Financial Channel

Hey guys, any help would be greatly appriciated here....
I'm going to Uni away from home next year, and it's going to cost an outstanding amount of money. I approximate around 16-17k because of rez. Anyway, im question is this: I Got an OSAP estimate of around 9300$.. im a good 7-8k short! How in the world am I supposed to pay for that? My parents have nothing saved.. and cannot assist me in any way.

Thanks for reading

Apply for scholarships and get a part-time job.

As long as your parents have good credit, you can get a student line of credit. Mine allows for $10k/yr for 4 years, so $40k max. Also, apply for scholarships and bursaries...that was my biggest mistake, not applying for everything I could.

What's a student line of credit?

It's essentially just a loan from the bank. Mine has a 6% interest rate, which I think is fairly standard.

But I can't stress enough, apply for bursaries from the school. Schools generally have a large chunk of money set aside for assistance, and all you have to do to get some of it is hand in an application that takes about 20 minutes to fill out.

What school costs 17 grand? I'm going to steer clear of that one. I am thinking of going to Carleton University in Ontario. I hope it's not that one.

I'm actually filling out the form right now, Thank you for your advice! Any idea's how OSAP pays? I'm going to need a laptop i was thinking apple, Will I be able to use the money from OSAP to purchase it?


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UWO does, including all expenses for the year..
The actual school estimate is around 14k but i thought an extra 2-3k would be required for basic essentials..

I worked 3 jobs while I was at university and graduated debt-free. Try getting work study if you can.

It appears that you plan on financing your school 100% through debt. This is a horrible idea. As other have stated definately apply for any and all bursaries. But #1 would be to get a job, 2 if you have to during the summer. If you do 4 years at 16K debt you will be $64K in debt when you graduate. Paying this off will be a huge burden to you starting out. Especially depending on what field you are going into and your estimated starting salary. Have you considered going to a local university and living at home? The experience of living in rez is great but not worth that much debt.

I have considered it but none of the Uni's around can give me the same quality course, and neither of them even offer the course i'm currently enrolled in (biomed). I will be working for sure, how much do burseries give?? Anyone have an idea?? I'm just curiouse as to what other people have gotten.

If you don't have money, why do you have to buy a laptop? If you have to buy a laptop, why do you have to buy an apple? Based on what you described in your financial situation, you should cut most cost and get what you really really have to first.

the canadian millenium bursary is 3000
But the resitrictions got tighter last year I believe.
but you have to be going into your 2+ year

Lets see 4 months off each year. Make $2000 per month (approx $14/h w/36.25/h a week) x 4 = $8000. Problem solved, work each summer.

They do direct deposit into your bank account now. You get money AFTER your tuition is due, so you'll have to hand in a promisory note to your university which says "i will be getting x dollars from OSAP which I will use to pay tuition". When osap gives you the money, you are free to do what you want with it, which includes a laptop. I would recommend one of the new macbooks @ $1200...they're a nice computer.

It's not the tuition itself that would be $17K. It's the combination of tuition, residence and meal plan, trips to and from home, books, etc.