-
Hi Guest: Welcome to TRIBE, the online home of TRIBE MAGAZINE. If you'd like to post here, or reply to existing posts on TRIBE, you first have to register. Join us!
Gettin around OSAP and stuff
- Thread starter stryker
- Start date
take out a student line of credit up to 8000 a year at some banks, you don't have to pay it back it after graduation and the fees are resonable. that with a minor part time job (10 hours a week) during the school year and working all summer should get her through fine.
Also tell her to get her ass in gear first year and make co-op. it should help out tons.
Also tell her to get her ass in gear first year and make co-op. it should help out tons.
I was almost in a similar situation, but eventually my dad decided to shut up and fill in the forms.
But when I wasn't sure what was going to happen, I went to see an OSAP counseller (sp?). He was pretty helpful in explaining everything. Basically, she'll have to hand in an additional explanation with your application. It should detail why your parents could/would not fill in their portion of the form. I never actually had to submit mine because my dad ended up doing the right thing, but I'm fairly sure that if you write that you have a strained relationship with your parents they may call and check.
Again I'm not positive that they will check - it's just speculation. But the more evidence you have in your explanation the better.
The bank loan that nusty suggested may be the better way to go. But I would definitely tell her to try OSAP and if she is denied then go to the bank.
But when I wasn't sure what was going to happen, I went to see an OSAP counseller (sp?). He was pretty helpful in explaining everything. Basically, she'll have to hand in an additional explanation with your application. It should detail why your parents could/would not fill in their portion of the form. I never actually had to submit mine because my dad ended up doing the right thing, but I'm fairly sure that if you write that you have a strained relationship with your parents they may call and check.
Again I'm not positive that they will check - it's just speculation. But the more evidence you have in your explanation the better.
The bank loan that nusty suggested may be the better way to go. But I would definitely tell her to try OSAP and if she is denied then go to the bank.
Why will her father not sign her her OSAP apps?
It's not co-signing if that's what he thinks... they use the parents info to determine what she is eligible for.
tell you frined to tell her dad that maybe he should read the fineprint before being an asshole.
You need a co-signer to get an student LOC
It's not co-signing if that's what he thinks... they use the parents info to determine what she is eligible for.
tell you frined to tell her dad that maybe he should read the fineprint before being an asshole.
You need a co-signer to get an student LOC
on a totally unrelated note - can anyone confirm that reading week is from february 16th-20th in 2004 for u of t? i'm trying to plan a trip and i need to know. thanks.
stew, tell your friend to talk to an osap counselor at the university they're applying for. i know a friend of mine recommended that route when after talking to a real live person she was eligible (and got) MORE than what the online application had alotted her.
also - has she supported herself for a few years? if so, she doesn't need her parents information as far as i know... because she's self sufficient and not reliant on them for financial help. when i applied for osap last year i didn't have to include my parents info because i've lived on my own for the past five years.
and yeah - a student line of credit often needs a co-signer and you have to have a pre-existing GOOD credit rating. you also have to pay it back while you're attending school, although the fees are fairly minimal - from $25-75 a month.
and regardless if you get osap or a student loc, you still have to start repaying 6 months after graduation.
stew, tell your friend to talk to an osap counselor at the university they're applying for. i know a friend of mine recommended that route when after talking to a real live person she was eligible (and got) MORE than what the online application had alotted her.
also - has she supported herself for a few years? if so, she doesn't need her parents information as far as i know... because she's self sufficient and not reliant on them for financial help. when i applied for osap last year i didn't have to include my parents info because i've lived on my own for the past five years.
and yeah - a student line of credit often needs a co-signer and you have to have a pre-existing GOOD credit rating. you also have to pay it back while you're attending school, although the fees are fairly minimal - from $25-75 a month.
and regardless if you get osap or a student loc, you still have to start repaying 6 months after graduation.
oh and as for links:
http://osap.gov.on.ca/ http://www.artsandscience.utoronto.ca/ps/finance.shtml
try calling your bank and enquiring about a student line of credit, too. and look into bursaries...she may be eligible.
hope that helps!
http://osap.gov.on.ca/ http://www.artsandscience.utoronto.ca/ps/finance.shtml
try calling your bank and enquiring about a student line of credit, too. and look into bursaries...she may be eligible.
hope that helps!
deep
TRIBE Member
no prob - here's the specific link
Stormshadow
TRIBE Member
Same thing happened to me.
I guess it was a good thing though, because after 4 years schooling, my debt = $0.
claire evil
TRIBE Member
are your friend's parents separated? if so, then she only has to claim her mom's financial information.
be aware that OSAP will collect the money you owe them by deducting it straight out of your bank account after that initial six month grace period.
be aware that OSAP will collect the money you owe them by deducting it straight out of your bank account after that initial six month grace period.
Soundstream
TRIBE Member
First of all, you are hardlylikely to be offered more than $2,000 if you dont have your parents co-sign the line of credit.
Secondly, if you just decide to not pay it back, you can look forward to years of not being offered any credit. I had a friend who did this and now he really is fucked. He can't buy ANYTHING on his own. He is 27 and his daddy still has to cosign everything: his rental agreement, his car lease, his Roger's cable and cellphone bills, etc.
He skipped out on a few grand, and now for the last 5+ years, he has been unable to do anything unless daddy agrees to help him out.
Cheers ... Ian
From here
TD Canada Trust Student Line of Credit
The TD Canada Trust Student Line of Credit helps students cover the costs of tuition, books, living expenses, computers, etc. while studying at a university or community college.
Designed with students in mind.
* Full-time students can borrow up to $8,000 a year for four years to a maximum of $32,000, and part-time students are eligible for half that amount.
* Graduate students can qualify for an additional two years of funding to a maximum of $48,000.
* Students may qualify for additional funding in special programs such as :
o Ivey MBA
o MCSE
* Interest rates are set monthly.
* Unlike a loan, you pay interest each month only on what you use and as you pay off the principal it becomes available again (no need to re-apply).
* After finishing or leaving school, TD Canada Trust Student Line of Credit offers a 12-month grace period, during which you pay interest only.
* After the grace period, pay the greater of $50 or 1% of the outstanding monthly balance. Each month, the TD Canada Trust Student Line of Credit is accessible in conjunction with TD Canada Trust Self Serve Account (a 50% discount for students) — withdraw funds at Green Machine ABMs, in-branch or with no-charge Student Line cheques.
Who Qualifies?
To qualify for a TD Canada Trust Student Line of Credit, you must be enrolled full-time or part-time at a recognized university or college and have either Canadian citizenship or landed immigrant status. You must also meet TD Canada Trust's normal credit criteria. (If under the age of majority in your province of residence or if the application does not meet TD Canada Trust's normal credit criteria, a co-signor will be required). Launch Loan Calculator
TD Student Line of Credit FAQ
What is a line of credit?
How do I get access to my money?
How long do I have to pay my Student Line of Credit back?.
These questions and many more are answered in the Student Line of Credit faq.
Relax with Line of Credit Life Insurance
Sleep easier knowing your Line of Credit is protected with Line of Credit Life Insurance. With Line of Credit Life Insurance, you pay for this valuable coverage only when you need it — when you carry a balance on your Line of Credit.
TD Canada Trust Student Line of Credit
The TD Canada Trust Student Line of Credit helps students cover the costs of tuition, books, living expenses, computers, etc. while studying at a university or community college.
Designed with students in mind.
* Full-time students can borrow up to $8,000 a year for four years to a maximum of $32,000, and part-time students are eligible for half that amount.
* Graduate students can qualify for an additional two years of funding to a maximum of $48,000.
* Students may qualify for additional funding in special programs such as :
o Ivey MBA
o MCSE
* Interest rates are set monthly.
* Unlike a loan, you pay interest each month only on what you use and as you pay off the principal it becomes available again (no need to re-apply).
* After finishing or leaving school, TD Canada Trust Student Line of Credit offers a 12-month grace period, during which you pay interest only.
* After the grace period, pay the greater of $50 or 1% of the outstanding monthly balance. Each month, the TD Canada Trust Student Line of Credit is accessible in conjunction with TD Canada Trust Self Serve Account (a 50% discount for students) — withdraw funds at Green Machine ABMs, in-branch or with no-charge Student Line cheques.
Who Qualifies?
To qualify for a TD Canada Trust Student Line of Credit, you must be enrolled full-time or part-time at a recognized university or college and have either Canadian citizenship or landed immigrant status. You must also meet TD Canada Trust's normal credit criteria. (If under the age of majority in your province of residence or if the application does not meet TD Canada Trust's normal credit criteria, a co-signor will be required). Launch Loan Calculator
TD Student Line of Credit FAQ
What is a line of credit?
How do I get access to my money?
How long do I have to pay my Student Line of Credit back?.
These questions and many more are answered in the Student Line of Credit faq.
Relax with Line of Credit Life Insurance
Sleep easier knowing your Line of Credit is protected with Line of Credit Life Insurance. With Line of Credit Life Insurance, you pay for this valuable coverage only when you need it — when you carry a balance on your Line of Credit.
Lysistrata
Well-Known TRIBEr
Seven Thousand? That's peanuts.
Lysistrata
Well-Known TRIBEr
The osap cap for singel students when I went to school was 9,000 I think. I got somewhere between 6 and 8 each of the four years I went to school. So 7,000 is only one years worth of school!