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Financing question for students in uni

A photo of fullforceRC fullforceRC
Currently a Queen's hopeful right now and my prospect is to go to Queen's for Commerce next year. I'm a bit worried about financing my education and I thought I'd ask any students out there who had the same problem. My family is in the low income bracket (>25000 annually) and I have no savings whatsoever for my education. The estimated cost for first year is approximately $24,000, and I was wondering is a student line of credit + OSAP would cover such a hefty cost. I've heard a lot of rumours going around about OSAP not giving out very much and this is sort of worrisome for me. Any assistance would be helpful, thanks!
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A photo of Anonymous Anonymous
I can't offer much advice, but do make sure that you apply for a Queen's bursary.
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A photo of fullforceRC fullforceRC

@Alizarin wrote
I can't offer much advice, but do make sure that you apply for a Queen's bursary.



Done that! :) But even if I get 2-3k I'd still need quite a bit to fill up the rest of the tuition/living costs.
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A photo of awaysheflew awaysheflew
Given that you're from a low income family, you will likely get quite a bit from OSAP (maybe even the max $12,000). Also, make sure that you fill out Queen's bursary application (it's in the MyQueens portal) - and do that ASAP, since the deadline for the application is Tuesday. Although Queen's is quite stingy with their scholarships, they're surprisingly good about helping out low income students - Commerce students get bursaries of up to $6,000 (and that's on top of any admissions scholarships that you get).
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A photo of fullforceRC fullforceRC

@awaysheflew wrote
Given that you're from a low income family, you will likely get quite a bit from OSAP (maybe even the max $12,000). Also, make sure that you fill out Queen's bursary application (it's in the MyQueens portal) - and do that ASAP, since the deadline for the application is Tuesday. Although Queen's is quite stingy with their scholarships, they're surprisingly good about helping out low income students - Commerce students get bursaries of up to $6,000 (and that's on top of any admissions scholarships that you get).



I filled that out awhile ago (before my PSE actually :albino:) But wow, 6k! I was thinking something along the lines of 2-3k... thanks for the heads up! So... 12k OSAP + around 5k scholarship, still need to find sources for another 7k. Has anybody ever gotten themselves a line of credit at a bank? How stringent are they on the co-signor's credit rating?
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A photo of Anonymous Anonymous

@fullforceRC wrote
I was wondering is a student line of credit + OSAP would cover such a hefty cost. I've heard a lot of rumours going around about OSAP not giving out very much and this is sort of worrisome for me. Any assistance would be helpful, thanks!


Probably not. The largest OSAP loan per year is about $13,000 and the largest student LOC you can get is $10,000 a year.

How about you try working?
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A photo of fullforceRC fullforceRC
Did anybody get both OSAP and student LOC?
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A photo of andrewk512 andrewk512

@ARMY101 wrote
How about you try working?


I'm sure you suggest 2-3 full time jobs, preferably a managerial position?
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A photo of matt12345 matt12345

@andrewk512 wrote

@ARMY101 wrote
How about you try working?


I'm sure you suggest 2-3 full time jobs, preferably a managerial position?



Oh oh, you're gonna make him mad, he has over 600 posts here lol
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A photo of Anonymous Anonymous

@andrewk512 wrote

@ARMY101 wrote
How about you try working?


I'm sure you suggest 2-3 full time jobs, preferably a managerial position?


I suggest any legal profession that pays the bills.
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