The OSAP App: Keeping in Touch With Your Debt

25Jan11

The Ontario Student Assistance Program has just announced that Ontario government has released a new app for students who have an iPhone, or another Smartphone: the OSAP app (at least it rhymes).

For those who are unaware of what OSAP really is, it is most easily definable as a student loan from the Ontario government that allows those without the funds to attend a post-secondary school (college, university, or career college) the opportunity to do so. The government offers this financial aid as a means for a potential student to immediately enrol into a post-secondary educational institute. Without this aid, many students would be unable to attend a university or college immediately after high school, and, so, would have to enter the workforce at a low wage, and earn enough money to do so over the course of several years.

Through this download-able application, students will be able to keep track of their OSAP Application/student debts on a daily basis by being admitted access to an OSAP website. The new app provides a way for students to be more engaged with their debt so as not to be shocked upon graduation to learn of the accumulated amount, or, on a more positive note, they will have the ability to view the debt decreasing as payments are made throughout their schooling years. Perhaps the most useful aspect of this app is that OSAP applications will be available to students several months earlier than before, allowing for the student to adequately plan ahead in regards to their finances.

The new OSAP app allows for students to keep track of their loan application as well as keep attuned to changes within their OSAP loan. Since a typical OSAP loan for 4 years of schooling is upwards of $20,000 for a university student, it is imperative that a student is aware of exactly where he/she stands in regards to that loan at all times in order to budget accordingly.

So, chin up, graduate students…although you may end up owing a fair chunk of money to the Ontario government once you have completed your studies, you can take solace in the fact that at least the app is free.

Advertisement

Filed under: College, Education, Government   |  1 Comment
Tags: app, Application, College, debt, Education, iPhone, OSAP, Student, Student Loan, University