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The   Financial  Challenge
(following excerpts taken from a Power Point Presentation for Parents)

The Financial Aid Office is responsible for administration of provincial financial assistance programs.

-  OSAP (Ontario Student Assistance Program) is a primary source of funding for Ontario students. OSAP website - http://osap.gov.on.ca.

The Ontario Student Assistance Program (OSAP) has changed significantly in the last few years, it now includes:

•  Queen Elizabeth II - Aiming for the Top Scholarship
•  Canada Millennium Bursary Program
•  Canada Access Grants
•  Ontario Work Study Plan
•  Bursary for Students with Disabilities
•  Child Care Bursary
•  Ontario Student Opportunity Grant (old Loan Forgiveness Program)
• Canada-Ontario Integrated Student Loans
• Canada Access Grant for Students for Low-Income Families
• Millennium/Ontario Access Grant
• Ontario Access Grant
• Canada Study Grant for Students with Dependants
• Canada Access Grant for Students with Permanent Disabilities
• Ontario Special Bursary Plan
   
  
  ONTARIO STUDENT ASSISTANCE PROGRAM - (OSAP)
  
  > As long as a student applies for OSAP within 45 days of the start of the study period (i.e. October 11, 2006 for the 2006 Fall term) OSAP funding is assessed from the first day of  the academic year. (i.e. August 28, 2006 for the 2006 Fall term.)
  >  Even after the first 45 days in the study period, a student can still apply for OSAP funding but with each week into the term, the student receives less and less OSAP funding.
  
      The final date to submit an OSAP application for a study period that begins in the 2006 Fall term is January 2007.

OSAP -  APPEAL POSSIBILITIES

If your son or daughter has applied for OSAP funding but has not received enough to cover costs, a student can visit the Financial Aid Office to discuss appeal possibilities with a Financial Aid Officer.

The deadline for appeals is 8 weeks prior to the end of the Winter term, (end of February 2007 for a student who started classes in the Fall term).

        STUDENT  LINE  of  CREDIT  vs.  OSAP

Both of the above options should be investigated thoroughly before making any decisions. Funding your education can mean the difference in obtaining or not obtaining a post-secondary education.

CLICKING  ON  TO  FINANCIAL  ADVICE

www.canlearn.ca
www.cibc.com
www4.bmo.com
www.scotiabank.com
www.tdbank.ca/stude 
www.debtfreegrad.com 

Financing your child's education with a Registered Education Savings Program -
By putting at least $2000. a year into an RESP, you can receive a $400. maximum annual grant from the federal government.  So that your child's education fund grows.

RESPs can:
- be used to cover tuition, living expenses, books, supplies, transportation
- be switched to another child's name
- be rolled into an RRSP if not used

PART-TIME JOBS ON CAMPUS

Students can apply for part-time jobs on campus through the College:
- Student Employment Program (CSEP) or the
- Ontario Student Assistance Work Study Program.
At the Woodroffe Campus visit Employment Services in Room C226 or the Student's Association in Room C151.

The Financial Aid Office staff are also available to assist with:
1)  Budget advice
2)  Bursary Assistance

ANNUAL COLLEGE EXPENSES (estimated)

Tuition and College fees ............................   $2500.
Incidental fees, books and supplies ..............   $1150.

Living expenses for 8 months, as of September 2006:
Accommodations ........................................ $5300.
Utilities .....................................................  $400.
Phone ......................................................   $350.
Food ........................................................ $1800.
Clothing ...................................................    $650.
Transportation ..........................................    $800.
Miscellaneous ..........................................      $600.
TOTAL ...................................................   $13,500.

Where does the money go?
One movie, every Tuesday.............................  $320.
One coffee, every school day ........................   $350.
Order of pizza, once a week ..........................   $780.
One case of beer, once a week .....................  $1430.
A $30. hair cut, once a month ........................  $360.
$3. cover charge, once a week ........................ $156.
3 bar drinks, twice a week ............................. $1092.
1 pack of cigarettes, per day ........................  $1456.
1 chocolate bar, every day .............................  $400.
TOTAL .......................................................  $6344.
- Although these are small ticket items, they can have a negative impact on a budget.

COMMON FINANCIAL PITFALLS

- underestimating set-up costs
- credit card
- cellular phones
- holidays
- problems with roommate
- unexpected medical/dental expenses
- cost of utilities in winter
- leasing or buying an expensive vehicle while receiving OSAP funding
- maintaining a vehicle
- cooking vs. fast food
- fire/theft insurance