OSAP AND line of credit??

[LUBran]

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Hey guys,

I was recently accepted into the University of Waterloo school of pharmacy, starting in Jan 2010. I have quite the financial situation, and I am trying to apply for OSAP, but I have many questions that I just can't find the answer to.

I have an existing CIBC student line of credit of $15,000. I owe $13,000 on it. I bought a car with the money.

The market value of my car is somewhere around $8000.

I just took out a ScotiaBank professional line of credit for $20,800/year. I owe nothing on it, as tuition is not due until December.

I am trying to apply for OSAP. It asks:

"How much income do you expect to receive from all sources during your 2009-2010 study period? "

and

"If you own any other assets such as investments, savings, property, etc., what is the total value of these assets?"

My question: Do I need to claim either of my lines of credits in either of these questions? The 13,000 I owe, or the 22,800 available to me, or both? Has anybody been in a similar situation? I realize my car will count against me, but there is nothing I can do about that. I can only hope that my LOC's won't disqualify me for OSAP. One of the girls I met last weekend at a 2nd year pharmacy party told me to absolutely apply for OSAP, but I just didn't think to ask her about any of this. Any input is really appreciated!

 

[johnep34]

The fact that you borrowed money to buy an asset,(the car) is immaterial.You still owe the money and the asset is worthless unless you sell it to reduce your debt. I thought OSAP was a UK thing. At the moment community pharmacy removed from shortage list and therefore all the students from outside the EU who borrowed money to fund their training with the expectation of then working in UK, have had their dreams dashed.
johnep

 

[try_infrared]

nope, OSAP is an Ontario thing.

You claim your car as an asset.

The lines of credit are not assets, you OWE them. Even if you haven't started using your new line of credit, it's still something that you'll be owing. You don't have to enter them anywhere on your OSAP application.

If you're planning on working during the school year, your expected income from that job is what you enter.

I can't believe you didn't know about OSAP? You should have applied for it BEFORE you went and got lines of credit... it's interest free until graduation!