The short answer is yes, OSAP covers residence fees. But there are some things to keep in mind when it comes to how much coverage you can expect.
Here's a quick overview of what OSAP is and how it works. The Ontario Student Assistance Program (OSAP) is a government financial aid program that provides funding for eligible students who are enrolled in full-time studies at designated institutions. The type and amount of assistance you're eligible for depends on various factors, including your family income, the cost of your tuition and other expenses, whether you have any dependents, and whether you have a permanent disability.
When it comes to covering the costs of residence fees, OSAP can provide up to $6,000 per academic year. This funding is available through a combination of grants (which don't need to be repaid) and loans (which do need to be repaid). The amount of money you receive from each source will depend on your individual circumstances. For example, if your parents earn less than $50,000 per year combined, you may be eligible for 100% coverage of your residence fees through grants alone. If your parents earn more than $50,000 per year combined, you may still be eligible for some grant funding towards your residence fees but you'll likely have to take out a loan to cover the remainder.
It's important to remember that while OSAP can help with the costs of living in residence, it's not designed to cover all expenses related to university life. You'll still need to budget for things like textbooks and course materials, food and transportation costs. And if you're planning on living off-campus at any point during your studies, remember that OSAP doesn't cover rent or utilities for private housing arrangements.
If you have any questions about how OSAP works or whether you're eligible for funding, contact your campus financial aid office or visit the OSAP website