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Money Matters University Expenses & How to Pay for Them

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Money Matters University Expenses & How to Pay for Them
Money Matters
University Expenses & How to Pay for Them
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Agenda
•  Registrar’s Office
•  Understanding Your Costs
•  Financing Your Education
•  Making a Budget
•  Financial Resources
•  Additional Financial Support
•  Saving Money
•  Deadlines & Other Money
Matters
•  Student Support Services
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Welcome to the Registrar’s Office
Arts & Administration, AA142
Registrar Recruitment Admissions Student Services Convoca4on, Records and Examina4ons Financial Aid | Office of the Registrar
University of Toronto Scarborough
Student Services
Director, Student Services Financial Aid Scholarships & Awards Registra4on Services T-­‐Card Financial Aid | Office of the Registrar
University of Toronto Scarborough
Financial Aid Services
• 
• 
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Ontario Student Assistance Program (OSAP)
30% Off Ontario Tuition Grant
UTSC Grant/Bursary
SCSU Grants (Co-administration)
•  Textbook
•  Dollar for Daycare
•  Drop in Appointments
•  Help with Budget
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Understanding Your Costs
Financial Aid | Office of the Registrar
University of Toronto Scarborough
University/College Expenses
•  Tuition
•  Compulsory/Incidental Fees
•  Campus
•  Societies
•  Includes Health & Dental
•  Books & School Supplies
•  Living Costs
•  Cell phone
•  Food
•  Entertainment/Recreation
•  Transportation
•  Rent/Residence
Financial Aid | Office of the Registrar
University of Toronto Scarborough
How Much Does It Cost?
Living at Home ($12,370) Living Away ($20,330) $3,600 $6,220 $6,220 $1,000 $1,550 Tui4on Compulsory Fees Books & Supplies Living Costs $11,560 $1,550 $1,000 Tui4on Compulsory Fees Books & Supplies Living Costs Financial Aid | Office of the Registrar
University of Toronto Scarborough
Additional Fees – Co-op
Program Fall/Winter Cost Arts or Science $836 Computer Science $1,036 Interna4onal Development Studies (IDS) $1,036 Management (incl. Economic Policy) $1,036 Management & Interna4onal Business $1,316 Joint Programs -­‐ Centennial $40 -­‐ $190 Financial Aid | Office of the Registrar
University of Toronto Scarborough
2nd Year Program Costs
•  Higher tuition fees for:
•  Computer Science
•  Management
•  Flat rate after 2nd year for
full-time studies
•  Tuition for 2 semesters:
•  Management $15,270
•  Computer Science $10,980
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Additional Costs - Residence
•  Residence at UTSC
•  Townhouse (shared or single
bedroom)
•  Apartment
•  Residence Cost per Year:
•  $5,610 - $8,279
•  $600 Residence deposit
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Additional Costs - Food
•  Meal Plans (optional)
•  $150 - $2,390
•  Add money to your meal
plan card as needed
•  Local Grocery Stores
•  Metro, Loblaws, No Frills,
Sobeys, Walmart
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Paying For Your Education
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Help Your Student Make a Budget
ü  Forecast expenses
ü  Identify your resources
ü  How much will your student
contribute toward his/her
education? How much will your
family contribute?
ü  Will your student apply for OSAP,
the Ontario Tuition Grant, or a
Student Line of Credit?
ü  Do you have an RESP?
ü  Be realistic!
ü  Write it down and review it
periodically
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Budget Templates
•  Google it!
•  Excellent Excel template on the
Financial Consumer Agency of Canada (FCAC)
website
•  Drop by our office for a budget sheet
•  Handouts
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Your Financial Resources
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Financial Resources
Scholarships Summer Job Part-­‐4me Work Family Support Work-­‐Study Plan OSAP RESP Student Line of Credit Financial Aid | Office of the Registrar
University of Toronto Scarborough
OSAP Eligibility
ü  Must be a Canadian Citizen,
Permanent Resident or
Protected Person
ü  Meet Ontario resident
requirements (1 year)
ü  Must be enrolled in an approved
postsecondary institution taking
an approved program
ü  Must be taking at least 60% of a
full course load, or 40% if you
have a permanent disability
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Your OSAP Assessment
COST OF YOUR EDUCATION •  Tui4on •  Compulsory Fees •  Books and Supplies •  Equipment •  Computer Costs •  Living Expenses •  Child Care •  Travel -­‐ YOUR FINANCIAL CONTRIBUTION • 
• 
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Student Income Student Assets Parental Income Spousal Income Spousal Assets =
YOUR OSAP FINANCIAL NEED Federal Assistance (60% of assessed need, subject to max) + Provincial Assistance (40% of assessed need, subject to max) Financial Aid | Office of the Registrar
University of Toronto Scarborough
Advantages of OSAP
•  Interest Free during study
period
•  Loan repayment begins 6
months after you graduate, or if
you drop to part-time studies
•  Interest paid on your loan is
eligible for a tax credit
•  Ontario Student Opportunity
Grant caps loan debt at:
•  $7,400 (2-term study period)
•  $11,000 (3-term study period)
Financial Aid | Office of the Registrar
University of Toronto Scarborough
30% Off Ontario Tuition Grant
•  For students entering an Ontario
public college, university or
private postsecondary school
from high school.
•  When you apply for OSAP, you
are automatically considered
•  Yearly Maximum
•  $1,830 for degree studies
•  $850 for diploma or certificate
studies
Financial Aid | Office of the Registrar
University of Toronto Scarborough
OTG Eligibility
•  Must be:
ü  A Canadian Citizen, Permanent
Resident or Protected Person
ü  An Ontario Resident
ü  A Full-time Student
ü  Less than 4 years out of high
school (or less than 6 years for
students with permanent disability)
•  Parental gross income must
be $160,000 or less
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Applying for OSAP & OTG
•  Apply Early!
•  April, May, or June
•  ontario.ca/osap
•  Applying for OSAP & OTG
•  ontario.ca/30off
•  Applying for ONLY the grant
Financial Aid | Office of the Registrar
University of Toronto Scarborough
OSAP & OTG Appeals
•  Seek support from
the FAO after you
apply
•  Meet with a
Financial Aid Advisor
in a confidential
setting
Financial Aid | Office of the Registrar
University of Toronto Scarborough
RESP
(Registered Education Savings Plan)
•  If you have a plan, your
financial institution may
require confirmation of your
enrollment to access funds
•  Your financial institution may
provide you with form(s) that
need to be completed
•  After course enrolment, bring
your RESP form(s) to
Registrar’s Office
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Student Line of Credit
•  Bank Loan
•  Available from all major
banks
•  Student needs a co-signer
•  Alternative option for
students who do not qualify
for OSAP
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Employment
•  Work every summer and
save for your education!
•  Continue with or get parttime job during school
•  Part-time work on campus
with faculty and staff
•  Work Study Program
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Part – Time Work Opportunities
•  Career Learning Network (CLN)
•  University-wide database of part-time, casual, summer
positions in addition to volunteer positions
•  Work Study Program
•  A program that allows students to work ON-CAMPUS in a
variety of positions with faculty and staff
•  Working on Campus
•  Outside of Work-Study, positions are available with
Bookstore, Library, Student Union, Child Care Services
•  Working off Campus
•  Employers offer tuition reimbursements
Financial Aid | Office of the Registrar
University of Toronto Scarborough
U of T Financial Support
Financial Aid | Office of the Registrar
University of Toronto Scarborough
U of T Financial Support
•  Scholarships & Awards
•  Automatically assessed
•  Application based on eService
•  Visit U of T
Enrolment Services Website
•  UTSC Grant/Bursary
•  Apply after classes begin
•  Deadline – early February
•  On eService
•  U of T Advance Planning for
Students (UTAPS)
•  Automatic grant for OSAP students
Financial Aid | Office of the Registrar
University of Toronto Scarborough
U of T Financial Support
Type of Funding Amount Admissions Scholarships $1,074,313 In-­‐Course Scholarships $273,912 Grants $5,276,090 UTAPS $4,137,307 TOTAL FUNDING $10,761,622 Financial Aid | Office of the Registrar
University of Toronto Scarborough
SCSU Financial Support
•  Two Grants:
1.  Textbook Grant
2.  Dollar for Daycare
•  Part-time students eligible
•  Must demonstrate financial need (same as
UTSC Grant)
•  Available on eService – deadline is Oct 31.
Financial Aid | Office of the Registrar
University of Toronto Scarborough
eService – Online Services
•  Link from the main page
of the Registrar’s website
•  Apply for:
•  Scholarships (Spring each
year)
•  UTSC Grants/Bursaries
•  SCSU Grants
•  Academic Petitions, and
much more
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Cutting Costs
•  Live at home
•  Pay tuition early to avoid late
fee penalties
•  If you live away from home
make your own meals
•  Health & Dental Plans
•  Approx.$250
•  Can opt out online if you are
covered by another plan
•  See SCSU website
•  Textbooks
•  Buy used
•  Rent
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Fee Info & Payment Deadlines
Financial Aid | Office of the Registrar
University of Toronto Scarborough
The Registrar’s Guide
•  Important Information
•  Deadlines
•  Academic Information
•  Course Enrolment
•  Tuition Fees
•  Paying & Deferring
•  Payment Dates
•  Financial Aid
•  Scholarships
•  Support on Campus
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Important Dates – P. 3 & 4
Date AcSvity June 30 Apply for OSAP – Apply early every year! July 7 Enrol in courses July 13 View Fees Invoice Fee Deferral Request Starts August 17 Deadline to Register – Pay or Defer Fees August 28 Financial Cancella4on – removed from courses if not registered September 30 Deadline to Pay Charges for the Fall Semester in Full Deadline to opt out of Health/Dental Plan – Check SCSU website November 30 Deadline to Pay Charges for the Winter Semester in Full -­‐ Non-­‐OSAP Students January 31 Deadline to Pay Charges for the Winter Semester in Full -­‐ OSAP Financial Aid | Office of the Registrar
University of Toronto Scarborough
Paying Your Fees – P. 19
•  Online invoice
•  Fees are billed on a
sessional basis:
•  Fall and Winter will appear
on one invoice
•  Summer separate
•  Dynamic – changes as
student adds or drops a
course
•  Waitlisted courses are not
charged until the student
gets a space in the class –
check regularly
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Paying Your Fees – P. 22
•  Pay at bank:
•  in person
•  online or telephone
•  ATM
•  Need the U of T account
number à found on your
invoice after course
enrollment
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Paying Your Fees – P. 26
•  Aug. 17th – Initial payment = 50% of Fall
charges
•  Sept 30th – Remainder of Fall charges due
•  Nov 30th – Winter charges are due in full.
•  Exception: OSAP students must pay by Jan 31st
•  Confirm receipt of your payment
•  3 to 5 business days
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Deferring 1st Fee Payment – P. 25
•  What is a fee
deferral?
•  Registration without
making a payment
•  Who can defer?
•  Scholarship Recipients
•  In Person, by fax, or
email
•  OSAP Recipients
•  On ROSI/ACORN
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Service Charges
•  Start October 15th for unpaid Fall charges
•  Start December 15th for unpaid Winter
charges
•  Exception: OSAP students – February 15th
•  Applied monthly until paid in full
•  1.56% per month (compounded) or 19.56% per
annum
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Fee & Refund Schedules
•  Different from academic deadline dates
•  Published on the website of the
Office of Student Accounts
•  Choose the session and then look for “Divisional
Tuition Fee & Refund Schedules”
•  Choose University of Toronto Scarborough –
Undergraduate
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Access to Information
•  U of T Scarborough
•  FIPPA
•  Written permission required
•  ID must be presented
•  OSAP
•  Must be specified on OSAP profile
•  We must verify your identity
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Student Support Services
Your path to success is paired with support all the way through! Financial Aid | Office of the Registrar
University of Toronto Scarborough
Student Support Services
•  Academic Advising
•  Health/Wellness Centre
•  AccessAbilities Services
•  Student Life (Clubs)
•  Registrar’s Office
•  Scholarships & Awards
•  Financial Aid
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Thank You for
Coming!
Ques4ons? Financial Aid | Office of the Registrar
University of Toronto Scarborough
Get Started - Resources
•  Office of the Registrar
• 
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Phone: 416-287-7001/Location: AA142
Email: [email protected] for financial aid matters
Email: [email protected] for registration matters
AskUs or try the online chat on Registrar’s Website
eService
•  Understanding Your Fees
•  Office of Student Accounts (fees schedules, refund schedules, etc.)
•  Office of Vice President & Provost
•  Additional Costs
•  UTSC Residence
•  UTSC Meal Plans
•  UTSC Parking
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Get Started - Resources
•  U of T Financial Support
•  U of T Enrolment Services - Financial Aid (UTAPS, etc.)
•  U of T Enrolment Services - Awards (tri-campus scholarships, etc)
•  UTSC Grants on eService
•  Other Financial Support
•  SCSU Grants on eService
•  www.Studentawards.com
•  www.scholarshipscanada.com
•  Saving Money
•  U of T Bookstore
•  SCSU Health/Dental Plan Opt-out
Financial Aid | Office of the Registrar
University of Toronto Scarborough
Get Started - Resources
•  Deadlines – Registrar’s Guide
•  2015/2016 Session Dates – P. 3 & 4
•  Enrol in Courses – July 7
•  Registration:
•  Pay Fees – August 17 – P. 23
•  Defer Fees – July 13 to Aug 17
•  OSAP/Out of Province Loans - P. 25
•  Scholarship – P. 25
Financial Aid | Office of the Registrar
University of Toronto Scarborough
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