When you apply for OSAP, you can choose to automatically direct a portion of your OSAP funds to York University to be used towards your outstanding debt. This option provides a convenient method of making payments to your student account and minimizing interest charges on overdue amounts.
When you choose to automatically direct a portion of your OSAP funds to York, we will:
- Look at your outstanding debt
- Review the OSAP funds available to you, based on your OSAP assessment and confirmed by the Ministry
- Apply a standard calculation to determine the portion of funds to be used toward your outstanding debt
Typically, if you apply for OSAP for a full session of studies (for example: the fall/winter session), you will be assessed for funding related to that full session and receive 60% in your first instalment and 40% in your second instalment.
When we are asked to confirm your registration for your first instalment, we will request that OSAP direct an amount equal to 50% of your current student account balance as of the day we confirm your enrolment. The current student account balance will reflect the most recent transactions you made, including enrolments, other funds received and payments. Our request will not exceed what is available in your first instalment.
For example, if your student account balance is $2,000 when we confirm your enrolment, the amount of your OSAP first instalment that will be directed to York to cover your debt will be:
|$2,000||(current student account balance)|
|x||50%||(percentage of OSAP first instalment to be directed to York)|
|=||$1,000||(OSAP funds to be directed to York)|
If you were to receive $4,000 on your first OSAP instalment, then the amount of your OSAP first instalment that you would receive directly is:
|$4,000||(total amount of OSAP first instalment)|
|-||$1,000||(funds that were directed to York)|
|=||$3,000||(balance of OSAP funds that will be deposited to your bank account)|
Please note that the amount of funds directed to York might not cover your entire debt. It is your responsibility to review your student account on a monthly basis and manage any outstanding debt in order to avoid additional interest charges.
If there is a balance in your student account in December when we confirm your registration status for the second OSAP instalment, then the amount directed to York will be 100% of your current student account balance up to the amount of your second instalment.