Osap Calculator
Ogier Dudley
The OSAP calculator, also known as the OSAP aid estimator, is used to help you estimate how much you could get to pay for your secondary studies. Knowing how much you might receive in aid can help you create a more accurate budget and inform you if you need additional funding from other sources.
After answering a series of questions about the school and program you plan to attend, when you graduated high school, marital status, and financial situation, the OSAP calculator will provide you with an estimate of how much you can receive in grants (money you keep) and loans (money you repay) and provides an overall total.
Hope everyone is doing well coping with the wait!
I was wondering if anybody could give me anecdotal evidence on how much you can have in your bank account and Tax Free Savings Accounts before it starts to affect your OSAP amount. I've done a good amount of research on the forum regarding this but did not find any specific amounts to try stay under. I'm wondering whether or not I should be moving some of my savings into RRSPs before the May date (is it May 1st?) that you have to declare your balances from. Anybody have any advice? Is it the combined total that they look at?
Appreciate any advice. Feel free to PM if you don't feel comfortable posting here!
If money is just sitting in your TFSA you're fine since there's no interest or anything on it (assuming you have the investment one since you're talking about RRSPs). A few years ago I had maybe $1000-2000 in stocks and although I don't think my OSAP was significantly affected I saw a dramatic decrease in my needs-based funding (for undergrad). Personally I recommend selling all investments (what I did), but I'm not sure about your personal circumstance and whether that's feasible.
I should also add that if you're only concerned about OSAP and not other methods of funding you'll be fine. I entered a salary of $200000/year into the OSAP estimator and came out with the same loan amount
I've been wondering the same thing. OSAP gives me a lower estimate by approximately $7000 if I include my TFSA account under assets in the calculator. Without the TFSA included as an asset the loan estimate remains the same but I appear to be able to receive the maximum Ontario Student Opportunity Grant. This grant is effectively a bursary and over 4 years of medical undergrad would add up to over $25k of free money (I'm considering that the grant might fluctuate somewhat). My instinct here is to pay off all my undergraduate debt by liquidating the TFSA. My undergraduate debt is nearly completely covered by the TFSA but I'm profiting on my debt due to its lower interest rate relative to my TFSA return. Has anyone done anything similar to this or possibly talked to OSAP about it?
technically that tfsa is an asset and would lower your available osap amount. By the numbers paying off the debit is exactly the course that fits the logic of osap. I know I have said this a bunch but osap is a form of social assistance and is needs based - and thus has similar rules to other things like ODSP or unemployment insurance. You would expect the government not to be handing out "free money" so you put it to people that already have assets just sitting around as an investment. After all that 25K of money a lot of tax dollars Just like other forms of social assistance as well your RRSP or house you own has protections on it.
well technically when you fill in the osap form in the summer you would have that asset and they do back date the time when they consider assets to be present to avoid that problem. Also If you earned that asset in the times they examine you would still have to report it as well under that.
As a side note - much later in our careers when all of us are making pretty good money etc, it would be interesting for everyone to think back to how motivated people are about bending the rules for osap - bending that of course I completely understand. I mean university is expensive, and that bursary is pretty darn tempting and I certainly tried to figure out all the loop holes. It just makes me a bit more understanding of people on other forms of social assistance similarly resist restraints. Understanding to be clear doesn't mean excuse but when it goes to government payouts there is not a lot of worry it seems from anyone about getting as much as you can.
Thinking of applying for OSAP for 2023-24? The application for full-time students is now open. Apply early to get an estimate of the amount of grants and loans you could receive. There is also a quick OSAP calculator you can complete in a few minutes. If you are not certain about your eligibility, try out the OSAP Aid estimator now.
Students entering post-secondary studies in the fall will be the first batch registered under the revamped Ontario Student Assistance Program, intended to make college and university more affordable for first-time and mature students. Under the new rules, some even qualify for free tuition.
To help applicants determine if they qualify for free tuition, OSAP has launched a new online calculator. It is as easy as selecting the year you left high school or if you are still attending, checking a box to indicate if you are married or common law, indicating if you have children and, if so, how many, if you still reside with your parents and if you plan to attend college, university or a private career college.
Quick Question:
Will going to school outside my province or territory limit my ability to access funding?
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MediaOntario Launches New Student Assistance Calculator Tool Helps Students and Families See if They Could be Eligible for Free Tuition from ProvinceNews Release - December 12, 2016 10:00 A.M. - Ministry of Advanced Education and Skills Development -
With applications now open for college and university programs, Ontario has launched a new online calculator to help students and their families find out quickly and easily whether they qualify for free tuition or other grants and supports from the province.
By entering basic information at Ontario.ca/osap, in just a few clicks students will learn whether they are eligible for free tuition and how much aid they could receive from the new Ontario Student Assistance Program (OSAP).
Non-Academic Incidental Fees (or Incidental Fees) contribute to things like student societies, campus-based services, athletics and recreation facilities, and student health and dental plans. Many of these fees are compulsory, but you will have the option of opting out of a small proportion of them.
To get a better idea of how much money you will need to cover tuition and fees, housing costs, food and everything else for the upcoming academic year, use our financial planning calculator to budget your costs. This is only a rough estimate on the cost of university, but should give you an idea about how much to budget.
Eligible high school students are automatically considered for a variety of admission scholarships when they apply to the University. There are also admissions scholarships that require a separate application, and others that require you to complete an awards profile.
1. Preamble
This policy applies to all student awards established in Victoria College and Emmanuel College of Victoria University. Its purpose is to ensure that the procedures followed in establishing such awards and in determining who will receive them are clear and consistent.
3. Principles
a) The purpose of the Victoria University Awards program is to attract, recognize and reward academic achievement, and to ensure accessibility for students registered in one of the Colleges of Victoria University.
b) The terms and conditions of all awards established since 1990 must comply with the Ontario Human Rights Code and must be free of criteria based on personal characteristics such as race, ancestry, colour, ethnic origin, sex, creed, age, marital status, family status, sexual orientation or disability. Victoria will continue to offer a few long established awards which are for men students only or women students only.
c) The policies and procedures of the Victoria University Awards program are developed and approved by the Senate Executive Committee.
d) Except where otherwise stated in the terms of an award, recipients must be registered at Victoria College and must be pursuing their first undergraduate degree, or be registered at Emmanuel College.