About Us - An Introduction to Financial Aid & Awards at UTSC
Welcome to UTSC Financial Aid & Awards!
The University of Toronto is unique among Canadian universities in providing our students with an assurance of financial support and access to financial counselling. When it comes to helping and guiding students with their financial planning, the staff of the UTSC Financial Aid & Awards Office is dedicated to their success. Our website has information about government student loans, UTSC bursaries and scholarships, the Work Study Program, debt management and money management tips, including budgeting.
UTSC students have access to a full service Financial Aid Office (FAO) on campus. You can deal with all OSAP matters - from processing your application to picking up funding, right her on campus. We also provide advice and guidance on OSAP appeals, help you understand how OSAP calculates how much assistance to you give, and guide you when you have to make changes or updates to your application.
The Registrar’s Office Front Line staff is available to release OSAP funding - loan documents and grants, proof read bursary applications, and give general information on financial aid, scholarships, and awards.
The FAO staff will help you explore the different options available to help cover the costs of school. We also counsel students about financing their education, the different funding options, budgeting and financial planning, and educate you on policies and procedures of government financial aid. We encourage you to talk to us about any question or concern you may have, no matter how small.
- In Person: We are conveniently located on the main floor of the Arts and Administration building (AA142).
- By Appointment: To speak to a financial aid advisor you need to book an appointment through eService. If you cannot use eService, you can call us (see below).
- By Phone: We have a pre-recorded message on our phone with relevant information. However if you wish to speak to a Financial Aid Advisor, please call us Monday through Friday from 10 am to 2 pm. After dialing our number, press 1, then 0.
- FAQs: We also offer an interactive service for frequently asked questions, AskUs!.
Where to Drop Off Documents & Paperwork
All financial aid documents can be submitted in person or by mail to the address below. We have the same hours of operation as the Office of the Registrar. View our office hours.
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Financial Aid Office (FAO) Tel: 416.287.7001 Awards Office Tel: 416.287.7001 |
Our Staff
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Links
- University of Toronto's Assurance of Financial Support
- AskUs! - Frequently Asked Questions
- eService - book a financial aid appointment
- U of T Scarborough Staff Directory
Loans and Grants are Here!
2011-2012 OSAP
We have loans that were issued on or before January 29th 2012. This is for FALL/WINTER sessions.
To pick up your loan documents you will need to bring in your SIN card, Government Photo I.D. and your student card along with your banking information.
2011-2012 OSAP - 2nd Installment and 2012 Winter Session
You will be able to pick up the 2nd installment of your OSAP on January 4, 2012. OSAP documents will be released in AC227 from January 4 to January 27.
Hours of operation are as follows:
Monday through Thursday: 9 am to 4 pm
Friday: 9 am to 3 pm
Representatives from the National Student Loans Centre (NSLSC) will also be available during the above dates and times.
To pick up your loan documents you will need to bring in your SIN card, Government Photo I.D. and your student card along with your banking information.
Students who are studying in the 2012 Winter session will be able to pick up their first installment during the same dates and times in AC227.
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How to Check if Your Loan or Grant Has Arrived
BEFORE lining up, follow the steps below...
Step 1:
- Go to OSAP website and log in.
- Find the 'Total Funding Issued' screen to determine the date your funding was printed/issued.
- Allow 2 weeks from that date for your documents (loan and/or grant certificates) to arrive.
- Login to your OSAP Account now.
Step 2:
Come back to this webpage to view the date at at Loans and Grants are Here!
Step 3:
If your loan or grant is here, you can come to the Registrar's Office (AA142) to pick up the loan certificate (after January 27, 2012).
Don't have the proper id?
You won't be able to pick up your OSAP funds without the proper id. Read more details here....... If you still have questions, book a financial aid appointment.
This process can take 7 to 10 business days. Read all the details here......
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High School Students
It’s a good sign that you’re here looking at this information. That means you’re thinking ahead. At this point, you may not have decided which university you will attend, but you have probably decided what program you want to take.
The key to your success at university is good planning. Good planning will get you from first year orientation to graduation. To ensure you meet your academic and career goals, you must plan:
- Your studies
- Your extra-curricular activities; and most importantly
- Your finances
Benefits of Postsecondary Education
Let’s face it. More and more jobs require a college diploma or university degree. So to be successful in a career, you will need higher education.
In our world, information and knowledge is readily accessible (and growing) and being successful in a competitive workforce requires you to have the ability to learn. Postsecondary education is your passport to success in this knowledge-based society.
A university education is an investment in yourself and the return on this investment will last the rest of your life. Just to name a few benefits, postsecondary education will give you:
- increased employability
- increased earning potential
- preparation for career success
- raised awareness of social issues
- the ability to make better health choices (physical and mental)
- an appreciation of diversity
Preparing for University - How to Get Started
Although the cost of a university education is substantial and requires a serious financial commitment, the benefits are many (both monetary and non-monetary). Your financial plan needs to be in place by the middle of July. That means that by the middly of July, each year, you know how much money you will need for 8 months of school and you know where the money is coming from. Read on.
How much does one year of university cost?
The average cost of your first year at university is about $10,000 and if you live away from home, you can expect the cost to rise to $15,000 or $16,000.
Have a Candid Talk with Your Parent
You want to ask your parent ask these types of questions:
- Does your family expect you to work part-time while going to school?
- Will your family be able to help you?
- Ask them specifically …. Can you help with tuition? Can you help me with the textbooks?
- Get a commitment.
- Did your family save any money for your education? If yes, how much can you expect each year?
- Does your family have an RESP?
- Do the employers of your mom or dad have a program to help pay for education?
Develop a Sound Financial Plan
- Start looking for a summer job, if you don’t already have one.
- Investigate entrance scholarships and bursaries.
- Apply early for a student loan - do it before the end of June.
- Make a budget where you can put down all the expenses and your resources.
- Read the section on Paying for Your Education to get more ideas and resources (see links below).
Identify Where the Money Will Come From
In financial aid lingo, we call all the different sources of money, resources.
The Post-secondary Education Participation Survey conducted in 2006 showed that 2/3 of students rely on 3 or more sources to help them pay for their expenses. So it's important for you to identify the money will come from.
Which resources are right for you? Which combination will you need to meet your expenses?
Here is a list of resources for your to consider:
- Summer Job
- Part time Job
- Ontario Work-Study Plan (on campus part time jobs)
- RESP
- Lifelong Learning Plan (RRSP)
- Bank Loan & Student Line of Credit
- Government Student Loans Program
- Scholarships
- Grants (your school will have a program of financial aid, but you need to apply for it)
Proper ID
If you are planning on applying for government student loan, you must have the proper identification in order to pick up your funding (i.e. money). To pick up your loan document as well as “cashing it”, you will need two (2) pieces of identification:
- One piece of valid photo ID issued in Canada by the federal or a provincial or territorial government, and your
- Social Insurance Number (SIN) card
Examples of acceptable photo ID are:
- a valid driver's licence
- a valid passport
- a provincial health card with photo
- a permanent residency or citizenship card
Examples of appropriate subsitute for your SIN card are:
- an official Government of Canada document showing your SIN
- Canada Revenue Agency Notice of Assessment,
- Canada Pension Plan Statement of Contributions,
- Confirmation of Social Insurance Number from Service Canada, or
- Temporary SIN card
If you do not presently have the proper ID, then make sure you apply for it in time to receive it by the beginning of the Fall Session. You will not be able to pick up your government aid without it.
Links and Resources
- BYID Card (you must be 19 years of age to qualify)
- Ontario Health Coverage Document List - Ontario Ministry of Health & Long-Term Care
- Canadian Passport
- Paying for Your Education
- Making a Budget (Financial Consumer Agency of Canada- FCAC)
Guide for Parents
The best advice regarding paying for your child’s education is to know your options and to start planning as early as possible. If your own resources are insufficient, then you may want to consider one or more of the following means to help you and your student pay for educational expenses:- RESPs and the Canada Education Study Grant
- Government Student Loans
- Private bank loans/lines of credit
- Scholarships, bursaries and awards
It’s important for you to have a candid conversation with your child to let them know what assistance you can provide and to clearly outline your expectations with regards to his/her responsibility in this area. Please read the information below and we also refer you to our section, Paying for Your Education. We hope that the information will help you and your son or daughter develop a sound financial plan.
Financial Support for Your StudentAs you read this information, your son or daughter may still be in the process of deciding which university to attend, or perhaps, may already have chosen the University of Toronto. The purpose of this guide is to tell you what the costs may be and to outline the sources of financial assistance available. We hope this information will help parents and students to plan.
We believe that an investment in a University of Toronto education is a valuable investment in the future of your son or daughter. Furthermore, for families which lack the resources to fund that investment, the University is committed to providing assistance. In 1998, the Governing Council of the University approved a Policy on Financial Support, which states that no student admitted to a program at the University should be unable to enrol or complete the program due to lack of financial means.
Our commitment is based on the assumption that students will first access the government aid for which they are eligible. We assess financial need on the same basis as the Ontario Student Assistance Program (OSAP), because that provides a consistent and verifiable method. For a student who qualifies for the maximum OSAP assistance, and who has further assessed need not covered by OSAP, the University will provide the additional assistance in the form of a non-repayable grant for undergraduate students. The grant is delivered through a U of T program called UTAPS, University of Toronto Advance Planning for Students.
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The cost of university study includes direct costs (tuition and other fees, books and equipment) and living costs while the student is enrolled.
Tuition fees vary depending on the student's program of study:
- Tuition fees for students entering Arts and Science, Music, Physical Education and Health programs will be $5,216 for a normal full-time course load.
- Students in Applied Science and Engineering will have tuition fees of $10,095.
- The Concurrent Teacher Education Program has tuition fees of $5,443.
- Commerce, Computer Science, Bioinformatics and Communication, Culture and Information Technology programs have higher fees beginning in second year.
- In addition to tuition fees, students pay incidental fees which vary by college, but average about $1,100.
- The cost of books and supplies varies depending on the program of study. An average figure for an undergraduate student is $900 per year.
Your son or daughter will be able to obtain the precise fees information by viewing his/her student account on ROSI (the Repository of Student Information).
The cost of room and board depends, of course, on whether the student lives at home, in residence or off-campus while attending university. Residence fees, including a meal plan, are approximately $10,000 per year, and increase annually. Whether your son or daughter lives at or away from home, spending money and funds for transportation will also be needed.
University of Toronto Advance Planning for Students (UTAPS)Students who are concerned about the financial cost of attending university may obtain an assessment of the amount of funding they can expect to receive from government programs and other forms of financial assistance, by completing an on-line UTAPS application. These applications are available to all Canadian citizens, permanent residents and protected persons (recognized convention refugees) who have applied for admission to full-time studies at the University of Toronto.
Notification of UTAPS eligibility is included with the University's offer of admission to undergraduate studies. Students may do a self-assessment using our web-based assessment program at the Admissions and Awards website (link provided below). If your son or daughter did not complete a UTAPS application, and through reading this paper you determine that he or she might qualify for OSAP, it is not too late.
The UTAPS application is simply a mechanism to provide early information to students. For every new and returning student, the University examines the OSAP assessment, which we receive from the provincial government in September, and identifies all students who qualify for UTAPS grants. We then write directly to the students to notify them of their eligibility.
Students in Ontario are fortunate in having access to a good program of financial aid. OSAP provides a Canada-Ontario Integrated Student Loan and Access Grants for full-time students. Although the loans must be repaid after graduation, they are interest-free and non-repayable as long as the student is enrolled in full-time university study.
The Ontario Student Opportunity Grant provides partial forgiveness of loans after the student completes his/her academic year. This grant reduces the debt for the school year to a maximum of $7,000.
As a parent, you are not responsible for your son or daughter's student loans, even if he or she is unable to make repayment when the loan comes due. Interest relief programs can assist borrowers in this situation. Other OSAP programs which may be of benefit to some students during their studies include the Work Study Plan, and the Bursary for Students with Disabilities. Detailed information is available at the OSAP website (link provided below).
It is a basic assumption of the OSAP program that parents will assist their children during the first four years of university study if they are financially able to do so. The OSAP application must be completed by both you and your son or daughter. The form asks that you declare information about your income, and about the number and ages of children in the family. The student is asked to provide details of summer earnings, assets and other income. The amount and the kinds of assistance for which your son or daughter qualifies is then based on this information. Completing the application does not obligate you to provide financial support.
Because OSAP assessments are based on many factors, it can be misleading to provide estimates of the level of assistance which might be expected. We know, however, that planning is difficult if parents have no idea of how much aid might be available. The following are intended only to give you a general sense of how the OSAP program operates:
Four-person family with two children, one of whom attends university full-time, Arts and Science from September to May with no student assets or income during the school year (35 weeks):
| Parental Income (Gross) | OSAP (living at home) |
OSAP (living away from home) |
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| Up To | $50,000 | $9,000 | $12,600 |
| $70,000 | $8,700 | $12,600 | |
| $90,000 | $5,200 | $9,600 | |
| $110,000 | $4,000 | $6,900 | |
| $130,000 | $1,900 | $4,800 | |
| $150,000 | $0 | $2,600 |
Qualifying students pick up their loan document (a certificate made payable to the student) at their college Registrar's Office after registration is completed. The loan document is validated by the college and given to the student to submit to the National Student Loans Service Centre (NSLSC). The government pays interest on the loan while the student remains in school full-time. This explains why collateral or a co-signer is not required and why interest-free loans are needs tested and not available on demand.
Some parents may be unhappy about revealing the financial information required on the OSAP application. You should know that it is strictly confidential. You will be asked to sign a personalized Consents, Declarations and Signatures form which allows the Ministry of Training, Colleges and Universities to verify the income information against your tax return. You will appreciate that it is very important that the OSAP program, which is supported by your tax dollars, be safeguarded against abuse.
Completing the OSAP application accurately takes time, but it is important. If your income is such that you cannot afford to pay for your son or daughter's university education, OSAP can provide valuable assistance. For qualifying students, OSAP covers tuition and other fees, books and equipment, and provides a living allowance which is modest. Many students find that they need to supplement their OSAP funding through summer employment, part-time work or other means.
When you review the information on the OSAP web site, you may receive the impression that the program's expectations are inflexible and ignore individual circumstances. This is not accurate; appeals may be made for a variety of reasons. For example, parents whose income decreases as a result of retirement or job loss may have this factor considered in their son or daughter's assessment. If you are concerned about your situation, or if you have questions, you, and your son or daughter, are welcome to contact Financial Aid and Awards (416-287-7001, press 1) for advice.
Other Sources of Financial Assistance
ScholarshipsThe University of Toronto, its colleges and faculties, award approximately 1,400 admission scholarships and over 4,000 in-course scholarships each year. For university wide information refer to U of T Admission and Awards (link below) ; for Scarborough only information, refer to our section on our website, Bursaries (Grants) & Scholarships.
In addition to scholarships offered by the University of Toronto, there are many outside awards. One important, and often overlooked, source is scholarships offered by employers to the children of employees. Many Canadian companies offer such scholarships. If you are uncertain whether your employer offers this benefit, you should check with the human resources office.
Grants or BursariesGrants, which are also sometimes called bursaries, are non-repayable sums of money provided by colleges and faculties of the University to assist students who encounter financial difficulties. These grants are of modest value in comparison to the funding available through OSAP and UTAPS. They are awarded on the basis of financial need, often in situations where a student experiences a temporary financial setback during the course of their academic program.
Work-Study PlanMany students supplement their finances by working part-time. Work-Study is a University employment program which provides part-time jobs in academic and administrative areas on the campus. The majority of Work-Study jobs have academic or career-related benefits. In order to participate, students must have demonstrated financial need. Information about Work-Study is available at the Academic Advising and Career Centre web site.
Financial CounsellingThe University of Toronto is committed to ensuring that every student has access to a financial aid advisor who can assist in planning and managing their finances. In Arts and Science, this counselling is provided through the Registrar's Office of the student's college. A financial aid advisor will help your son or daughter to plan a budget for the school year and assist in ensuring that there is access to the appropriate sources of financial support. Your son or daughter can make an appointment through eService. If your child has any problems with eService, she or he can call us at 416-287-7001 or drop by the Registrar’s Office (Room AA142).
Income Tax and StudentsTuition fees are a tax credit when the student files a tax return. Students are also eligible to claim education and textbook credits. Unused credits may be transferred to a supporting parent. Detailed information is available at the Canada Revenue Agency website.
International StudentsIn order to receive a student authorization from the Canadian government, international students are required to demonstrate that they have the resources needed to cover their costs at university. For this reason, the University does not normally provide financial assistance. International students are, however, fully eligible to be considered for merit-based scholarships on the same basis as Canadian students. Our financial aid advisors are pleased to discuss financial management and any concerns with our international students.
Additional Ways to HelpWhether or not your finances will allow you to provide funds to your son or daughter at university, there are other ways in which families can offer support. Most importantly, you can co-operate in completing the OSAP application. You can also help by allowing the student to live at home during the summer so that summer earnings can be saved to meet university costs.
If your son or daughter lives at home, while attending university (or comes home fairly often) you can provide such things as laundry facilities. Students who live away from home often find that the little things are hard on their budgets - shampoo, detergent, snacks. A "care package" never hurts!
Above all, you can help by speaking candidly to the student about what you can, and cannot, afford to provide. Students deserve to be able to plan realistically; it is important they know ahead of time if they should be expected to work part-time or to buy used text-books.
Further Information on Our WebsiteOur website also has a lot of information. We invite you to explore our site. Throughout the website you will find links to other websites that have relevant information on the topic discussion. We encourage you to visit those websites. Arm yourself with information so that you can assist your son or daughter.
If you or your son or daughter requires more information about financially planning for university, we invite you to speak with the Registrar's Office, or with Financial Aid and Awards (416-287-7001, press 1).
Links for Additional Information
- U of T Scarborough Admissions & Recruitment
- Uof T Admission and Awards
- UTAPS
- ROSI (the Repository of Student Information).
- OSAP Website
- Scholarships and Grants (U of T Scarborough website)
- Work Study Plan (U of T Scarborough Academic Advising and Career Centre website)
- Canada Revenue Agency
- eService (to book a financial aid appointment)
International Students
At University of Toronto Scarborough (UTSC), international students are an important part of our community as they enrich our academic status and cultural diversity. The decision to study abroad is exciting and at the same time daunting. There are so many things to consider such as finances, where to live, adjusting to a new culture and being far from home. The purpose of the information in this section to give prospective students basic information on being a student at the University of Toronto Scarborough and to give you useful links to other websites with information on studying in Canada.
There are many reasons to choose our university. Here are just three:
- We are one of the oldest and most internationally recognized universities in North America ;
- We have a tradition of excellence and offer a great diversity of programs and resources to our students;
- Toronto is one of the friendliest and safest cities in the world.
In particular, UTSC is a small, friendly and safe campus. The campus is located on 300 acres of beautiful parkland and is close to downtown Toronto. Because of our size, we have a low student-to-faculty ratio, which means students will have the opportunity to interact and get to know their professors.
Prospective students needing information on admissions should visit our Admissions and Student Recruitment website (link provided below). The approximate costs for first year students can be found on our Admissions and Student Recruitment website (link provided below). You'll no doubt notice that international students pay more for tuition however, the costs for other services such as housing, clothing, books, transportation, etc. are the same as for Canadian residents. Living on a student budget requires good money management skills and often, imagination. The following are common student expenses:
• Tuition Fees
• Incidental and ancillary fees
• Textbooks
• School Supplies
• Residence or other housing
• Food
• Local transportation
• Clothing
• Entertainment
Your cost for the various expenses will depend on the personal choices you make and the program you study.
Links and Resources- Admissions & Recruitment (U of T Scarborough)
- ISC @ U of T Scarborough
- ISC @ St. George Campus
- Citizenship and Immigration Canada (CIC) Foreign Students Information
- Immigration Ontario
- International Tax Services Office
- Study Canada
- University of Toronto - International Student Brochure (not available at this time)
- University of Toronto Admissions - Costs of University
- University of Toronto - Financial Aid Information for International Students
Students and Income Tax
The information provided here is very basic and is provided only as a jumping off point. Our source of information is a pamphlet published by Canada Revenue Agency (CRA), entitled Students and Income Tax. Full details and official policy and procedures are available from the CRA. This link will take you directly to their web page with information for students.
Generally, you need to file an income tax return if you have employment income or you want to get a refund (e.g. GST credit). You need a Social Insurance Number (SIN) to file a return. CRA uses your SIN to identify you for tax purposes and for example, to update your contributions to the Canada Pension Plan (CPP).
Common Types of Income for Students
Most income you receive is taxable and you have to include it on your return. However, you do not have to include your GST/HST credit, Canada Child Tax Benefit payments, or related provincial or territorial program payments, lottery winnings, or most gifts and inheritances. The most common types of income you may receive as a student include:
- employment income;
- tips and occasional earnings;
- investment income;
- scholarships, fellowships, bursaries, study grants, and artists’ project grants;
- research grants; and
- Registered Education Savings Plan income.
Scholarships, Fellowships, Bursaries, and Study Grants – Special Note
You no longer report as income the full amount of scholarships, fellowships, or bursaries that you receive when you are a student if the program you are enroled in entitles you to claim the education amount (see below). This type of income is not taxable.
If you are not eligible for the education amount (see below), report only the part of the post-secondary scholarships, fellowships or bursaries that is more than $500.
Note for Elementary and High School Scholarships and Bursaries
For 2007 and subsequent years, elementary and high school scholarships and bursaries are not taxable and are not subject to the requirement that they be eligible for the education amount.
Common Types of Deductions for Students
The most common deductions that apply to students are moving expenses and child care expenses. For more information on other types of deductions, visit the Canada Revenue Agency web site.
Common Types of Federal Non-Refundable Tax Credits for Students
The most common federal non-refundable tax credits that apply to students are:
- Canada employment amount;
- public transit amount;
- interest paid on student loans; and
- tuition, education, and textbook amounts.
Public Transit Amount
You can claim the cost of monthly public transit passes or passes of longer duration such as an annual pass for travel on public transit (in Canada) during the year. These passes must permit unlimited travel on local buses, streetcars, subways, commuter trains or buses, and local ferries. You can also claim the cost of shorter duration passes if each pass entitles you to unlimited travel for an uninterrupted period of at least five days and you purchase enough of these passes so that you are entitled to unlimited travel for at least 20 days in any 28-day period.
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Interest Paid on Your Student Loan
If you have a student loan that was made to you under the Canada Student Loans Act, the Canada Student Financial Assistance Act, or similar provincial or territorial government laws for post-secondary education, then you can claim for the interest you or a person related to you, paid on that loan in current year and/or the preceding five years. You cannot transfer this amount to another person.
If you renegotiated your student loan with a bank or another financial institution, or included it in an arrangement to consolidate your loans, the interest on the new loan does not qualify for this tax credit. In addition, you cannot claim interest paid in respect of a judgment obtained after you failed to pay back a student loan.
Tuition, Education, and Textbook Amounts
You can report your eligible tuition, education, and textbook amounts for the year, and any unused amounts carried forward from previous years that are shown on your Notice of Assessment or Notice of Reassessment for the previous year. You will need a T2202 or T2202A from the educational institution. You can download and print your T2202A Tuition Tax Certificate from ROSI.
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Financial Aid Lingo (Terms and Definitions)
Based on: Smiley, Jennifer and Cynthia Snell: Clueless? Not!, Cynerje Publication, 1999| OSAP Academic Probation or Academic Warning |
This is a status that is placed on a student’s file when he/she has not been successful in the period for which financial assistance from a government student aid program (e.g. OSAP) was received. You are considered to be unsuccessful when you do not complete the period as a full time student (e.g. you drop below the minimum course load to be considered a full time student) or you do not pass the minimum course load for full time studies. Students who receive notice of academic probation must be cautious in future study periods because they risk being “cut off” from student loans or grants. This can have nothing to do with the Registrar’s minimum academic standards. |
| Accrue | Refers to the interest that accumulates (added to your loan) during the grace period. |
| Amortization | In the case of a loan, it is the period of time it would take to pay back the full amount of the principal plus interest |
| Annual Fee | An annual amount charged by credit card companies. Sometimes it provides you with lower interest, and/or other incentives such as earning air miles. |
| Appeal | A process to ask for a review of your situation because there is an exceptional situation. Also called a review. It may involve setting aside a program policy. |
| Assessment | The process by which your financial aid need is calculated. |
| Assets | There are two categories of assets when it comes to government student loans:
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| Audit | Every year a student’s OSAP file undergoes scrutiny. Your initial application is cross-checked with information from Canada Revenue Agency. If you have been untruthful about part-time earnings, parental earnings, you might be penalized. You may be required to submit proof to verify the information you gave on your application. |
| Award | A term financial aid advisors use to refer to the amount of money you will receive from the various types of funding: federal loan, provincial loan and/or grants. We’re not using it that often any more. |
| Balance | The amount of money you owe. You might have a balance on your credit card account, or your tuition account. If it is negative, it is called a credit. This might happen if you return something you have bought, dropped courses, etc. When you have a credit balance, you are owed money. |
| Bursary | Free money. Often referred to as a grant. They are one and the same. You are not required to pay back a bursary. Bursaries are offered by the government aid programs and by the University to help students keep debt levels down. |
Budget |
Noun: a detailed finance plan that captures your expenses (money going out) and your income (money coming in) usually created at the beginning of the year and used to determine whether you have a shortfall or surplus of cash. Verb: the process that considers your resources (money coming in) and your spending and adjusts the flow so that you come out even, or hopefully, ahead. |
| Canada-Ontario Integrated Student Loans | The name of the current loan program for the province of Ontario that combines the federal portion with the provincial portion of the student loan on one loan document. The interest rate on the provincial loan is prime interest rate + 1% and on the federal portion you can choose between two rates:
|
| Cash Advance | A cash loan from your credit card. Use sparingly because interest is charged from the day of withdrawal. |
| Certificate of Eligibility Certificate of Loan/Grant Approval and Eligibility Schedule 1 |
A multi-page document that contains the amount of the financial assistance from the government, the personal information of the student, the program of study, the study period dates and the educational institution for which a student loan(s) has been approved. The student uses this document to obtain the money from the lender for his/her study expenses. |
| Collateral | Something that the lender (the bank) requires you to pledge in order to get a loan. It is used as security in case, you, the debtor is unable to pay the debt. If that happens, the lender will confiscate the collateral. |
| Confirmation of Enrolment C of E COE |
This very important document confirms the student’s full time status and is used to update the student’s study period date at the lender. Any previous loans will remain interest free and non-repayable. This document is completed at the time the first installment of student loan funding is released. The student will confirm his/her income information that was provided on the application (and update it, if required). This document must be processed so that the second installment is issued. |
| Confirmation of Interest Free Status Form CIFS Form |
This document confirms the student’s full time status and is used to update the student’s study period date at the lender. Any previous loans will remain interest free and non-repayable. |
Consolidate |
This is the process that happens, normally when you graduate, to bring together all the “little” loans you negotiated e This very important document confirms the student’s full time status and is used to update the student’s study period date at the lender. Any previous loans will remain interest free and non-repayable. ach year. The process is done for both the federal and provincial loans. |
| Contribution Expected Contribution |
The amount of money the government thinks you, or your parent(s) and/or partner should put towards your educational expenses. Also called “Expected Contribution”. |
| Co-Signer | A second party (usually your parent) required to guarantee payment of a loan or credit card. You need a co-signer when you do not have enough assets or income to qualify for the loan or credit card on your own. If you can’t or won’t pay, then the co-signer will have to pay the debt. |
| Creditor | The person who is lending the money. E.g. the credit card company or bank. |
| Credit Bureau Report | A confidential record of a person’s lending and repayment history. You have the right to see this record. |
Credit Rating |
A record of your credit history. It includes factors such as, how quickly you pay your bills, late payments, any NSF cheques, etc. Maintaining a good credit rating benefits you because you may get lower interest rates when you borrow money or apply for a credit card. A bad credit rating may prevent you from qualifying for a loan or a credit card. |
| CSG | Canada Study Grant |
| CSL CSLP |
Canada Student Loan The Canada Student Loan Program |
| Custodial Parent | The parent that has the custodial care of a child. If a student’s parents are divorced or separated, this is the parent with which the student lives. |
| Debit Card | A card issued by your bank or financial institution that allows you to withdraw money from your account at a bank machine (ATM) or at a retail outlet when you purchase something. |
| Debtor | The person who is borrowing money. |
| Default | This is a serious situation which results from failing to make one or more payments on your student loan (or any loan or debt). When you fail to make three payments in a row, your student loan is returned to the government for collection. |
| Disbursement Date | The earliest date on which your loan can be negotiated (cashed). |
| Expected Contribution | See Contribution |
| Expense Expenditure |
The money you spend when you buy goods or services. Common educational expenses include tuition and books. Other common expenses for students include rent, transportation and food. |
FAO |
An office that has the responsibility, at a college or university, for the administration of the government student loans program and other forms of financial aid assistance for its students. |
| Financial Institution | A bank or organization (public or private) that collects funds (from the public or other institutions) and invests them in financial assets. |
| Fixed (Interest Rate) | An interest rate that is agreed upon and fixed at the time the loan is consolidated. The payment amount will not change during the repayment term of the loan. |
| Floating (Interest Rate) | An interest rate that is agreed upon at consolidation and varies throughout the term of the loan. The variation is usually based on the movement of the institution’s prime rate. |
| Full Time (study) | Enrollment in at least 60% of a full-time course load (40% if you have a permanent disability). At UTSC, each ½ credit course is 20%. |
| Funding | The total you will receive from all sources – federal loan, provincial loan, grants or bursaries. |
| Grace Period | Refers to the six month period immediately following your last day in full time attendance. You have to start payment on your student loan at the end of this period. Interest is being charged on your loan principal. |
| Grant | Free money. Often referred to as a bursary. They are one and the same. You are not required to pay back a bursary/grant. |
| Interest | The amount of money you have to pay to the bank or financial institution for them lending you money. For a student loan, the interest rate is predetermined, but you may be able to negotiate. Your monthly payment is applied first to the interest amount and then the principal of the loan. The creditor gets their money first. |
| Living Allowance | The amount in the assessment that refers to the living costs during the study period (or pre-study period). This amount is set by the federal government and would include costs for shelter, food, transportation and miscellaneous costs. |
| Married | An OSAP classification for a student that is married or lives in a common-law relationship. A common-law relationship (for OSAP) exists when the student and his/her spouse have been living in a conjugal relationship for 3 or more years or less than 3 years and raising any children (natural or adopted). |
| Notice of Assessment Notice of Reassessment |
The document that summarizes the amount and type of funding you are entitled to for the study period. If there is a change to your entitlement, a Notice of Re-assessment is issued. Not to be confused with the document issued by Canada Revenue Agency that has the same name. |
| NSF | Not Sufficient Funds. Also referred to as a “bounced” cheque. This means you did not have enough money in your account to cover the amount of the cheque and the bank will not honour (cash) it. There is usually a hefty fee from the bank and, perhaps, the organization to which the cheque was made out. |
| NSLSC | National Student Loan Service Centre, the agency that cashes your student loan. They are also responsible for administering your file after you go into repayment status. |
Overpayment |
You are said to have an (or be in) overpayment when you receive more funding than you are eligible for. This normally happens when your file is reassessed. A reassessment takes place every time there is a change to your income, course load, or status. For example, on your initial application, you did not report that you would be working part time during the school year, but part way through the year you update this information. Sometimes a file is reassessed as a result of income verification with the Canada Revenue Agency. |
| Overdraft | A service provided by the financial institution that allows a certain amount of reserve funds. This normally prevents you from “bouncing” a cheque and is useful when you need access to cash on a short term basis. Watch out, there is a fee for this service. |
| OSL OSLP |
Ontario Student Loan Ontario Student Loan Program |
| OSOG | Ontario Student Opportunity Grant is issued annually to qualified students to reduce the principal of the loan. |
| Part Time (study) | Enrollment in less than 60% course load (40% for students with a permanent disability). At UTSC, each ½ credit course is 20%. |
| Pre-study period | The 16 weeks immediately before the start of your study period. Normally this is the summer break (May to September). Outside Ontario this period may be longer. High school students have a shorter pre-study period. |
| Prime Rate | The interest rate banks or financial institutions charge to their most credit worthy customers who borrow money. May vary from bank to bank. |
| Principal | The amount of money you borrow. |
| PSE | Post-secondary education. |
| Reassessment | The process by which your financial aid need is recalculated. Usually occurs when there is a change in information reported by you, Canada Revenue Agency or the university. Examples: income, course load, marital status, etc. |
| Repayment | The process to begin monthly payments on your student loan(s). |
| Resources | Refers to income, assets, cash in the bank, RESP, RRSP - - Money! |
| Restriction (due to: Academic Income Verification, Default Overpayment, etc) |
A status placed on your OSAP file that indicates you are ineligible for OSAP assistance. You can become ineligible due to one or more of the following: academic reasons (see Academic Probation), or a discrepancy in the income reported on your application and that reported on an income tax return, or you have not kept your loans in good standing after entering repayment status, or you have 2 or more overpayments on file. |
| Single Dependent | An OSAP classification for a student that requires parental information in order to be considered for assistance. Normally, the student has been out of high school less than 4 years. |
| Single Independent | An OSAP classification for a student that does not require parental information in order to be considered for assistance. Normally, the student has been out of high school for 4 years or more. |
Sole Support |
This is a student who has never been married, or is separated or divorced from a spouse, or who is widowed and has custodial care of a child – not a student who has one parent. According to the government loans program, you are considered a sole support parent if you have custodial care of a child. You must have legal custody and full responsibility or shared custody and shared financial support. Your funding will reflect how much of the time the child lives with you. |
| Student Line of Credit | A loan obtained through a bank or other financial institution to help with the costs of postsecondary education. Available to both full time and part time students. |
| Term | The period of a loan during which the interest rate is fixed. Your loan may have an amortization of 9 years however the period may be one year. That means the interest rate will expire at the end of one year and a new interest rate will be fixed for another term. |
Variable Interest Rate |
An interest rate that varies throughout the term of the loan. It moves up and down with the institution’s prime rate. |