University Fees & Financial Planning for Parents and Families

Transcription

1 University Fees & Financial Planning for Parents and Families Office of the Registrar Financial Aid and Awards March Break Open House 2014

2 COSTS OF EDUCATION HOME AWAY Tuition (*100% course load, domestic) $5,865* $5,865* Incidental Fees $1,365* $1,365* Books/School Supplies $1,000 $1,000 Rent/Utilities/Residence $0 $6,500 Travel (public transit or gas/parking) $0 - $2,000 $200 Food/Groceries $1,600 $3,800 Phone/Cell Phone/Internet $500 $800 Personal Care/Laundry $400 $400 Cable/Entertainment $400 $800 Medical/Dental $200 $200 Miscellaneous/Emergency $400 $400 $13,730 $21,330 Note: All costs are estimated. International student fees are higher. For more information on fees as well as fee exemptions for international students, visit

3 University Fees Course Fees: First Year Calculated on a per-credit basis. Course fees may be refunded for courses dropped by the 100%, 75%, and 50% refund deadlines. Course Fees: Upper Years Calculated on a per-credit basis, with the exception of programs listed below. Program fees for these programs are calculated on a full-time or part-time basis. Fees for these programs range from approximately $ $13863 ( ). Bioinformatics Commerce, Management Computer Science (Specialist & Major) Digital Enterprise Management Incidental Fees: Student Societies Communication, Culture & Info Tech Visual Culture and Communication Interactive Digital Media Information Security Examples: student unions and groups, student run services and newspapers. Incidental Fees: University Operated Services Examples: athletics, health service, student services, shuttle bus services.

4 Fee Payment and Fee Deferrals A minimum payment is required in August in order to become a registered student. As an alternative to making a minimum payment, students may request the following types of fee deferral. Fee Deferral: OSAP You may be eligible for a fee deferral if you will be receiving OSAP funding. Apply for OSAP early (prior to the end of June). Fee Deferrals: Out of province loans You may apply for a fee deferral if you have applied for an out-of-province loan and received your Notice of Assessment. Fee Deferral: Scholarships You may apply for a fee deferral if you are receiving a scholarship for an amount greater than the required minimum fee payment.

5 Sources of Financial Assistance OSAP/OTG Ontario Student Assistance Program/ Ontario Tuition Grant (30% off tuition) Student Employment Summer, part-time school year, on campus work-study U of T Grants UTAPS, UTM Grant Scholarships U of T Entrance, U of T in-course, External awards RESP Registered Education Savings Plan Other Resources Line of credit, non-u of T awards Part-time Students Noah Meltz Grant/Special Bursary, Part-time OSAP helpful hint: apply for financial assistance early!

6 Ontario Student Assistance Program Provincially and federally funded. Needs-based loans and grants. Designed to help subsidize (not cover) costs of post-secondary education. Considerations Educational Costs Resources Status (e.g., married, dependent) University & Program Course load Study period Tuition & Compulsory Fees Books, Supplies, Computer Living Expenses Child Care Student Income Student Assets Parental/Spousal Income Spousal Assets Full-time Ontario university student OSAP maximum amounts (fall/winter) Single student with no dependents $360/week or $11880 Student who is married, in a common-law relationship or a sole support parent $560/week or $18480 Note: Fall-Winter amounts are based on 33 weeks of study. Maximum amounts are for information only. For a better indication of what you may receive based on your individual circumstances, use the OSAP Estimator Tool online at osap.gov.on.ca

7 OSAP: Eligibility To be eligible for OSAP, students must be: a Canadian citizen, permanent resident, or protected person an Ontario resident (as defined by OSAP) enrolled in an approved program and postsecondary institution enrolled in at least 60% of a full course load (1.5 credits) each term (40% of a full course load or 1.0 credit each term for students with a documented permanent disability) Note: Students must successfully complete at least 60% of a full course load to remain in good OSAP standing for future years (40% for students with permanent disabilities)

8 Apply for OSAP Funds Issued Repayment Apply online each May/June Optional consent to share info with third parties (ex. Parents) Funding estimate provided* Third party checks (MTO/SIN/Credit) University confirms enrolment to OSAP First installment (60%) issued in September** Second installment (40%) issued in January Loans are interestfree while the student is full-time Repayment begins six months after leaving full-time studies *Estimates may change based on changes in information, third party checks, etc. **Delays in funding may occur due to incomplete applications, discrepancies, or inadequate course enrolment. UTM Step-By-Step Guide to Applying for OSAP

9 Ontario Tuition Grant (OTG, 30% off ) OTG is a non-repayable grant of $1730 ( ). Students are automatically considered through the OSAP application. If not applying for OSAP, students may apply using a separate online OTG application. Application online in June for Eligibility: Full-time university student out of high school for less than four years (or less than 6 years for students with a permanent disability) Enrolled in program you can apply to directly from high school Citizenship and residency requirements (as defined by OSAP) Parental gross income (total before taxes) is $160,000 or less

10 Summer Employment Full-time summer employment is an expectation of OSAP If not able to find work during the summer, student should keep a weekly log of job search efforts in order to request that the pre-study period (summer) income contribution be reviewed/appealed. Part-time employment during the school year is optional OSAP does not expect that students work part-time while in full-time studies. Work Study Program UTM offers some on-campus employment opportunities through the work study program. Visit the Career Centre (in person or online) to learn about work opportunities.

11 UTAPS & UTM Grant Available to students who are assessed by OSAP, but have a calculated need that is not fully covered by government aid. Students must first apply for OSAP/home province funding. Prior to applying for UTM grant consideration, students are expected to investigate any OSAP appeals available to them. UTAPS - University of Toronto Advance Planning for Students Students who apply for OSAP will automatically be assessed for UTAPS. UTM Grant Apply on UTM Registrar s website between October February each year.

12 Scholarships & Awards Entrance Scholarships Available to all newly admitted students directly from high school. Final Admission Average Scholarship Value 95.0% and above $ % % $ % % $ % % $1000 Needs Based Admission Awards Apply using UTAPS application. May require additional documentation. Other Scholarships: U of T and External Needs based and merit based. Applications required. Visit U of T Awards website for award lists.

13 Other Sources of Funding Registered Education Savings Plan (RESP) Your RESP institution may require that the university complete a form to confirm the student s enrolment. Once the student has enrolled in courses in early July, submit an RESP Verification of Enrolment/Registration Request online ( Drop your RESP form in the locked drop boxes at the Office of the Registrar. Completed form can be mailed directly by UTM to RESP company. helpful hint: contact your RESP institution early to determine their requirements and deadlines. Student Line of Credit Available at most banks/lending institutions. Good alternative if OSAP is insufficient or not available. Interest-only payments while student is studying full-time. Repayment begins 6-12 months after leaving full-time studies.

14 Questions? Office of the Registrar Room 2122, William G. Davis Building Telephone: Recruitment and Admissions Office Room 2115B, William G. Davis Building Tel: Drop-In Academic and Financial Aid Advising for Newly Admitted and Returning Students Monday, Tuesday, Thursday, Friday: 9 a.m. to 4 p.m.; Wednesday: 10 a.m. to 4 p.m.