Hi everyone,

I'd like some advice especially from anyone who has heard of or been in this situation.

After picking up my OSAP part-2 this January I had the rest of my year's balance paid off.

Last summer I applied for many scholarships but didn't hear back from any until now. Just last week I received one. This scholarship is made out to the school of course. It's unfortunate that this scholarship didn't come before I went to release the second part of my OSAP, because then I would have been able to take some more money for myself.

What I'm wondering is if student accounts will take my scholarship cheque, see that I have no outstanding balance, and refund this amount in a cheque in my name. I'm not sure if this is allowed or is common. I could not find any info pertaining to this on the student accounts and cashiers site.

Has this happened to anyone? Does student accounts refund scholarships when your year is already paid? It would be nice for me to have access to this money now, but if not it isn't the end of the world for me. I would just use it for next year.

I figure I'd post this question here before going to their office. Knowing a bit beforehand is helpful to keep from looking stupid. Thanks in advance.

Based on my experience if there is a credit on your account then student accounts will refund you the balance. Example: Every year I get a bursary that is applied to my account near the end of January. My account is usually paid off by then so I'll have a credit on the account in the amount of the bursary that I got. A cheque is usually mailed to me around mid-February. Hope this answers your question.

Originally Posted by Chris L

Based on my experience if there is a credit on your account then student accounts will refund you the balance. Example: Every year I get a bursary that is applied to my account near the end of January. My account is usually paid off by then so I'll have a credit on the account in the amount of the bursary that I got. A cheque is usually mailed to me around mid-February. Hope this answers your question.

I think it does. I guess I can expect a cheque back then. Thanks.

Thats great to hear you got a scholarship, but a word of warning and advice if you want it. Dont spend the refund money because you have it. Pay back the OSAP if you are able to because there is no need to pay interest on it later if you never needed to take out the loan in the first place. There are too many horror stories of graduates not being able to pay off their student loans, and spending the money for the sake of spending it will cause a lot of problems. Sorry to be all doom and gloomy but I have known people to go on spending sprees once they get their OSAP check and cant buy food at the end of the year.

Originally Posted by JeffB

Thats great to hear you got a scholarship, but a word of warning and advice if you want it. Dont spend the refund money because you have it. Pay back the OSAP if you are able to because there is no need to pay interest on it later if you never needed to take out the loan in the first place. There are too many horror stories of graduates not being able to pay off their student loans, and spending the money for the sake of spending it will cause a lot of problems. Sorry to be all doom and gloomy but I have known people to go on spending sprees once they get their OSAP check and cant buy food at the end of the year.

Thanks for the advice. I can imagine a disaster of someone foolishly spending a loan without foresight. It's carelessness like that which seems to cause people to be in debt for years. I personally can't stand the thought. I'm hoping to invest the scholarship money I don't immediately need to accrue some interest before my OSAP starts ticking. (doubtfully in stocks given the current climate)

If I wasn't backed into such a corner to pay for education, I'd feel a lot freer with my money. Can't wait to be done here, get a job, and be back in the black again.