deleted
deleted
Last edited by pr317; 10-29-2009 at 01:36 AM.





PLEASE PLEASE DON'T USE OSAP!!!! Forgive me for being so cynical, but never take government student loans unless it's an emergency and ONLY USE THEM FOR TUITION. My best friend is already $30 000 in debt on OSAP and his interest payments ALONE are almost $700 monthly. That's just interest, no principle. The interest rates they charge are up in the doubt digits and it's compounded monthly.
The smartest way to use them is to pay your tuition with what they give you and put any extra immediately back into it. Don't blow it on clothes, entertainment, magic beans, etc. You'll regret spending one extra penny of OSAP that wasn't necessary when they call in your payments. Remember that the only thing bankruptcy doesn't clear are student loans. You can thank the doctors and dentists for THAT new rule...they were declaring backruptcy when they graduated so they wouldn't have to repay their government loans.
A better option (and the one I use as a dependant university student) is to take an educational line of credit directly from a bank. I go through CIBC and have a fantastic interest rate. My LOC is maxxed out at $15 000 and my interest payments are only $60 with the option to pay down principle whenever I please.
If you must take an OSAP loan, they are VERY sticky. You will be audited and they WILL run you through the wringer. If they find that you lied on your application or misreported your earnings, they'll call the loan and expect it to be immediately paid back. At the risk of sounding like a lecturing parent (and I'm not, the prospect of being indebted to the government just scares the shit out of me) I suggest you do the math and research taking a step like this. There are other ways to get money for school that won't financially destroy you.
\
I haven't taken out a student loan, so I don't know how it works, but-
Do everything honestly and you should have no problems. I really think it's the easiest solution!
If you're making enough money that OSAP won't give you a loan, why do you need a loan? Loans cost money. Why not just pay for your tuition outright?
Save your receipts for everything anyways. Just throw them all in a box. It'll save you thousands a year when you use them for deductions.
Feature costumes for sale!





It appears that taking out an OSAP loan is an official invitation to the Canadian Gov't to go through your personal finances with a fine-tooth comb.I also read that they can ask for details from financial institutions which slightly worries me since I do use my credit card kind of freely and then get my boyfriend to pay the bills at his bank. I'm trying to avoid using my own bank account in case they can track how much money I am really making.





It is Melonie...resigning yourself to "the Man" so to speak. The government CAN AND WILL prosecute to the fullest extent of the law if you're lying or misrepresenting even the smallest detail. DON'T invite the government into your financial life. And if you absolutely MUST take OSAP, be 100% honest about every penny. If they refuse assistance to you, it's because you don't really need it. And if you don't need it, never take it. It's just trouble. Go to a bank for a line of credit.
\
I am at the most expensive school in Canada and my tuition is only $6000 per semester. You can easily make this dancing, so why would you borrow that and risk an audit? Not to mention the OSAP hole you will put yourself into.
If you are not becoming a doctor or dentist, you will not going to have an easy time of paying off that loan after you graduate.
Just pay your bills as they come in.



If it really is an option, I also recommend not using OSAP. Working just 2 shifts a week for a year, you should easily be able to cover the cost of tuition & housing - I suppose that's assuming you can already cover the $ you owe to the school. I went to Uni and college for 4 years, and didnt require a loan working part time (Toronto). And do your taxes. That's the GREAT thing about dancing. As a student, you shouldn'n need to work many hours/week, so Take Advantage.
Good luck!
OSAP is super scary, and like many people they screwed me too. They can decide many many yrs after the fact that you were making more money than you said (based on an audit) that they made an 'overpayment' and it's just bad bad news. I had an 'overpayment' half way through my education and suddenly I had no money for tuition, and they asked for my previous semester's tuition money back!! This was scary as an unemployed student. Luckily my parents bailed me out. Plus you can't even declare bankruptcy on gov't loans. AVOID IT!





pr317, thank you for taking our advice and staying away from OSAP. My final piece of advice to you would be to immediately begin paying that loan down, BEFORE they call it in and start charging double-digit interest rates on it. Only take a line of credit for what you'll need so you're not tempted to put other crap on it. Seriously. If your tuition is only four grand, then only take four grand. Keep dancing to pay living expenses and have spending money. You don't want to start your professional life owing the government or the banks more then your whole first-year's salary, especially with the way the interest rates are.
Just to clarify: seriously make an honest effort to get that OSAP paid off ASAP. Start tomorrow. OSAP will call the loan in when you graduate.....and the bank will call your Line of Credit unless you just take out a personal/regular one. Double payments, and neither will be pretty....but your OSAP payments will be more then your monthly rent. Line of credit will be nothing. Like I said, mine is maxxed at 15 grand and I pay 65 bucks a month.
\





Yeah, I've always just paid my bills outright. OSAP just sounded like a pain that I did all I could to avoid- like I worked two jobs and went to school fulltime the first year. (Stripping does make it easier). I dunno. I've known people who've gotten screwed over by the student loan game. I'm just terrified of debt in general...I plan on taking some time off dancing in the fall so I am also trying to save like crazy now. Good luck pr317! and congrats on getting into the teaching program. That's not easy from what I hear!




pr317, I am in the same boat your in. But my situation is slightly different as I have already gone ahead and got my OSAP for this year. Due to my divorce, I am still playing catch-up on my bills, so all the money I ahve been making dancing has gone directly into making sure I still have a roof over my head and food in the fridge. And on top of all that there is my utility bills as well. I honestly haven't had any trouble with OSAP dealings. There is always a snag here and there, but everything has always worked out. I could have paid tuition myself this year if I had started dancing again sooner than later, but I haven't had much to save away, and I just can't put off school for another year. I definately plan on paying my own tuition for the next two years after this year. There is no reason why I shouldn't be able to, but like you said it just seems easier to worry about things like that later! Good luck to all who are venturing off to college this year!





Having ANY kind of loan isn't a problem provided it's not out of control when it's called. Paying ridiculous interest on OSAP isn't necessarily an issue if you've only got a few grand to pay back. I know people that have worked their asses off working three jobs to pay it all down before they graduate.
OSAP just sucks students in because most would rather not pay any interest while they're in school....but really, is $60 bucks a lot to pay every month with a line of credit when you're looking at paying hundreds a month on a huge OSAP debt? Probably not.
The government is just preying on poor kids who haven't done their research.
Sinder, OSAP is obviously a good route for you to go. Taking one year's worth isn't bad. You can even pay that off well before you graduate and never have to worry about interest at all. The bad thing is people who rack up tens of thousands over four or five years and then start shitting themselves when they have to pay the interest.
\
Just curious where you girls are? I'm at U of T, 3rd year Political Science and English major. I don't know if you want to disclose or not, I just think it's neat seeing people so close to where I live and study![]()





I'm at the University of Manitoba in Winnipeg, Geophysics major and mathematics minor....preparing to be a mine inspector....so yeah, I'm nowhere near Toronto.
\
Bookmarks