Review to Adjust Asset Valuation Date
The asset valuation date on the OSAP application for full time students is the day sixteen (16) weeks prior to the start of the study period. This date is used to avoid double counting students’ savings from income earned during the pre-study period, which is a maximum of 16 weeks. However, some students have pre-study periods that are less than 16 weeks in length which means that the asset validation date may fall within a previous study period.
Students with pre-study periods that are less than 16 weeks in length may request their FAA to review the value of their assets considered as part of their OSAP need assessment using the day prior to their pre-study period start date as the asset valuation date.
To request a review, students must provide documentation to show that the value of their assets has decreased during the time between the date 16 weeks prior to the start of their study period and the pre-study period start date.
If the review is successful, the student’s assessment may be adjusted to show the value of the assets held at the revised asset valuation date, that is, the day prior to the start of the student’s pre-study period.
- A letter from the student asking for a review and explaining their circumstances (e.g. the student was in school full time during the summer and used assets to fund full time studies).
- Documentation showing assets held by the student at 16 weeks prior to the study period start date; and
- Same documents as above, showing assets held be the student at the day prior to the start of their pre-study period.