This tool helps you estimate the amount of financial aid you can receive for the summer 2024 term through OSAP.
How to Use the OSAP Estimator Summer 2024 Calculator
To use this calculator, please provide the following information:
- Annual Gross Income: Enter your total gross income for the year.
- Dependent Status: Select whether you are considered dependent or independent for financial aid purposes.
- Family Size: Enter the total number of people in your family.
- Total Tuition Fees: Enter the total amount of tuition fees for the academic year.
- Books and Supplies Cost: Enter the total estimated cost for books and supplies.
- Living Status: Select whether you will be living with parents or away from home.
- Residence Cost: If you are living away from home, enter the estimated cost of your residence (this can be left blank if not applicable).
After filling in all fields, click the “Calculate” button to see an estimate of your OSAP funding.
Explanation of the Calculation
The calculator performs the following steps to estimate your OSAP funding:
- Calculates the Living Allowance based on your living status.
- Calculates the total Post-Secondary Expenses by summing your tuition fees and books and supplies costs.
- Determines the Base Funding based on your dependent status and family size.
- Computes the Needs Assessment by adding your post-secondary expenses and living allowance.
- Determines the OSAP Grant and OSAP Loan amounts based on a split of 60% grant and 40% loan from your needs assessment and base funding.
Please note that this calculator is an estimate and the actual OSAP funding you receive may differ. Always refer to the official OSAP guidelines and resources for the most accurate information.