Oh-Snap! Financing Your Education with the New OSAP
With a new school year only months away, the provincial government’s overhaul of post-secondary grants and loans is starting to sink in for students as many scramble to figure out how they’ll make ends meet.
Earlier this year, the Ontario Progressive Conservative government announced it would be cutting tuition by 10 percent and implementing various changes to the Ontario Student Assistance Program for the 2019–20 academic year, including the elimination of free tuition programs for low-income students. Lowering tuition would help all students across the province, the government has argued. But many students say reductions in grants mean they’re actually further behind.
Gone are the grants, introduced in 2016 by Kathleen Wynne’s Liberals, that had amounted to free tuition for many students: in 2017, 185,000 students participated in the program. Next year, people whose parents make more than $140,000 a year will be eligible to receive only loans. Grants will still be available for low-income families, but they won’t cover the entire cost of tuition.
Regardless of the changes, paying for university is a huge concern for many.
For first years, this can be especially nerve-wracking. The transition between high-school and university is tumultuous enough; factor in the sudden and confusing changes to OSAP, and you have a recipe for stress and confusion. The recruitment brochures you collected in high-school show the campus in its summer or early-autumn glory. Attractive students laughing against the backdrop of old brick buildings blanketed in ivy. But, for those worried about money, attending university involves more than just looking at the pretty pictures. It means reading the fine print first, and creating a budget that reflects the reality of the situation.
Financing your education doesn't have to be overwhelming or stressful. The changes to OSAP may be disruptive, but with proper planning and some discipline, it is possible to graduate without an insurmountable amount of debt.
Make a budget in September and stick with it. Living frugally isn't glamorous; it can mean passing on the most expensive laptop, or dragging around a Thermos (because a $5-a-day coffee habit can add up to about $400 a semester). Buy books used and sell them the following semester, or share them with friends. While an occasional splurge on meals is okay, try going out for breakfast or lunch, as dinner tends to be more expensive. The best way to save on entertainment is to take advantage of the free or inexpensive events on campus.
If you find yourself without the grants you were expecting to pay your tuition, look into alternative channels of financing:
If your course load allows it, getting a part-time job while in school can help ease some of the financial pressure. York offers a variety of work/study programs, which provide eligible undergraduate students (domestic and international) with the opportunity to develop professional skills and contribute to the university through paid, on-campus employment opportunities.
Scholarships, grants and bursaries are often referred to as “free money.” Scholarships are typically based on merit, while grants and bursaries are often awarded based on financial need (but other accomplishments may be considered). Either way, it’s assistance you usually don’t have to pay back once you graduate. Apply to everything you can get your hands on, and don’t forget to fill out the Student Financial Profile!
By: Rana Al-Fayez