F.A.T.S. Knows!
Working this summer? Here are some tips to help you financially when you return to school.
1. Apply for OSAP early (before July 1, 2009). Apply online at http://osap.gov.on.ca and save $10.
2. Are you returning to full-time studies for the 2009/10 academic year? OSAP expects you to be employed full-time during the summer and to save a minimum of $2,500 towards your expenses for the 2009/10 academic year. The more money you can contribute towards your education costs, the less debt you incur in student loans. You'll have more money to do the things you want when you graduate and find employment.
Tips for Saving Money over the Summer
- Set a saving goal. Once you know how much you'll make in the summer, set aside money and don't spend it on anything else.
- Set a summer budget. This will help keep your spending in line. If possible, have your employer automatically deposit your earnings to your savings account. Then withdraw only the money you have budgeted for expenses, and only once a week.
Can't find enough employment this summer? Keep a record of your search for work so you have the documentation required to initiate an appeal of your OSAP entitlement.
3. Continue to live the lifestyle of a student. Be frugal. Don't use your summer savings to buy big ticket items, including furniture, electronic equipment, a car or a trip.
4. Credit cards - don't use them! Pay down any debt you have incurred.
5. Sublet! If you signed a 12 month lease here and you're going home for the summer, sublet your apartment.
6. Do not lend your summer savings.
7. If you are moving, make sure you give your new address information to:
National Student Loans Service Centre, Public Institutions Division
P.O. Box 4030
Mississauga, Ontario
L5A 4M4
Tel: 1-888-815-4514
8. Stay informed. Information on repaying your student loans is available at www.canlearn.ca.
9. Don't forget to book your appointment to pick up your OSAP. The appointment system opens Monday, August 17, 2009. During the last week of August and all of September, you need an appointment to speak to a Financial Aid Officer or pick up your loan documents.
10. Have a great summer and see you in September.
Important Dates
Note! Fanshawe College programs each fall under one of three academic calendars — 15-week, 16-week, and 18-week semesters. Make sure you know where your program fits! If you aren't sure, talk to the helpful folks in your Academic Office.
Second release of OSAP for Winter 2009 (15-wk, 16-wk, or 18-wk semesters) — Mar 9, Mar 9, Mar 23
Continuing Education course guides available for Summer 2009 - Mar 14
CE registration begins for most courses for Summer 2009 - Mar 16
Last date to withdraw without academic penalty for Winter 2009 - Mar 30, Mar 26, Apr 13
Office of the Registrar
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