Update your income information for OSAP
Students receiving OSAP need to update their income information on their OSAP application.
When you applied for OSAP you estimated your income. Now it’s time to update your income so that it reflects what you actually earned. It also lets you provide a better estimate of any earnings you expect while in school.
You can update your income online as well as check out any changes to your application status.Click here to log in and go to your 12-13 application.
Financial assistance is an important factor for many students as they decide where and what to study. Sheridan has a variety of assistance programs, which are awarded based on demonstrated financial need.
IMPORTANT MESSAGE FOR STUDENTS WHO ARE RECEIVING OSAP IN 2012 – 2013
If you have submitted your OSAP application online, it will only be processed if you also complete these two (2) steps:
- Submit your signed Consents and Declaration pages along with any required supporting documentation to the Financial Aid Office of the campus you attend.
- Take the completed NSLSC Copy 1 of your Master Student Financial Assistance Agreement (MSFAA) to a designated postal outlet.
You must log in to your OSAP account to print the Consents and Declaration pages and the MSFAA.
When the Financial Aid Office has confirmed your enrolment online, the process of electronically transferring the first installment of your OSAP funds will begin. Please allow 7 – 10 business days from the date of your enrolment confirmation for this process to complete.
If your OSAP funding consists of both federal and provincial loans and/or grants, there will be more than one deposit on separate days to your bank account. Please check your OSAP account on the OSAP website to confirm the breakdown of your OSAP funding.
You will be prompted through the OSAP website to confirm your income before the end of your Fall 2012 semester. Please confirm your income in a timely manner. Failure to do so will result in delays in the release of your Winter 2013 OSAP funding.
The Financial Aid Office cannot deduct fees from provincial or federal grant funding. If your OSAP loans do not fully cover the cost of your tuition fees, you must pay the balance owing by the fee payment date listed on your 2012-2013 Tuition Fee Invoice.
How to get your OSAP
The process of picking up and signing loan documents before each term of study is ending. Canada and Ontario are implementing a lifetime loan agreement that will cover you for all the time you are in full-time postsecondary studies; this lifetime loan agreement is called the Master Student Financial Assistance Agreement, or MSFAA.
To get your OSAP
1. Print your signature pages and MSFAA (Master Student and Financial Assistance Agreement).
The new MSFAA (Master Student and Financial Assistance Agreement) is your lifetime loan agreement with OSAP. After you submit your online OSAP application, you need to print your signature pages and MSFAA.
2. Take your MSFAA to a designated Post Office
Submit your MSFAA to a designated Canada Post outlet. Bring your ID (proof of SIN card and valid government issued photo ID - http://www.canlearn.ca/eng/postsec/getloan/howget/idr.shtml) and a void cheque or record your banking information on your MSFAA. This only needs to be done once and will be in place throughout your time as a full time, post-secondary student.
3. Submit your signed declaration pages to the Financial Aid office
4. Check your OSAP account
Log in to your OSAP account to view details of your assessment. If all supporting documents have been submitted, Sheridan will confirm your enrolment and funding will be disbursed to your account.
Once your student-aid application has been accepted as complete, your MSFAA has been processed by the National Student Loans Service Centre and your enrolment has been confirmed by your school, you can relax. On or a few days after your first day of classes, your funds will be deposited electronically into your bank account and/or forwarded to your school to pay your academic fees (e.g. tuition). Contact Sheridan directly if you want to make alternate arrangements.
5. To receive your second installment log in to your OSAP account in October and confirm your income.
Apply for 2012-2013 OSAP now!
Take this opportunity to plan ahead and apply early for funding for your 2012-2013 academic year studies.
We strongly recommend that you apply for OSAP, even if you think that you will not receive funding! OSAP is not just loans. Students who apply for OSAP will automatically be considered for non-repayable funding such as the Ontario Tuition Grant, Ontario Access Grants, and the Canada Student Grant for Persons from Low/Middle Income Families.
You should apply for OSAP (Ontario Student Assistance Program) at http://osap.gov.on.ca as soon as possible. It generally takes 6 weeks for OSAP applications to be processed.
You should apply for OSAP by July 2012 if you wish to use OSAP towards your tuition payment and would like the funding available at the start of your study period in September.
OSAP loans and grants are a way to help fund your college education. Canadian citizens, Permanent Residents or Protected Persons of Ontario are eligible to apply for OSAP. OSAP provides eligible Ontario students with financial aid in the form of loans, grants, and bursaries to help pay for education-related costs such as tuition, books, mandatory fees, living costs and transportation.
For more information visit the OSAP website: http://osap.gov.on.ca
The Ontario Student Assistance Program (OSAP) provides eligible students with various types of assistance based on financial need. Such assistance is intended to supplement, not to replace, the resources of you and your family. Although assistance is not based on academic standing, you are expected to maintain satisfactory progress in your studies. The need for OSAP assistance and the value of an OSAP award are established in accordance with the policies and guidelines of the OSAP program, and financial data as provided by the applicant.
When completing an OSAP application, students are applying for assistance funded by the provincial government (Ontario Student Loans, Ontario Student Opportunity Grants and Aiming for the Top Scholarships) and/or the federal government (Canada Student Loans, Canada Study Grant for Students with Dependants and Canadian Millennium Bursary). Other sources of financial assistance for which you must fill out a separate application, are listed below and are explained in detail on the OSAP website
- Bursary for Students With Disabilities
- Canada Study Grant for High-Need Part-time Students
- Child Care Bursary
- Interest-Relief and Debt-Reduction Programs
- Ontario Work-Study Plan**
- Part-time Canada Student Loans
- Ontario Special Bursary Program
** The Ontario/Sheridan Work-Study Program is designed to provide on-campus work experience for full-time Sheridan students who require assistance in covering education-related costs. If your educational needs have not been fully met by OSAP, and you are a full-time student, you are eligible to apply. Usually you will work between five and 15 hours per week at a rate of pay no less than minimum wage. The maximum amount you are entitled to earn is $1,000 per four month term including vacation pay and benefits. A full listing of available positions can be obtained from the Student Awards Office during the school year.
How to Apply
Detailed information, including online application procedures and deadlines for applications is available on the OSAP website at osap.gov.on.ca
Students who apply for assistance from the Ontario Student Assistance Program (OSAP) may be eligible to defer payment of fees until receipt of their OSAP funds. All OSAP students who wish to defer their tuition fees must:
The OSAP application states that the Ministry may use a portion of your OSAP funding to pay, on your behalf, your tuition and compulsory fees directly to your school, unless you have specifically requested that your fees were not to be paid on your behalf.
OSAP applications may take 4 - 6 weeks to process during peak periods. The OSAP Aid Estimator will help you to plan financially for the cost of post secondary education at Sheridan.
If you have indicated on your OSAP application that you did not wish OSAP to redirect tuition and compulsory fees directly to your school or are ineligible for OSAP, or if your OSAP funds are not sufficient to cover your tuition, it is your responsibility to pay all outstanding fees to Sheridan by the dates below to avoid late fee charges:
- Outstanding Fall 2012 fees : Due by October 3, 2012
- Outstanding Winter 2013 fees : Due by February 6, 2013
- Outstanding Spring 2013 fees : Due by June 5, 2013
Only OSAP applicants are eligible to make the $300 down payment for an OSAP Tuition Deferral. There is a $50 fee for an OSAP Tuition Deferral included in the $300 payment, which is applied once per academic year.
Payment of the $300 deposit towards tuition is a commitment to attend Sheridan College. Students who either do not receive financial assistance , or for other reasons, wish to withdraw from a program must notify the Office of the Registrar in writing by the published withdrawal dates. Ministry of Training, Colleges and Universities Policy states that partial refunds are only possible if such withdrawal requests are made by the 10th day of class. The student is accountable for all outstanding fees should this process not be followed.
Sheridan also publishes withdrawal dates that enable a student to withdraw without academic penalty later in the term – fees are not refunded in these situations.
Failure to pay your fees by the deadline will result in an additional $100 late fee for each payment deadline missed.
Please refer to http://financialaid.sheridancollege.ca for other important details regarding OSAP and other sources of financial assistance.
Message for Students enrolling in the Bachelor of Design Program (joint York/Sheridan program)
If you are planning to apply for OSAP to assist you with your costs of education, you must list Sheridan as the institution on your OSAP application. All signed declaration pages and supporting documentation for your OSAP application should be mailed to Sheridan College, 1430 Trafalgar Road, Oakville, ON L6H 2L1. Please apply early!
For more information and application forms, contact the Financial Aid Offices of Sheridan and/or the Student Awards Offices.
OSAP Frequently Asked Questions