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Giving OSAP back?
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| d!abolic |
| 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%? |
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| VERTiG0 |
| You should call them and find out. |
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| Euphorica |
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 :crazy: |
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| Swamper |
60% = minimum 60% course load = Part time students (<60%) aren't eligible for OSAP
..has nothing to do with grades. |
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| 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 |
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| cellardoor |
| 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 :( |
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| djbruuen |
| 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 :nervous: |
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| Skipper |
| 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. |
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| Nikitha |
| 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 |
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| ChemEnhanced |
| 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. |
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| DJ_Science |
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. |
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| shanny |
| 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 |
I've got to work on that whole responsible thing. |
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