What Is OSAP (Ontario Student Assistance Program)?

The Ontario Student Assistance Program

First Published Date: Sep 29, 2011

The Canadian Government does not want any students stop going to college or university because of the lack of financial support. In order to prevent that, the Government provides financial assistance to eligible students in paying for their post-secondary education through various programs and services throughout Canada. OSAP or Ontario Student Assistance Program is the main source of assistance in the province of Ontario. OSAP is a student loan program which is made up of both federal and provincial funding for the eligible post-secondary students living in Ontario.

OSAP Loan Amount

The amount students receive will be based on their financial need. This amount is designed to cover expenses such as tuition, books, living costs, transportation costs, and so on. There are various factors that determine the loan amount such as parent’s income, marital status, student’s own or spouse’s income, course type (full-time, part-time) course length, and so on. There is a financial aid estimator or calculator available to give you an approximate idea of the amount based on your scenarios. To find out more, check Government of Ontario OSAP website.

OSAP Eligibility

There are many criteria that need to be fulfilled in order to be eligible for OSAP. Some of them are:
– You have to be a Canadian Citizen, permanent resident, or a protected person.
– You have resided in Ontario for the last 12 months
– You academic standing is satisfactory
Visit the OSAP site mentioned above for full eligibility criteria.

How to Apply For OSAP?

There are two ways to apply for OSAP: via paper application and online. Online application is quicker and therefore the preferred way. There is a cost of $10 to apply via paper application.

OSAP Loan Repayment and Interest

Once students graduate, stop attending school, or reach lifetime maximum, repayment of OSAP will start. Loan repayment starts 6 months after the student ends full-time status. The loan is interest-free and interest is paid by the government as long as students remain full-time.

Last Word

OSAP is no different than any other loan and as such, you should treat it with responsibility and care. Not handling the OSAP properly can affect your credit rating. If you have difficulties paying OSAP, don’t wait for the last moment. Contact the National Student Loan Service Centre (NSLSC) at 1-888-815-4514 or visit their website at NSLSC.

Can This Possibly Be The Lowest Interest Rate Credit Card in Canada?

American Express Launches 8.99% Rate Interest Rate Card

First Published Date: September 20, 2016

American Express, or AmEx, is known for its upscale cards that usually target customers with heavy spending. The annual fee for some of its cards skyrocket to $700 or even $900. However, this time Amex seems to be targeting traditional consumers who carry a balance with its new low-rate American Express Essential Credit Card.

While you will find most credit cards charge 20 to 30 percent interest, the American Express Essential Credit Card charges only 8.99 percent interest with no annual fee. This low rate is not a promotional rate and is here to stay unless market conditions change.

A few other credit cards in Canada, such as BMO Preferred Rate, Scotiabank Value Visa, CIBC Select Visa, and RBC Visa Classic Low Rate also provide low-rate cards where the interest rate can run 12 to 17 percent, but they don’t come close to the new American Express offer.

Author/Copyright: Ahmed Dawn www.adawnjournal.com

Another card worth mentioning is the MBNA Trueline Credit Card. This no annual fee credit card charges interest rate based on your credit score and it can range from 5.99 to 14.99 percent. What I like about this card is that on the MBNA website it will tell you what your interest rate will be by doing a soft credit check that does not affect your credit score even before you start the application process.

As more players are offering more low-rate credit cards, consumers are the winners from the competition. And there definitely will be more credit card companies entering the arena of low-rate cards following the American Express Essential credit card in the future.

Let The Journey Begin | A Dawn Journal

A Dawn Journal First Post

First Published Date: February 24, 2007

Hello and welcome all. If you are reading this page, this is my first entry on this page but this is not my first site.

I maintain Canada’s Personal Finance Website. Please do visit as it is a neat site with lots of articles and news feeds. You might ask, "why another site if you already have one?"

Good question. I always tried to make www.adawn.net a professional type of site and I was not able to express myself outside of a financial context. If you read the articles I posted, you will know what I am talking about.

But here, I am free to talk about anything and I don’t need to watch out for what I say. Don’t get me wrong. It does not mean I will be talking nonsense. You will get the same quality writing and useful information you have come to expect from A Dawn. That’s all for now. Thank you for reading.

Why Are Global Real Estate Investors Flocking To BRIC Countries?

Bric Real Estate

First Published Date: June 06, 2011

To streamline and minimize blog maintenance, I will be discontinuing maintaining the realestateexpedition.com website (however, I will still hold the domain). I will gradually move all articles from this site to A Dawn Journal. This article originally published on the above website on June 6,, 2011

The BRIC (Brazil, Russia, India, and China) countries are the world’s largest emerging economies advancing into the next generation with fast and rapid growth momentum. These countries likely to overtake the US economy and would make up 22 percent of the global economy by 2015. However, the property markets in the BRIC countries are still within reach and expected to flourish in the next 10-15 years. The time may be just right for global real estate investors to make some money investing in these countries.

A recent The Knight Frank Global Cities Survey shows that BRIC cities will rise to the top of the list, pushing top western cities like Washington DC, Geneva, and San Francisco to the bottom. Some present-day world-class cities like Toronto and Vancouver fall out of the list entirely. New York and London remain on the top of the list; however, skyrocketed prices in these western cities will be beyond the reach of most investors.

The biggest winners to lead the upswing in global real estate market would be BRIC cities, especially Shanghai, Moscow, Mumbai, and Sao Paulo. Rapidly developing infrastructure to support industrialization, massive land area, abundant raw materials, and taking futuristic steps in the right direction are some of the reasons that would make accelerated growth possible in BRIC countries.

For example, Brazil is now at investment grade status, so investors will probably not be reluctant to pour money into its property market. China recently approved a property tax to tame its overheated real estate market.  These are some of the elements that show this is the time to realise the future potential of the BRIC real estate market. Global real estate investors are keeping watchful eyes on these BRIC cities, as property prices are still within reach and it makes sense to invest in these cities before prices start to skyrocket.

The share of BRIC countries in global GDP is rapidly rising, and so is its real estate market’s potential. As the entry barriers are easing, global real estate investors are slowly and surely moving into BRIC countries.

This Credit Card Sign-Up Trick Gets You More Bonus Points

How to Get More Credit Card Miles

First Published Date: July 2, 2016

If you are applying for rewards credit cards the traditional way, by calling the Credit Card Company or going on their website, you may be losing out big on additional bonus points or miles. Today, I will talk about how to maximize receiving points or miles when you apply for credit cards.

What you need to know is that there are 3rd party sites that are always offering better offers than credit card companies. To get the most out of your credit card applications, use these sites instead of the credit card companies’ own sites or call centers. Think of it like buying plane tickets. You are likely to get better deals from a 3rd party than the airlines selling tickets themselves.

Here is a real example to help me illustrate. The MBNA Best Western MasterCard was running a promotion recently with a sign-up bonus of 60,000 points. However, this promotion was only available through 3rd party websites. MBNA Canada’s own website was offering only 20,000 points. Even when customers called in to apply over the phone, their reps were unable to match the offer that existed on 3rd party sites.

Now the question is: how do you find these websites that offer better promotions? I will provide you with some sites here that are always offering various credit card deals and promotions such as additional miles, points, gift cards, and so on. These are:

Greedyrates.ca

Greatcanadianrebates.ca

However, don’t settle for anything until you do thorough research, as there can be better deals somewhere else. Here are some keywords you can use to search online – “Best credit card offers”, “credit card promotions”, etc.

A little research and effort can make a huge difference between travelling on points for free/paying very little or paying the ridiculous full cost. I choose not to pay and travel on points for free or at a ridiculous low cost.