yconic - QEII- debt reduction?
Hide Menu

My Feed Money for School Student Help Brands Winners Support Center



Explore yconic
Explore Student Life Topics
Scotiabank
STUDENT CHAMPION
yconic proudly recognizes Student Champion Partners who are providing our community with superior support for their student journeys. Learn More
Student Help Brands

QEII- debt reduction?

A photo of supernerd707 supernerd707
It says it's a debt reduction on osap, what does that mean exactly...

So if I was getting a $6000 loan from osap they'll just "pay it off" with the $3500 I'm getting from the scholarship?

Basically I want to know if the $3500 I get from the scholarship will actually go into my bank account? How does the whole thing work?

Was this helpful? Yes 0
9 replies
 
A photo of Konn2011 Konn2011
We are in the same position. See my post here
http://www.studentawards.com/Forum.aspx?g=posts&t=8920

So no, you won't ever see the money. It will pay down the loan.
Was this helpful? Yes 0

 
A photo of awaysheflew awaysheflew
My QEII scholarship was actually used to pay down some of my financial account. Confusing.
Was this helpful? Yes 0

 
A photo of Konn2011 Konn2011
Supernerd, you are actually in a better position than I am. That is, if you had $6000 in loan before, and now have $2500 due to debt reduction. In my case, I still end up with a $7000 loan through either QEII or OSOG.

Was this helpful? Yes 0

 
A photo of Konn2011 Konn2011

@awaysheflew wrote
My QEII scholarship was actually used to pay down some of my financial account. Confusing.


If you are like Supernerd, then you are still good, i.e. you end up owing less than before. Of course, the OSAP website could have done a better job saying QEII will be used to reduce the loan portion, and that it may not result in new money (as in my case).
Was this helpful? Yes 0

 
A photo of kavvyr93 kavvyr93
ugh, so osap originally gave me $12000 but i recently found out that i won the qeii scholarship valued at $3500.. so basically, its worthless because osog caps the money at 7000 anyways right?
Was this helpful? Yes 0

 
A photo of Konn2011 Konn2011

@kavvyr93 wrote
ugh, so osap originally gave me $12000 but i recently found out that i won the qeii scholarship valued at $3500.. so basically, its worthless because osog caps the money at 7000 anyways right?


Depends. It's meaningless only if your original loan portion was > $10800. On the other hand, if it's within $7300, then you will enjoy the full benefit.

Say your loan was $7300 before, the $3500 will reduce it to $3800. You still won't see an actual cheque, then at least you will owe much less money now.

BTW, if your future circumstances change, and the loan portion goes below $7300, then you will enjoy its full benefit at that time.
Was this helpful? Yes 0

 
A photo of kavvyr93 kavvyr93
wait but on my osap page, it says osog is still giving me 2900. which drops my repayment amount to about 4000
Was this helpful? Yes 0

 
A photo of Anonymous Anonymous
Reported for spam. Please use the search function. See http://www.studentawards.com/forum.aspx?g=posts&t=179
Was this helpful? Yes 0

 
A photo of Konn2011 Konn2011

@kavvyr93 wrote
wait but on my osap page, it says osog is still giving me 2900. which drops my repayment amount to about 4000


Hi kavvyr93, just PM'd you.
Was this helpful? Yes 0