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OSAP Question

Discussion in 'TRIBE Main Forum' started by xtollo, Aug 29, 2003.

  1. xtollo

    xtollo TRIBE Member

    I only have one more sem left before I get my degree, and I figured I might as well take a stab at OSAP...the short of it...

    they gave me 5, 000 but on the form I got back it says for the whole year. (even though I clearly filled out that I was only attending for one sem). Should I make them aware of the mistake, or play stupid and keep the cash.

    I'm a tad confused over the whole thing and I'm pretty sure they'll catch the mistake well before I get the money put into my account.
     
  2. litespeed

    litespeed Well-Known TRIBEr

    If they don't catch it now, they will eventually and when they do you'll have to fork over the amount of the over paymentl in one lump sum. If you can't do it, then it goes against your credit bureau and off to collections.
     
  3. litespeed

    litespeed Well-Known TRIBEr

    Re: Re: OSAP Question

    will stay on your bureau for 7 years after you pay as well.
     
  4. zee

    zee TRIBE Member

    they don't give you it all at once.
    something like 60% at the beginning, and 40% at start of 2nd semester..

    plus it's a loan. you'd have to pay it back eventually anyway..
     
  5. Vote Quimby

    Vote Quimby TRIBE Member

    If it's a double disbursement, then an attempt is made to collect by the student centre. If no payment is received, then it is shipped out to a collection agency. It then hits your bureau as an account in collection, but does not have a rating associated with it.

    If it's an over award, then it's up to the school to correct your papers before the money is disbursed. If they don't, and you get all the money, then you simply pay it back as part of the regular repayment schedule. Your end of study will be Dec, first payment due Aug 31st.

    As someone said, the money is split so you may not get all the funds awarded.
     
  6. Karim

    Karim TRIBE Member

    Take the money, invest it. Some investments average around 10-20% return on the year, with a track record of like 10 years without losses. Do your research and hope it takes them a year to find out. If it does, you just made $500 on a $5000 loan.

    :)
    Karim
     
  7. Agatka8

    Agatka8 TRIBE Member

    that's sounds about right.
     
  8. jus me

    jus me TRIBE Member

    ^^^

    Yeah, Zee's correct.

    In order to receive 2nd semester's OSAP, you need to be enrolled in courses. When you pick up your cheque for the 2nd semester, they will verify. So I say fess up now, cuz you won't get the 40% anyway.
     
  9. R4V4G3D_SKU11S

    R4V4G3D_SKU11S TRIBE Member

    Have people gotten their confirmation of enrolment stuff in the mail from OSAP yet?
     
  10. jus me

    jus me TRIBE Member

    ^^^

    NO!

    I've only received my estimation and the document that my folks and I have to sign.....

    I'm guessing you didn't receive yours either?


    ...........or is that what you mean?

    << only in 2nd year.
     
  11. R4V4G3D_SKU11S

    R4V4G3D_SKU11S TRIBE Member

    Nope I haven't. I wonder when they send them out. I don't want to have to cut it so close this year with not repaying my loan.
     
  12. R4V4G3D_SKU11S

    R4V4G3D_SKU11S TRIBE Member

    I'm talking about the package they send out that you fill in if you aren't getting a loan but still enrolled in classes. It stops you from having to pay the loan back until you are fully done school.
     
  13. xtollo

    xtollo TRIBE Member

    thanks so much for the help everybody!

    Zee, I totally forgot about the 60/40 split, thanks!!!
     
  14. Yourmamas

    Yourmamas TRIBE Member

    I didn't know about the split thing until yesterday.

    I have never needed OSAP until now. I really wanted to go on a spending spree too.
     

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