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  1. #1
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    OSAP Loans increase

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    Hey everyone,

    I heard from my Mom (who can never remember her sources) that the OSAP student loan limit has been increased to circa $20,000 CDN.

    Any truth to this? AND, more to the point, does this mean we IMG's can tap into these funds as well (esp. since our costs are way higher than studying at home).

    S-

  2. #2
    KDog is offline Member
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    OSAP

    I am almost positive that is incorrect but I would be happy if someone could prove otherwise. For the IMG issue as long as it is accredited and has been around for 10 years then you are eligeable for the maximum, $9000.

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    st_med is offline Junior Member
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    re: loan increase

    I agree with the above post. As of now, the max is still around 9000. If you have dependents and are a female, there may be additional funds that you may be eligible. The best thing is to apply online and put all your stats and see what you get. Also, you can talk to someone in Thunder Bay. They are very helpful.

    ST

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    eenie is offline Member
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    Hi

    Isn't OSAP...the Ontario Student Assistance Program...I thought that if you wanted to study outside of Canada you would have ot use The CFL...Canadian Federal Loan...I didn't know we could use OSAP as well...are you sure?

  5. #5
    st_med is offline Junior Member
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    re: OSAP

    eenie,

    you are right. We just refer to it as OSAP but the actual name of the loan is Canada (or National) Student Loan (vs. Ontario Student Loan).

    ST

  6. #6
    eenie is offline Member
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    hi

    Oh that's good then cause i thought that i was missing out on some information!

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    more info

    Hi. Just got off the phone from my mom & here is the news. Paul Martin announced in the budget that the daily rate would be raised from the current maximum of $176/week to $220. The maximum loan amount will now be $20,000 CDN.

    I've asked her to get me the newspaper specifics - she didn't buy the paper, just saw the headline in the drugstore.

    Anyhow, when the rest of the info. comes in I'll post it.

    FYI. OSAP as we know it is actually a compilation of 11 different programs. I had a very good conversation with the lady (she has worked there for 14 years), I was complaining that other provinces actually give provincial loans (BC, newfoundland etc.) but in Ontario we don't get any money from the province - only the Canada student loan. But because all of the programs are administered at the provincial level we call them all OSAP but that is a misnomer - esp. in our img cases.

    But if Martin announced it, then it would be federal. good for us....

  8. #8
    st_med is offline Junior Member
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    re: OSAP increase

    Hi peacefuljourney,

    If it's a max of 220/week, then wouldn't be 11440 (220 x 52 weeks) or am I missing something here? Are there additional funds? I am sorry for sounding so confused.

    Would appreciate any insight.

    ST

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    KDog is offline Member
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    OSAP

    I was reading something over the weekend that mentioned the limit increase would only be 25% and the maximum annual would still be under $12,000. Any more information on this?

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    OK here it is

    Hi all,

    I have a copy of the budget. It is all in Chapter 4. I'll try to attach it, but it is large so I've zipped it. It may not work, so here is the important stuff.

    There is lots of interesting stuff in the main document. Loan forgiveness limits have increased and parental contribution limits have decreased. Looks like it comes into effect 2005-2006.


    The Importance of Learning
    _ Introduction of a new Canada Learning Bond, which will provide
    up to $2,000 for children in low-income families born after 2003 for
    post-secondary education.
    _ Enhancement of the Canada Education Savings Grant matching rate
    for low- and middle-income families.
    _ Introduction of a new grant of up to $3,000 for first-year, post-secondary
    dependent students from low-income families.
    _ Introduction of an up-front annual grant of up to $2,000 for
    post-secondary students with disabilities.
    _ Increase in the ceiling for Canada Student Loans to $210 a week
    from $165.
    _ Increase in the income thresholds used for determining eligibility for
    student loan interest relief.
    _ Increase in the maximum amount of debt reduction for students facing
    financial difficulty to $26,000 from $20,000.
    _ Extension of the education tax credit to employees who pursue careerrelated
    studies at their own expense.
    _ Investment of $125 million over five years for the Aboriginal Human
    Resources Development Strategy.
    _ Doubling to $50 million support for the Urban Aboriginal Strategy.


    The weekly loan ceiling for the federal loan be increased from $165 to
    $210 to take into account increasing costs and the growing need for study
    tools, such as computers.
    Since the weekly loan ceiling was last increased in 1994, rising costs
    have eroded the ability of the program to meet the financial needs of some
    students. It is estimated that this measure would result in a $74-million
    increase in student loan costs for the Government starting in 200506,
    rising thereafter. This measure will provide 185,000 students with more
    support (see example on next page).
    The ceiling will be reviewed periodically in light of the rising cost
    of education to ensure that post-secondary students in financial need
    continue to have the financial support required to pursue their studies.
    Students with dependants often have financial needs in excess of the
    current weekly loan ceiling of $165 per week and are eligible for Canada
    Study Grants of up to $3,000 a year to help cover their additional costs.
    Students with dependants will continue to receive the same level of support
    they currently collect even with the increase in the loan ceiling.

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