Student Financial Assistance

 

OSAP

Students can apply for OSAP on-line at http://osap.gov.on.ca - it's easy and there is no fee.

Students who wish to complete a booklet application can print the application from the OSAP website. There is a $10.00 fee payable to the Minister of Finance to use the booklet application.

Notification of OSAP funding will be sent by the Ministry. It is called a Notice of Assessment and will indicate the amount of the student's entitlement to loan/grant funding. If a Processing Status Notice is sent, additional information is needed to complete the application process.

Send any information requested to the Office of Student Financial Aid & Awards at Lakehead University, not to the Student Support Branch of the Ministry of Training, Colleges and Universities.

Please read all correspondence received from the Ministry. It is the student's responsibility to follow up on their application status.

Students are encouraged to contact the Office of Student Financial Aid & Awards if they have any questions/concerns about their application.

WHAT HAPPENS NEXT…
OSAP funding certificates usually are released to students beginning Orientation week, which starts the day after Labour Day Monday.

Disbursement of all student funding certificates takes place in the Office of Student Financial Aid & Awards located in the lower level of the Student Centre (SC0008)

Students must have registered for their classes before their OSAP (or other government funding) can be released. A Government issued Social Insurance Number card plus one piece of Government issued photo identification (ie: Drivers License, Age of Majority Card or Health card) must be presented.

To obtain the first installment of OSAP funds, students must sign a Confirmation of Enrolment. They must re-confirm their pre-study income (gross income before deductions) and report any changes or other income they will receive that was not reported on their original application.

Students are encouraged to check the OSAP website in mid-October to see if there has been any change to the total amount of their OSAP because of the changes reported.

It is a Ministry requirement that all students are to advise the Office of Student Financial Aid & Awards if there are any changes (financial or other) to their situation during the school year. Changes may affect the amount of assistance they are eligible to receive.

 

Students registering full time (60% or more of a full course load) who meet all other criteria of the OSAP program may be eligible for assistance under this program.

NOTE:  The definition of full time for OSAP is NOT the same as the definition of full time for Lakehead University course loads - please note the difference before making any changes.

 

Students who wish to study part time and have demonstrated financial need may be eligible for assistance.

Financial assistance is available in the form of a Part-time Canada Student Loan and/or a Canada Study Grant for High Need Part time Students or the Ontario Special Bursary Program.

The type of assistance students are eligible to receive depends on their individual situation. Contact our Office of Student Financial Aid & Awards for additional information and applications. Also visit the Canada Student Loans Program website at http://canlearn.ca as well as the OSAP website at http://osap.gov.on.ca for the most up to date information.

Once students have signed their Confirmation of Enrolment and the Office of Student Financial Aid & Awards has authorized the funding certificate, students can take their certificate to the Canada Post Outlet on campus. The Canada Post Outlet located in "The Junction" will take funding certificates and forward them to the National Student Loans Service Centre, on behalf of the student.

For more information about the National Student Loans Service Centre, go to their website at http://canlearn.ca.

If students are paying their tuition and/or residence fees with their OSAP (or other government student funds), the Office of Student Financial Aid & Awards will "assign" the amount of fees owing (usually according to instalments) from their funding certificate. What that means is that the National Student Loans Service Centre will send the amount that is assigned back to the University to be paid on the student's account. The balance of the funding, if any, will be deposited into the student's bank account.

Students need to bring their own banking information with them – the name of their financial institution, their transit number and account number. A void cheque is the best to have.

Income from all sources such as scholarships, bursaries and employment must be reported and may affect the amount of OSAP a student will receive. Students must advise the Office of Student Financial Aid & Awards in writing of any such changes.

 

Students who are reassessed during the academic year as a result of a change in resources, reduced course load or an error on the initial assessment may be considered to be in an overaward situation. They should contact the Office of Student Financial Aid & Awards to determine how this will affect future funding eligibility.

SATISFACTORY ACADEMIC PROGRESS

Students must maintain satisfactory academic progress to continue to be eligible to receive OSAP assistance. Satisfactory academic progress is defined as successful completion of at least 60% of a full course load. Students enrolled in a 60% course load must pass all courses.

Contact the Office of Student Financial Aid & Awards for more information if you feel your eligiblity might be in jeopardy because of your academic performance.

 

Students who negotiated OSAP loans prior to August 2000 were dealing with one of the following:

Students are responsible to ensure that their previous loans are maintained in good standing while they are still in school full time. This must be done before the end of the six month grace period, usually October.  Check your provincial/territorial student loan website to ensure you are following the right procedures for your loans.  There are different procedures for certain provinces and territories.  If in doubt, contact the Student Financial Aid & Awards at Lakehead  University.  Be sure to tell the staff if you are from another province/territory.  It is important !!

 

Students are also encouraged to contact their lender student loan centre to ensure that they are following the right procedures.  It is not a good idea to "assume" that the previous loans have been updated.  If the loans are not updated, students might be expected to pay outstanding interest on the loans to bring them up to date.