is OSAP really the best idea?

twiggins
Posted: 7:01AM January 16, 2011 UTC
no offence to OSAP but i heard in the end students really regret it, that it seems like an amazing idea at first,but after you are done school can bite you in te butt. meaning you will be paying them back for the rest of your life, which i deffiantly do not want to be doing.  

seriously is this true or not? 

if it is do you know any other organizations or companies that are willing t give loans at a high amount for a low intrest rate? 

thankyou :)
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Anonymous
Posted: 7:01AM January 16, 2011 UTC
The affects of OSAP vary with every student, it really depends on what you do after school and how much money you're making. OSAP offers options of paying back your loan over a nine or fifteen year period but obviously you can pay it back faster if you so decide, which will cut back on interest.

I personally haven't had any problems with OSAP so far except for them nagging me to apply for bursaries and scholarships that I'm not legible for, which is really annoying. Though a few of my friends in Toronto have had problems of OSAP saying that they overestimated the amount of money they were to recieve and wouldn't be giving it to them, but as long as they file for an appeal they can get all that OSAP promised. So it's a pain the in butt, but at least you'll be getting what you need.

As for the other companies and whatnot I really haven't got a clue. Hopefully what I've said comes in handy though.
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Stranger
Posted: 7:01AM January 16, 2011 UTC
My parents are paying for my schooling since they don't like the idea of my being in debt. Though, I think I would use OSAP if I were to further my schooling.
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poeticallydemented
Posted: 7:01AM January 16, 2011 UTC
I've seen it go both ways - I know some people who have been out of school for four or five years and still owe money to OSAP. I've also seen people who have no trouble with it and who don't regret it at all. Personally, I won't be applying for OSAP since they've already told me I'm not eligible for any money based on my parents' income.

In regards to organizations who give away large amounts of money for low interest rates, the most ideal way to go is privately funded scholarships. Unfortunately, those are high in demand... I know of some people who get a line of credit through their bank, but depending on how fiscally responsible you are, that could potentially go the same way as OSAP would.
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Anonymous
Posted: 7:01AM January 16, 2011 UTC
OSAP is an excellent program if you need a loan for school.  Don't want it? Fine.  Don't go to university.
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mwest21
Posted: 7:01AM January 18, 2011 UTC
I'm currently on OSAP and it has helped me a great deal through my schooling but I am very nervous about paying it back after graduation. The thought of interest and paying over 9.5 years is pretty daunting, but I know that OSAP is almost seen as good debt since it's student debt and attempts to pay it will show well for banks. 
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JamieMctavish
Posted: 7:01AM January 24, 2011 UTC
This all depends on the kind of person you are. If you use that money towards your schooling and you get a job right away so you can start saving up so you do not have to pay osap you will be golden. just dont be lazy and be responsible people.
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Anonymous
Posted: 7:01AM January 25, 2011 UTC
Can anybody apply to OSAP and get it or are there some restrictions?
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oxsunshine
Posted: 7:01AM January 26, 2011 UTC
You can try looking into grants, that is money you keep and don't have to pay off. As stated before it does all depend on personal situations and each ituaiton is different. 
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Anonymous
Posted: 7:01AM January 26, 2011 UTC
@powriest wrote
Can anybody apply to OSAP and get it or are there some restrictions?


Read the website.
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DoctorLawyerDentist
Posted: 7:01AM January 26, 2011 UTC
OSAP may not be the best source of finance for your tuition, but don't let that be the reason to not go.  There's a difference between debt, and debt that helps you earn more money, and student loans belong to the second half.  Obviously, it's better to not to have debt at all by taking advantage of bursaries/scholarships.
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Aomari
Posted: 7:02AM February 13, 2011 UTC
OSAP can get you some bursaries, such as ones for lower income families.
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irfan5
Posted: 7:02AM February 18, 2011 UTC
Hi, 
this is irfan from pakistan, can u pls guide me how can i start process to get financial assistance from OSAP , and how can i choose the gud institute for me in canada, acutally im married and need to migrate canada for study and work.

tks for your words.
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Anonymous
Posted: 7:02AM February 18, 2011 UTC
@irfan5 wrote
Hi, 
this is irfan from pakistan, can u pls guide me how can i start process to get financial assistance from OSAP , and how can i choose the gud institute for me in canada, acutally im married and need to migrate canada for study and work.

tks for your words.


You need to be a resident of Ontario for at least one year before you can apply for OSAP.
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Massy06
Posted: 7:02AM February 26, 2011 UTC
what is a payment deferral charge? When i checked is out at most of the uni site it talks about, an extension on the due date for their fees. Is this done annually or this after one's schooling is done? and is there like an extra fee that has to be paied if one applies for this?

this part of my question is really vague, but did anyone have someone from osap come to their school and talk about late fees, and this one uni in ontario having students charge $1600 for a late fee? help is anyone know wat im talking bout

thx!  
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Anonymous
Posted: 7:02AM February 26, 2011 UTC
@Massy06 wrote
what is a payment deferral charge? When i checked is out at most of the uni site it talks about, an extension on the due date for their fees. Is this done annually or this after one's schooling is done? and is there like an extra fee that has to be paied if one applies for this?



It's a fee for not paying your tuition on time.  It's done once per semester.  I believe it varies by university; for Carleton, it costs $50.

<br>this part of my question is really vague, but did anyone have someone from osap come to their school and talk about late fees, and this one uni in ontario having students charge $1600 for a late fee? help is anyone know wat im talking bout<br><br>
I've never heard of that before.  Source?
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biosci
Posted: 7:02AM February 26, 2011 UTC
OSAP is actually very good, without it I wouldn't have been able to go to University. Half of the OSAP I got, I didn't even have to pay back. They also give you 6 months of free interest after you graduate so if move in with mom and dad after and find a job....you can get a big chunk of it paid off. 

Apply to scholarships though, even if you don't think you would get them, try. 
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Malinka
Posted: 7:02AM February 27, 2011 UTC
Ultimately you have to do what is right for you. I personally find OSAP appealing because you can apply for repayment relief if you aren't making a lot of money after graduation. In my field of study it is common to be volunteering or completing internships that pay for your flight, cost of living, and maybe $1-200/month of spending money. This allows recent grads to gain experience in their field. With enough experience, it is possible to eventually land a job that pays a salary, at which point debt repayment can begin. This is not an option for bank loans. 

I am not saying this as an irresponsible student who doesn't want to pay off the debt that has accrued as a result of the pursuit of an undergraduate degree. It is a reflection of the reality of the post graduation world. Why spend all this time getting a degree if it is not going to be used? Graduates have knowledge and skills that should be used. They should not have be underemployed in an attempt to pay off their loans. 
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heesoup
Posted: 7:03AM March 04, 2011 UTC
For applying to OSAP, would my high school explain it to me like OUAC and give me pin numbers and all that, or is the application process done individually without the school's guidance?
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Anonymous
Posted: 7:03AM March 04, 2011 UTC
@heesoup wrote
For applying to OSAP, would my high school explain it to me like OUAC and give me pin numbers and all that, or is the application process done individually without the school's guidance?


It's done on your own time, online, when it comes out in May (or so) and it's due by June.
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AimForTheStars
Posted: 7:03AM March 05, 2011 UTC
I'm not applying for it for that reason.I don't want to regret it in the end and have to pay back a lot more.
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JessaBrown
Posted: 7:03AM March 21, 2011 UTC
@ARMY101 wrote

@heesoup wrote
For applying to OSAP, would my high school explain it to me like OUAC and give me pin numbers and all that, or is the application process done individually without the school's guidance?


It's done on your own time, online, when it comes out in May (or so) and it's due by June.




The OSAP application is available now. I've already applied and received an estimation. They just have to run the credit check and etc. to determine the final amount.
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tuzzer
Posted: 7:03AM March 23, 2011 UTC
Why would you regret getting OSAP??

No matter what it's still interest-free (during school) loan. It won't hurt your chance of getting bursary or scholarship. They will consider giving you grant or bursary before the loan.

If you don't have money to pay for tuition, then you don't have a choice and you need it (but you also get more grants).

If you later find out that don't need it, then they money is still there and it's earning interest in your bank or other investment you make. Also, in case of emergency, at least you have low-interest money to use.

You just need to control yourself and not overspend just because you have a lot of money in the bank. What I do is that I have one account set up specifically for tuition and other school-related necessary expenses.
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heesoup
Posted: 7:03AM March 23, 2011 UTC
I'm getting it because OSAP will grant one with an amount that you probably don't have to pay back. So some free money available!
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leah93
Posted: 7:04AM April 04, 2011 UTC
Just a question about OSAP, and don't say check the website it's not very helpful ;)

Anyways...if you have been accepted, do you have to decide on one program and actually accept their offer before you apply for OSAP???

Thanks! :)
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