
interest relief.
OSAP, or the Ontario Student Assistance Program, offers loans to students to assist them with their post-secondary
education expenses. Funded by the provincial & federal governments and run by the Ontario Ministry of
Training, Colleges and Universities (MTCU), OSAP assists qualified students in helping to pay for their
tuition fees, books, living expenses and even transportation.
In order to qualify for this financial aid a student must have lived in Ontario for at least 12 consecutive
months before the start of his or her study period, without being a full-time student at any post-secondary
institution. The program covers both the Ontario Student Loan, which covers 40% of the funding, and the
Canada Student Loan, which covers 60%.
When a person applies for OSAP, he or she is considered for the both of these loans, provided the Ontario
residency requirements are fulfilled. Furthermore, to qualify for this funding, the person applying for it
needs to be a full-time student.
The OSAP does not provide all the money a student may need; rather, it supplements the overall expense and
offers financial aid for tuition fees, compulsory fees, child care, books, supplies and equipment,
transportation costs and living costs. If a person is a part-time student taking between 20% and 59% of a
full course load, he or she can apply for part-time OSAP assistance.
This offers financial aid for tuition fees,
compulsory fees, child care, books, supplies and equipment, and transportation costs, but not for living
costs. Furthermore, individuals who are recipients of the Ontario Disability Support Program can receive OSAP
for the educational expenses, along with social assistance for their living expenses.
The amount of assistance students receive is based upon their financial needs as calculated by the ministry.
It first calculates their allowable expenses and subtracts from it the amount that they (and in some cases,
their family or partner) are expected to contribute, to determine their loan amount.
Single students receive a maximum of $360 per week and a maximum of $12,240 for a typical two-term academic
year. In contrast, married students or students who are sole-support parents receive a maximum amount of $560
per week and a maximum amount of $19,040 for a typical two-term academic year.
At the end of his or her academic session, it is the student's responsibility to repay the loan as well as
overpayments, if his or her application was reassessed. In the 2010-2011 academic year a student is allowed
to earn up to $103 a week without affecting his or her assistance; however, if the earnings exceed this
amount then the student will have to repay overpayments.
Students can apply for any of the above programs that they qualify for, as soon as the application is
available. They should make sure that they keep in mind the deadline and do not wait for the last day, to
avoid any inconvenience. It is their responsibility to provide all supporting documents and report any
changes that can affect the amount of financial aid to the Financial Aid and Awards Service in
writing.•
Photo courtesy
www.sxc.hu/profile/lusi