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Need major advice on what to do - Finances

A photo of cruzeiro2716 cruzeiro2716
I am going to McMaster this September and plan to live on residence. My total costs for the year will be approximately in the $17 to $19k range. I applied to OSAP, and they have confirmed my funding to be $5200. This clearly isn't enough. I was hoping to get around $8-$10k from OSAP.

Thing is, I live very close to Mac, like, 25 km away, so its easy to commute. But I want to live in residence. I feel I have to since its the way I will meet new people, fully enjoy university life, and easily adapt to university. I also want to do this do live away from home and learn to become more independent. I know OSAP probably thinks I should be living at home because of the proximity, but I told myself the only way I would do so is if I can't pay off my first year with residence.But I will try whatever I can, including applying to bursaries, bank lines of credit, and scholarships that I am eligible for. The reason I chose Mac over Western was that I could live at home the other 3 years, making it a much cheaper choice, but I still want to live there the first. I'm sure most of you understand.

My parents will do their best to help, no doubt. However, there isn't much they can do. I know they wont be able to pay anymore than $5k on their own. My parents' combined income is about $80k. We are not in the best of financial periods right now, so that is why I am slightly worried.

So, my options... I'm thinking of making an appeal to OSAP, but I know it would be difficult to gain extra funding, because they won't see the necessity in living in residence. I will apply for a bursary if necessary, which I think the application is only available in September. I only obtained a $750 entrance scholarship, and I'm not counting on winning any of the ones I applied for (About 2 so far). If I'm lucky as of now I could win something like $250, which wouldn't be a solution, but every bit does help.

Another thing I forgot to add. I'm currently employed, but not getting any hours, so it's pretty much like being unemployed. I wont get any more hours for this job since they have more than enough people for the summer. So I am looking for another job. However, if I do get one, I think I would make about $1000 to help out with my expenses. However, I would have to update OSAP on this, and I'm thinking they could even lower my already minimal loan... I am unsure in this aspect.


Sorry if this is a long read, and I know there are many OSAP topics on here, so I appreciate your time. Some advice would be greatly appreciated!



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A photo of ktel ktel
I can almost guarantee your appeal to OSAP will be rejected. They don't care about what you want or what would be more fun for you, unfortunately.

What's your average like? Applying for only 2 scholarships isn't going to get you very far. You need to apply for many more!

OSAP assumes you will make at least $2000 or something like that in the summer, so if you make below this they won't adjust your funding.

You either have to get a bank loan, which your parents will need to co-sign, or you will need a part-time job during school.
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A photo of cruzeiro2716 cruzeiro2716
My average will be about 85-87% after exams.

I do have some money saved up.... but its very little, only a couple grand. I will try to find this job though. Any other advice?
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A photo of cruzeiro2716 cruzeiro2716
My average will be about 85-87% after exams.

I do have some money saved up.... but its very little, only a couple grand. I will try to find this job though. Any other advice?
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A photo of cruzeiro2716 cruzeiro2716
Using invalid information is not an option. I don't want to lie about any of the parameters, not only does it not sit well with my conscience, but I don't want to risk getting caught, even if it is a small chance.

Thanks for the suggestion though.
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A photo of ktel ktel
You need to apply for like 30 scholarships. Hopefully you have some ECs? Some of the more obscure ones are easy to get. I once got a scholarship for electrical engineers by talking about nanotechnology (I'm in mechanical).
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A photo of cruzeiro2716 cruzeiro2716
Unfortunately, I don't have any thing to report on EC's and volunteer hours, other than what I had to complete to graduate (40 hours).

It's for this reason I don't believe many scholarships apply to me.

Any suggestions? How much do you think I could get from a bank line of credit?

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A photo of ktel ktel
Yeah looks like you're SOL for scholarships.

You can probably only get a line of credit if your parents co-sign, and then I assume it would be based on their income and what they would be comfortable with. I imagine you could easily get the $12,000 to make up for your first year expenses.
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A photo of cruzeiro2716 cruzeiro2716
When you say I need my parents to co-sign, you mean I need them there with me to sign it right? Because that won't be a problem. And since my first year will be about $19k, as long as I have about $14k in loans (osap + bank) and any other minor scholarship I think I will be fine.

How is the interest for the banks loans?
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A photo of ktel ktel
Not just to sign it, but to accept responsibility for the debt if for some reason you can't pay it. So they're not just giving you permission to take on debt, they are taking on the debt themselves.

I've never taken out a line of credit, so I don't know what the interest rate is, but I remember reading something on here that the interest rate is better than the OSAP interest rate (but OSAP is interest free until you graduate)
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A photo of Anonymous Anonymous

@cruzeiro2716 wrote
I am going to McMaster this September and plan to live on residence. My total costs for the year will be approximately in the $17 to $19k range. I applied to OSAP, and they have confirmed my funding to be $5200. This clearly isn't enough. I was hoping to get around $8-$10k from OSAP.

Thing is, I live very close to Mac, like, 25 km away, so its easy to commute. But I want to live in residence. I feel I have to since its the way I will meet new people, fully enjoy university life, and easily adapt to university. I also want to do this do live away from home and learn to become more independent. I know OSAP probably thinks I should be living at home because of the proximity, but I told myself the only way I would do so is if I can't pay off my first year with residence.But I will try whatever I can, including applying to bursaries, bank lines of credit, and scholarships that I am eligible for. The reason I chose Mac over Western was that I could live at home the other 3 years, making it a much cheaper choice, but I still want to live there the first. I'm sure most of you understand.

My parents will do their best to help, no doubt. However, there isn't much they can do. I know they wont be able to pay anymore than $5k on their own. My parents' combined income is about $80k. We are not in the best of financial periods right now, so that is why I am slightly worried.

So, my options... I'm thinking of making an appeal to OSAP, but I know it would be difficult to gain extra funding, because they won't see the necessity in living in residence. I will apply for a bursary if necessary, which I think the application is only available in September. I only obtained a $750 entrance scholarship, and I'm not counting on winning any of the ones I applied for (About 2 so far). If I'm lucky as of now I could win something like $250, which wouldn't be a solution, but every bit does help.

Another thing I forgot to add. I'm currently employed, but not getting any hours, so it's pretty much like being unemployed. I wont get any more hours for this job since they have more than enough people for the summer. So I am looking for another job. However, if I do get one, I think I would make about $1000 to help out with my expenses. However, I would have to update OSAP on this, and I'm thinking they could even lower my already minimal loan... I am unsure in this aspect.


Sorry if this is a long read, and I know there are many OSAP topics on here, so I appreciate your time. Some advice would be greatly appreciated!



Why not get a job? :scratch: I easily made $20-25,000 a year while in university. Make that money and take the $5,000 in OSAP and you're fine.
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A photo of ktel ktel
I'm just curious how many hours a week you worked Army. Also I believe you were a manager at McDonalds (or still are?). How long did it take for you to get that position?
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A photo of Anonymous Anonymous

@ktel wrote
I'm just curious how many hours a week you worked Army.



In university? 40 hours a week at McDonald's and 4-6 hours a week at the army. When the army was away for weekends I'd only work 2-3 shifts at McDonald's.


Also I believe you were a manager at McDonalds (or still are?). How long did it take for you to get that position?


I was. I work for the government now. It took 4 years to get to Assistant Restaurant Manager (one under the Restaurant Manager) but I was promoted to Swing Manager after being there for about 7 months. The hierarchy there is:

Employee
Crew Trainer
Team Leader
Swing Manager
Second Assistant Manager
First Assistant Manager
Restaurant Manager
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A photo of ktel ktel
I'm just going to point out that it's not always possible for everyone to work 40 hours a week. Engineers, for example, have a much heavier class schedule than an arts student, and that would limit their ability to work those hours. And some people would simply fail their classes if they worked that much.

People also often don't have the luxury of working at the same place for 4 years so that they can get promoted the way you did. For example, if you were moving cities for university it would make it more difficult, as you would likely have to start at the bottom.
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A photo of Anonymous Anonymous

@ktel wrote
I'm just going to point out that it's not always possible for everyone to work 40 hours a week. Engineers, for example, have a much heavier class schedule than an arts student, and that would limit their ability to work those hours. And some people would simply fail their classes if they worked that much.



I never said anyone had to work 40 hours a week. Even working 25 hours a week, at minimum wage, would just under $1000 a month after deductions. You can easily live off that salary.


People also often don't have the luxury of working at the same place for 4 years so that they can get promoted the way you did. For example, if you were moving cities for university it would make it more difficult, as you would likely have to start at the bottom.


I did move cities for university, and no, I didn't have to start at the bottom.

Now it sounds like you're just trying to make excuses.
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A photo of ktel ktel
I don't know what world you live in where you can "easily" live off $1000/month. It's strongly dependent on the city you live in.

Sorry Army, guess everyone can't be as awesome as you...too bad
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A photo of Anonymous Anonymous

@ktel wrote
I don't know what world you live in where you can "easily" live off $1000/month. It's strongly dependent on the city you live in.

Sorry Army, guess everyone can't be as awesome as you...too bad


I live in reality. I lived off $1000 a month for a year, and then I worked a lot during the summer to save money for the future.

Also, if you're living with a roommate that cuts those expenses in half. $1000 a month would be no problem with someone also paying half the bills and other expenses.
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A photo of ktel ktel
In certain cities you would be hard-pressed to find rent that's much cheaper than $500/month, even if it is shared accommodation. And despite what you claim a normal person spends at least $200/month on groceries, while $300/month is more reasonable. $200/month isn't much to have for ALL your variable expenses. Is it possible? Sure. But you're definitely living pretty close to the poverty line.
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