OSAP Update for Spring 2012-2013
The Student Awards Office will be granted access by the Ministry of Training for Colleges and Universities (MTCU) to begin confirming student enrolments for the processing of Spring semester OSAP (May to August 2013) funds during the week of April 22nd.
Students must note that funding will not be released by MTCU until the first day of the Spring 2013 semester – May 6th, 2013.
Students must also note that this will not be an immediate transfer but may require several days before transactions are completed due to several agencies being involved in the redirection of funds. Students should not expect to have OSAP funding in their bank accounts (if applicable) on May 6th, 2013.
UNDERGRADUATE STUDENT REQUIREMENTS FOR RELEASE OF SPRING OSAP 2013 FUNDING:
1. Students must be registered in the same number of courses as indicated on their OSAP application/extension (i.e. if students have indicated an 80% course load to OSAP they must be registered in 4 courses for Spring term in order to have their enrolment confirmed).
2. Students who are currently on wait lists to complete their Spring registration will not have their confirmation of enrolment validated for release of OSAP funding since wait listed courses do not count as part of your registration status.
GRADUATE STUDENT REQUIREMENTS FOR RELEASE OF SPRING OSAP 2013 FUNDING:
1. Students must be registered as “full time status” (regardless of the number of registered courses) for Spring semester to have their enrolment confirmed for release of OSAP funding.
2. Graduate students whose registration indicates “confirmed” will not have their enrolment processed until registration in courses has been completed.
NOTE OF CAUTION: Students are encouraged to check their OSAP status on their LORIS accounts beginning May 6th, 2013 to review their enrolment confirmation for the Spring semester.
REDIRECT OF OSAP FUNDING:
For students who have indicated that OSAP funding may be redirected to the school to assist with payment of Spring semester fees, this process will only occur after the Student Awards Office has been able to confirm enrolment for the Spring semester.
If the amount of OSAP funding available for the Spring semester is greater than the balance of fees owing to the school, the difference will be deposited by the National Student Loans Service Centre into the bank account that was specified on the Master Student Financial Assistance Agreement.
Students whose OSAP will not cover the full value of their fees for the Spring must arrange to pay the difference between their OSAP funding and the balance of fees owing to Laurier by the due date specified on their billing notice (i.e. if fees owing are $3000 and Spring OSAP is valued at $2000, the student must arrange to pay $1000 to the University by the due date required).
The Student Awards Office may only redirect the federal and provincial loan and federal grant portions of OSAP funding to the university to pay outstanding fees which include:
1. Canada Student Loan
2. Canada Study Grant
3. Ontario Student Loan
The Student Award Office may not redirect the following funding for fee payment purposes:
1. Ontario Tuition Grants
2. Ontario Access Grants
Students should review the types of funding to be released through OSAP for the Spring term to ensure that there will be sufficient funds available to pay all outstanding fees. To check these values, students must log into their OSAP online account and review the information under the “funding summary” tab.
Student Awards will not redirect funds to the university if the balance of fees is less than $100. Students will be expected to make these payments either in person at the Service Laurier kiosks at 202 Regina Street or via bank etransfer.