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-- Giving OSAP back?

Posted by d!abolic on Dec-14-2005 06:09:

Giving OSAP back?

Someone i know got an $4500 OSAP (Ontario Student Assistance Program) loan, but she heard that if she doesn't get over 60% on all her courses this (her first) year, she'll have to give it back. Apparently, if she gets over 60%, she won't have to give it back after she's out of university, and no interest will be due until then? Will she really have to give it back now if she gets under 60%?

Posted by VERTiG0 on Dec-14-2005 06:09:

You should call them and find out.

Posted by Euphorica on Dec-14-2005 06:39:

I cant say ive heard of that one, although ive never had to apply for it.

I have heard of guys spending their osap on car parts though

Posted by Swamper on Dec-14-2005 06:40:

60% = minimum 60% course load = Part time students (<60%) aren't eligible for OSAP

..has nothing to do with grades.

Posted by ChemEnhanced on Dec-14-2005 12:20:

Have fun paying it back though....I have friends who have been out of school for 10 years and are still paying back OSAP

Posted by cellardoor on Dec-14-2005 14:19:

i dont think academic performance is related to the payment terms unless they cause her to drop out. However if you do fail for 2 years or have a lack of academic progress it will jepordize your ability to get the loan again. I failed my first year i hope that doesn happen to me

Posted by djbruuen on Dec-14-2005 14:39:

exactly what swamper said, 60% course load, NOT 60% course marks. Marks aren't really an issue for osap. Although, if you can't keep an average over 60% maybe you shouldn't be in uni anyways

Posted by Skipper on Dec-14-2005 14:45:

quote:
Originally posted by ChemEnhanced
Have fun paying it back though....I have friends who have been out of school for 10 years and are still paying back OSAP

Unfortunately for some there really is no other option.

Posted by Nikitha on Dec-14-2005 15:29:

quote:
Originally posted by ChemEnhanced
Have fun paying it back though....I have friends who have been out of school for 10 years and are still paying back OSAP

You know ppl are always saying this.. but when you think about it...everyone will be in debt at some point in their lives anyways... if you are responsible with your OSAP loan then it won't be so bad paying it off...especially if you do well in school with it and land a wicked job with a wicked income
Responsible being the operative word... which is why i do not have an OSAP loan hahaha

Nikitha

Posted by ChemEnhanced on Dec-14-2005 16:30:

quote:
Originally posted by Nikitha
You know ppl are always saying this.. but when you think about it...everyone will be in debt at some point in their lives anyways... if you are responsible with your OSAP loan then it won't be so bad paying it off...especially if you do well in school with it and land a wicked job with a wicked income
Responsible being the operative word... which is why i do not have an OSAP loan hahaha

Nikitha

the only problem is you are put behind the 8 ball before you even get out of school....in all honesty....doing good is school doesn't mean you will get a good paying job....luck and knowing the right people is what gets you a job.

Being in debt for something like a house is much different as it's an asset....school debt just makes it difficult to move forward in your life....to do things like save for a house or car.

Posted by DJ_Science on Dec-14-2005 18:03:

I don't believe that there is a mark requirement for maintaining an OSAP loan but you should check the OSAP webpage to be sure - you can find it with a quick google search. I would be really surprised it there was a minimum mark requirement.

Also, there is another bonus to having OSAP loans. Once your friend is out of school, the interest paid against the load is tax deductible.

Posted by shanny on Dec-14-2005 18:15:

Posted by Fir3start3r on Dec-14-2005 19:58:

OSAP can be a huge 500 pds Gorilla unless you tackle it early and with some discipline, otherwise it'll be around for a loooooong time and you'll be paying way more in interest that what the friggin' loan was.
Happily you can get breaks from the payments if you're between jobs by just paying the tax if you absolutely have to.
I don't recommend that at all, only if you really, really have to and truthly can't keep to the loan commitment because of lack of income.
As with any bad debt. kill it and kill it fast!