Oh SnAP, you have to pay interest on that?
Graduating can be a daunting
milestone for some. There's the
fear of never landing a full-time
job, and the dark cloud of financial
debt looms overhead.
Like many students in Ontario, the Ontario Student Assistant Program (OSAP) is available to help pay off tuition, books, even rent.
“It takes the pressure of paying for your schooling,” said Jessica Brook, VP Finance for the Student Union. “You don't have to worry about it until after you're done school so you can focus on your studies instead of having to worry about how you're going to pay for school.”
Though the money is a loan and will need to be paid back over time, it's arguably one of the better financial aid services for students.
Libro youth marketing coordinator Candice Worsfold said she prefers OSAP to bank loans. “(OSAP) doesn't charge interest during the time you're in school whereas banks do. OSAP, you're forgiven until you end school,” she said.
But it's not to say that OSAP doesn't have its drawbacks.
Graduates are given a six-month grace period after finishing classes to find a job in order to start making monthly OSAP payments. But a little known fact is that while grads are looking for work, their student debt is growing.
“If you look on (the OSAP) website, you'll see a stipulation where any Ontario-loaned money you don't pay interest on, but anything that's federal, you have to pay interest,” said Worsfold. “Essentially (students) don't have to pay it back in six months, but they're being charged interest.”
The longer you take to repay a loan, the more interest you'll rack up.
It is possible to receive grant money from OSAP, however. OSAP is obligated to loan a maximum of $7,300; if students receive more, the remainder is grant money.
“That's why I encourage people to apply for OSAP, because if you ever got that grant money (anything above the $7,300), you don't need to pay it back at the end,” said Worsfold.
Brook advised students to budget their money, no matter what they've got for school.
“I know a couple people who spent it all on alcohol and food and they flunked out of school,” she said. “Make sure you pay your tuition first, buy your textbooks, anything you need for school before you do anything.”
“We need to think about our needs and wants,” Worsfold said about budgeting. “What are your needs? How much does it cost each month to pay for those things? Then you can think about your wants.”
“I think it's a matter of differentiating between where we find our money and where we spend our money. If we really want to be spending money frivolously in bars, then we should probably have a part-time job to support that lifestyle instead of getting a student loan and using that,” she said.
But there are alternatives to student loans. Some that comes straight from Fanshawe.
“There's bursaries and scholarships,” said Brook. “The college has them. Not a lot of people know, but the college gives away over $1 million, which a lot of people know or are too lazy to (apply for). Still, $100 or $500 they can put towards schooling.”
Students can visit the Student Awards office in room K1003 or apply online at tinyurl.com/fanworkstudy13.
Like many students in Ontario, the Ontario Student Assistant Program (OSAP) is available to help pay off tuition, books, even rent.
“It takes the pressure of paying for your schooling,” said Jessica Brook, VP Finance for the Student Union. “You don't have to worry about it until after you're done school so you can focus on your studies instead of having to worry about how you're going to pay for school.”
Though the money is a loan and will need to be paid back over time, it's arguably one of the better financial aid services for students.
Libro youth marketing coordinator Candice Worsfold said she prefers OSAP to bank loans. “(OSAP) doesn't charge interest during the time you're in school whereas banks do. OSAP, you're forgiven until you end school,” she said.
But it's not to say that OSAP doesn't have its drawbacks.
Graduates are given a six-month grace period after finishing classes to find a job in order to start making monthly OSAP payments. But a little known fact is that while grads are looking for work, their student debt is growing.
“If you look on (the OSAP) website, you'll see a stipulation where any Ontario-loaned money you don't pay interest on, but anything that's federal, you have to pay interest,” said Worsfold. “Essentially (students) don't have to pay it back in six months, but they're being charged interest.”
The longer you take to repay a loan, the more interest you'll rack up.
It is possible to receive grant money from OSAP, however. OSAP is obligated to loan a maximum of $7,300; if students receive more, the remainder is grant money.
“That's why I encourage people to apply for OSAP, because if you ever got that grant money (anything above the $7,300), you don't need to pay it back at the end,” said Worsfold.
Brook advised students to budget their money, no matter what they've got for school.
“I know a couple people who spent it all on alcohol and food and they flunked out of school,” she said. “Make sure you pay your tuition first, buy your textbooks, anything you need for school before you do anything.”
“We need to think about our needs and wants,” Worsfold said about budgeting. “What are your needs? How much does it cost each month to pay for those things? Then you can think about your wants.”
“I think it's a matter of differentiating between where we find our money and where we spend our money. If we really want to be spending money frivolously in bars, then we should probably have a part-time job to support that lifestyle instead of getting a student loan and using that,” she said.
But there are alternatives to student loans. Some that comes straight from Fanshawe.
“There's bursaries and scholarships,” said Brook. “The college has them. Not a lot of people know, but the college gives away over $1 million, which a lot of people know or are too lazy to (apply for). Still, $100 or $500 they can put towards schooling.”
Students can visit the Student Awards office in room K1003 or apply online at tinyurl.com/fanworkstudy13.
