Financial aid advice from second-year students

Posted on Monday, June 26th, 2017

We hit the hallways at Algonquin to ask second-year students for OSAP advice – stuff they wish they’d known during their first year. What did they say?

“I didn’t know that OSAP gives you more money in the fall than they do in the winter.”
-Josh

He’s right – if you qualify for OSAP, you’ll get 60% of funds in your first term, and 40% in the second. Why? There’s usually a few more costs at the start of your school year – like supplies or new equipment – so OSAP gives you more money at the beginning.

“OSAP won’t cover everything, so you need to be prepared.”
-Mozai

OSAP expects students to contribute $3,000 towards their educational costs (like living expenses, other fees, equipment, etc). That doesn’t mean you need to give $3,000 to OSAP directly – you just need to have some savings tucked away or plan to work part-time during school to cover what OSAP doesn’t. It also means you should create a budget to make sure you’re living within your means.

“Changing the number of courses you take can affect how much OSAP you get.”
-Hannah

If you’re considering changing the number of courses you’re taking or switching programs, talk to your Financial Aid Officer (FAO) first. Students must maintain a 60% courseload to be eligible for full-time OSAP (a 40% courseload is required for students with a disability). Our FAOs have a lot of financial tips for navigating the OSAP system if you’re thinking about making changes.

Learn more about OSAP and Financial Aid at Algonquin.


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