Financial Aid

Finances

The Financial Aid Office staff is dedicated to assisting students with meeting their education-related financial needs. Financial assistance is available to Algoma University students from a variety of sources and is based on demonstrated unmet need as well as academic standing. Funding is available in the form of scholarships, bursaries, and awards, and varies with each individual’s circumstances as well as the specific award that is being applied for.

In addition to administering scholarships, bursaries, and awards, the office also provides funds through a variety of Ministry funded and tuition funded programs, including Work-Study, Child Care Bursaries, Bursaries for Students with Disabilities, and more. The office also provides financial counseling, information on budgeting, and workshops on topics such as OSAP and debt-repayment.

 

OSAP

The Ontario Student Assistance Program (OSAP) includes grants, scholarships, and loans to help students pay for their education.

To be eligible to apply for OSAP you must be enrolling in a minimum 60% course-load at Algoma University (40% for students with a permanent disability as defined by OSAP), be a Canadian citizen or permanent resident, have resided in Ontario for one year prior to the start of your academic program and satisfied the admission requirements of a Canadian university or eligible post-secondary institution in Ontario.

OSAP assessments are based on an established demonstrated unmet need and funds are provided to help supplement the student's financial resources and those of their immediate family (parental). Please keep in mind that each case is assessed on an individual basis.

For more information and to apply, visit osap.gov.on.ca. Please only submit one application per year (August – July).

 

Paying your Fees with OSAP?

Students looking to pay their tuition and compulsory fees with their OSAP funding must submit their signature pages and any required supporting documentation to the Financial Aid Office at least 2 months prior to the start of their study period to ensure that loan documents will be available in time. Students must also fill in a form after registering, and bring in a copy of their most recent OSAP assessment.

Students are not fully registered until payment is made, or a fee deferral is approved for OSAP. Students must register by the deadlines to avoid late fees, and to secure their place in the class.

 

OSAP Distribution

The Financial Aid Office at Algoma University will distribute OSAP at the start of each academic semester. For times and location, please see the Financial Aid Office Bulletin Board located outside of the Main Office, SH312.

Before you can sign your documents, you must:


All transactions with the Financial Aid Office will require that you provide the above forms of identification.

 

Maintaining Interest-Free Status on your OSAP Loans

Students who are registered in the minimum required course load must sign either a Confirmation of Enrolment Form (sign at the time of negotiating your student loan if you’re applying for OSAP again), or complete a Continuation of Interest Free Status Form (PDF) to maintain interest free status on your loans. If you do not fill in one of these forms, your loans will not remain interest free and you will need to begin making payments.

 

Queen Elizabeth II (Aiming for the Top) Scholarship

This scholarship is funded by the Ontario government and is designed to recognize students who have shown academic excellence at the high school level.

The basic merit amount of the scholarship is $100.00, and the value of the full scholarship varies between $100.00 to a maximum of $3500.00 per academic year. Eligibility is based on academic merit and the value of your award depends on the amount of your tuition and the amount of financial need determined through your OSAP assessment.

Application for this scholarship is through your OSAP application. If you are applying only for the $100.00 basis merit there is a separate application available on OSAP’s website.

Students that maintain a first class average and maintain the scholarship eligibility criteria may be eligible to renew their scholarship for an additional three years. You will automatically be considered for renewal, and the scholarship does not need to be repaid. There are a variety of deadlines associated with the QEIIA4T Scholarship. Please visit osap.gov.on.ca for complete details and to apply.

 

OSAP Loan Repayment

If you have received OSAP and are graduating this year, you should know the answers to these questions:

The Financial Aid Office has arranged for the Resolve/National Student Loan Service Centre provider to be on campus to answer these questions and more during the Winter semester of each academic year. To find out when these sessions are taking place, email fao@algomau.ca or see the bulletin board outside of the Main Office SH312.