How is the loan (OSAP) amount determined?
The amount of financial assistance you receive through OSAP is based on your financial need as calculated by OSAP. Both the federal and provincial government expects you and your family to contribute towards your educational costs. Need is determined by using the following formula:
There are expected financial contributions that are calculated when determining your OSAP eligibility:
- Family Contributions- see next question.
- Student pre-study contribution – You are expected to contribute a minimum of $130 per week for each week that you are available to work during this pre-study period up to a maximum of 16 weeks.
- Part-time Income from all sources during the study period -If you work part-time (or receive additional income through bursaries, etc.), during the study period you may earn up to $50 per week. If you earn more you must declare that amount and the OSAP program will expect you to contribute this extra income toward your education. Your future loan(s) may be reduced due to this increased resource (see question regarding over awards).
- Personal Assets - you may be expected to contribute some of your assets to offset your costs. The most common asset used is a car. If your vehicle is worth more than $5,000 the value over $5,000 will be included in your resources. Other assets (such as GIC's, Bonds and savings account balances) will also be calculated as a resource.
You can get an idea of how much assistance you might receive through OSAP Loans by using the Student Access Window.
Last update: 2007-06-25 13:30