I didn't get to graduate due to the loss of a loved one, set me in a downward spiral because I didnt' know how to handle it and now I wan't to go back. The problem is that I don't have the money to pay for a new course and I have to start paying back my student loan. I already used osap and don't think that I can get it again as I am working full time and my fiance is also. We just had a baby and she is on maternity leave which is cutting her pay so the income I make is needed. I really need out of my current job now due to the stress levels, it is making me miserable but I don't see any other options. Is school an option for me or am I stuck?
2007-10-22 14:57:53 · 7 answers · asked by Anonymous in Education & Reference ➔ Financial Aid
You are probably still eligible for more OSAP. You can have a total of 340 weeks of OSAP funding in your life and I bet you are nowhere near that.
If you and your fiance have a child together, you are eligible for more OSAP than when you were single -- your maximum in case you want to do the math is $545/week multiplied by the number of weeks in your program. Not saying that you will get the max, that will depend on your combined incomes and other things, but it gives you an idea.
If you apply for OSAP again, first make sure that your payments (if they have started) are up to date. If they have not started call the National Student Loan Service Centre today!!! and ask for an Interest Relief package. Fill it out and send it back. If you qualify, the government will pay the interest on your loan for another 6 months. That will give you time to apply and get into school.
You will be on "academic probation" because you did not complete your program the first time. You have to supply transcripts of your last 2 years of school and write a letter explaining why you did not succeed and what your career goals are and what you plan to be when you grow up. Include stats on jobs, job postings and most importantly documentation to support what you say in your letter. So if it was death of a loved one, you need death certificate, letter from your doctor or counsellor, letters from friends or family members who were witness to your situation. You have to show OSAP that what you are giving as your excuse for failure really happened and that you will be able to repay more loan.
Your school should also write a letter of support to go with your documents. You need to be polite and convince the financial aid officer that you really are going to succeed and that you have a plan and are committed. It is up to the financial aid officer what they put in the letter. Financial aid people have been known to write letters to kill your application if they think that you are not serious and will not complete the program and repay the loan. Don't freak out on them -- they are responsible to the government and the taxpayer to ensure that OSAP money is being loaned to students who will not waste it by screwing around and failing or dropping out.
So that's your homework for the weekend. Get going!!
2007-10-26 11:59:54 · answer #1 · answered by MissPriss 7 · 0⤊ 0⤋
Assuming your going to start using this money to pay back debt in 2-3 years and you're unwilling to accept any potential loss of capital, then your best bet is going to be purchasing a CD somewhere that is FDIC insured. 3 year Treasury notes are yielding about %0.30 right now, Ally Bank has a 3 year CD yielding %1.2. If you're willing to take a on a little bit more risk then you could start putting the money into a short term bond fund that invests in investment grade bonds. Longer term bonds and stocks probably aren't the way to go given your time frame.
2016-05-24 21:57:10 · answer #2 · answered by ? 3 · 0⤊ 0⤋
U can usually get your loan payments deferred if you go back to school. Call your lender. Whatever you do, don't just ignore your loan...keep an open communication about what's going on and most places will be more than happy to work with you. Take it easy.....
2007-10-22 15:01:04 · answer #3 · answered by queen cleo 1 · 0⤊ 0⤋
Apply. Seriously, contact the school(s) of choice and ask their financial aid office. If you return to your former school, they may be able to consolidate past and current loans, or at least allow you to obtain new financing. You may qualify for a hardship grant. The only way to know is ask the school, not Yahoo.
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2007-10-22 15:01:04 · answer #4 · answered by Lil Bro 2 · 0⤊ 0⤋
I doubt that you will be able to go back fulltime in your current position, but I would definitely suggest trying to just take one or two late classes and work toward it slowly. Its amazing how much you can put up with stress-wise as long as you are going somewhere in the long run.
2007-10-22 15:02:06 · answer #5 · answered by Mike G 3 · 1⤊ 0⤋
you can probably apply for scholarships there's a scholarship for everything these days. Go to the schools Financial Aid office and see what they've got, hope i helped a little.
2007-10-22 15:02:49 · answer #6 · answered by Ruthie 7 · 0⤊ 0⤋
If you got a Stafford loan you wont have to make any payments whilest you are in school.
2007-10-22 15:03:01 · answer #7 · answered by Anonymous · 0⤊ 0⤋
look into cheaper grad schools, you dont necassarily need to go to dupaul of U of chicago...for example National Louis has great grad programs and much cheaper and have locations all around chicago...and still apply for financial aid, you never know: )
2007-10-22 15:01:21 · answer #8 · answered by Anonymous · 0⤊ 0⤋