URGENT: OSAP Question

[sgMD]

I have a very quick question and I'd appreciate it if you guys could help me out with this issue....

so I got a loan from a canadian bank and I also want to receive OSAP funding....however, I am not sure if OSAP should know about the loan! since they asked and I am not sure what to answer.... if they say 'your loan is enough for your education' then I'm screwed!! Did you guys notify OSAP regarding your private loans as well?

[mario345]

^you HAVE to let them know.

they will often ask you to explain how you are funding it.
say that LOC alone itself is not sufficient, you need osap to pay one semester's tuition every year, and to keep the accumulated interest low.
say that your average yearly costs (tuition, air travel, books, rent, food, misscelaneous) are around 37-40 K (and thats living VERY cheaply) and when you convert it into cdn dollars...it could be upto 45K per year MINIMUM. that will not be sufficient for 4 years..

but yah...dont try to hide it...coz if they find out (and trust me, 150 K is NOT a small amount), then you dont wanna get involved in that mass.


i have to deal with this everytime i apply for osap...but it has not been too much of a problem...it just delays the application because they need to read this letter.

[olek]

I had the same question as you couple of months back. I called them and they said it is not necessary to report it on your OSAP application because a LOC is a private loan, not a government loan.

However, they will send you a letter asking to put in writing how you are planning on funding your full education and that's where you have to mention your LOC to them.

[atropine]

Put it this way: You've got a line of credit, which is funding to allow you to take up to a MAXIMUM of $X should you need it. Thus, your line of credit is there to supplement the amount you're left short from OSAP funding.

If you had a bank loan with the 150k sitting in your account, that would be a different story.

[sgMD]

thanks guys for all your help! :)