Financial Aid –
Frequently Asked Questions
When should I apply for OSAP?
It is recommended that you apply as early as possible. You should submit your OSAP paper or web application at least 10 weeks before your classes begin to allow sufficient time for processing. If you do not provide the supporting documentation as required, the processing of your application will be delayed and your funding will not be released.
When will I receive my OSAP loan?
After you have applied, OSAP will notify you in writing or by e-mail about what to do next. If there are no errors on your application or outstanding documents, your loan documents are processed and sent to Elmcrest College. Once you have begun classes and your loan documents have been received by the College, our Financial Aid Office will complete a Confirmation of Enrolment form and will release your loan certificate to you. The certificate outlines the amount of your Canada-Ontario Integrated Student Loan. You will then submit your completed and signed loan certificate to a designated Canada Post outlet. Your loan funds will be deposited directly into your bank account or a cheque will be mailed to you.
How much OSAP funding can I expect to receive?
The amount of funding students receive from OSAP will be calculated according to the following formula:
Allowable Educational Costs - Expected Financial Contribution = OSAP Entitlement
Allowable educational costs include tuition, textbooks, supplies and living allowance. Expected financial contribution will be based on income and assets.
How do I repay my OSAP loan?
During the six-month period following the month in which your studies end, you will not be required to make any payment towards your loan. If you choose to make payments during this period, the payments will be applied against the principal. You will be required to start making loan payments the first day of the seventh month following the month your studies ended. During the six-month period after your studies end, you must contact the National Student Loan Service Centre (NSLSC) to arrange repayment of your loan(s).
What programs at Elmcrest College are eligible for OSAP funding?
All of Elmcrest Colleges full-time programs at the North York campus, with the exception of the Spa Leadership Certificate and the Customer Service Professional Diploma program are OSAP eligible.
How can I apply for OSAP?
OSAP application can be done on-line at http://osap.gov.on.ca at no charge. You can also apply using the paper-application. OSAP paper-applications forms are available at the end of May or beginning of June of each academic year and can be picked-up at the Financial Aid Office or from any high school or post-secondary institution in Ontario. The fee for filing the paper-application is $10.00. It takes 6–8 weeks to process an application for OSAP. We recommended that you apply to OSAP by mid July for September enrolments. Detailed information, including on-line application procedures and deadlines for applications are available on the OSAP web site.
Link to the OSAP web site: http://osap.gov.on.ca
|
