Question regarding RESP/funding!!!

VoyozooT · 08-22-2009 at 10:35 PM

On my OSAP app, I stated that I will use $4000 for 1st yr from my RESP. On the payment agreement, I also put 4000 from "external sponsorships partial".

So how do I transfer that 4000 from my RESP to Mac? Does the RESP people send it to my bank account first and I use that money to pay Mac myself? or do RESP people send it to Mac directly if I stated that I will have 4000 from external sponsorships partial?

If the $4000 RESP is sent to my account, then that means for the payment agreement, I should put $0 as external sponsorship? since I have all the money from RESP and technically I will be transferring the money from my bank account to Mac myself.

Thankss!

~*Sara*~ · 08-22-2009 at 10:42 PM

I went to the bank, and to use my RESP, they told me I have to make an appointment with a banking officer, and with the receipt and whatnot, they transfer the money to Mac, something like that anyway. I have my appointment Monday to find out what I should do and such, and I'll let know what's to be done

VoyozooT · 08-22-2009 at 10:44 PM

oh ok, alright I'll go and make an appointment too in the meanwhile haha. Thanks

man this RESP stuff is confusing T_T

~*Sara*~ · 08-22-2009 at 10:47 PM

Haha, you're welcome! Yeah, definitely work on making an appointment, and you can also use it to ask all the questions you want!

I know! When she briefly told me about the process, I was so confused! By the way, make sure you ask if the person who set up your RESP has to be present with you or not, my dad has to come with me, since he opened up my account :S, AND print out the payment agreement confirmation and take it with you!

syaseen · 08-22-2009 at 11:07 PM

For me I just had to talk to the broker who got the RESP for my parents show him my acceptance letter and he had the RESP check mailed to me. I cashed the money to my account and then paid mac.

~*Sara*~ · 08-22-2009 at 11:16 PM

Ohh, so that's what basically happens in the appointment. It's such a long tedious process :S. I'm gonna see if it can be done faster than getting it mailed and whatnot, since the payment is due in like 8 days!

VoyozooT · 08-23-2009 at 09:43 AM

oh the RESP check is already processed into my parent's account, so that means my parents would just cash that to Mac?

So let say 1st yr costs $10000 and $2000 is deducted from OSAP and $2000 is deducted from entrance scholarship. That means I havta cash $6000 to Mac? and that $6000 will be partially from RESP ($4000)? Is that how it works? so I would put $0 as external sponsorship?

daisy · 08-23-2009 at 12:41 PM

You could contact the financial office at Mac and ask...I understand that they are very helpful!

~*Sara*~ · 08-23-2009 at 03:18 PM

Quote:

Originally Posted by VoyozooT

oh the RESP check is already processed into my parent's account, so that means my parents would just cash that to Mac?

So let say 1st yr costs $10000 and $2000 is deducted from OSAP and $2000 is deducted from entrance scholarship. That means I havta cash $6000 to Mac? and that $6000 will be partially from RESP ($4000)? Is that how it works? so I would put $0 as external sponsorship?

It makes sense, but I would still call the financial aid office and the bank just to make sure I get what's going on. That's what I'll do tomorrow anyway!

EasternHeat · 08-23-2009 at 04:05 PM

Hey I have a question. You know how you need identification when you go pick up your OSAP funding, and you also need a void cheque or banking info. Well I don't have a chequing account just a savings account. What kind of bank info do they need?

niteskie · 08-23-2009 at 04:21 PM

You need your transit number, bank account number and bank number.

Here: http://sfas.mcmaster.ca/osapnewmain.html

jhan523 · 08-23-2009 at 04:21 PM

Quote:

Originally Posted by EasternHeat

Hey I have a question. You know how you need identification when you go pick up your OSAP funding, and you also need a void cheque or banking info. Well I don't have a chequing account just a savings account. What kind of bank info do they need?

They need your banking info to deposit money into your bank (if you aren't redirecting the money to McMaster).

They basically need: branch number, transit number, account number

EasternHeat · 08-23-2009 at 04:24 PM

and where do I find the branch number and transit number? I know they were on the little book thing they give you but I dont even know where that is anymore lol

jhan523 · 08-23-2009 at 04:25 PM

Quote:

Originally Posted by EasternHeat

and where do I find the branch number and transit number? I know they were on the little book thing they give you but I dont even know where that is anymore lol

You can just go to your bank and ask for the information.

EasternHeat · 08-23-2009 at 04:27 PM

Haha ya I guessed, ok thanks