Being charged interest... in first year?
02-21-2010 at 11:24 PM
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#1
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Being charged interest... in first year?
Hey,
I just took a look at my student account and apparently I've been charged around a hundred dollars every month from Sept-Dec in the title of "INTEREST CHARGE..."
Does this happened to everyone? I thought interest is only charged after we leave :S or is that separate interest for OSAP? I'm first year, so I'm not too familiar with everything.
Any help or insight is appreciated.
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02-21-2010 at 11:27 PM
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#2
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I got charged before.
it says on the payment agreement somewhere that u get charged on any outstanding ballance on ur student account 2%interest or something per month
mine was about urs for the most part, $80ish a month
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VICTORIA CONCORDIA CRESCIT
Mechatronics Engineering & Management II
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02-21-2010 at 11:56 PM
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#3
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Quote:
Originally Posted by NubNab
Hey,
I just took a look at my student account and apparently I've been charged around a hundred dollars every month from Sept-Dec in the title of "INTEREST CHARGE..."
Does this happened to everyone? I thought interest is only charged after we leave :S or is that separate interest for OSAP? I'm first year, so I'm not too familiar with everything.
Any help or insight is appreciated.
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You get charged interest on anything you haven't paid in your account. If you don't pay by April then you don't get your marks until you pay, so if you want your marks you'll have to pay in April anyways. This happens in every year, not just first. OSAP, you get charged interest 6 months after you graduate. |
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02-22-2010 at 01:56 AM
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#4
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Thanks for the responses, sucks that I've been charged close to $400 without even knowing about these fees.
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02-22-2010 at 07:41 AM
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#5
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MacInsiders VP
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In the payment agreement it says you have to pay interest on any amounts not paid...
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McMaster Combined Honours Cultural Studies & Critical Theory and Anthropology: 2008
McMaster Honours English with a minor in Indigenous Studies: 2010
Carleton University Masters of Arts in Canadian Studies: 2012 (expected)
We are people of this generation, bred in at least modest comfort, housed in universities, looking uncomfortably into the world we inherit. -- Port Huron Statement
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02-22-2010 at 08:37 AM
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#6
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This is why you're not supposed to skip the fine print, and read agreements before you click I Agree. It clearly states that any payment option you choose that isn't Pay In Full means you will incur interest charges.
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-Stefanie Walsh-
4th Year Multimedia 2010-2011
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02-22-2010 at 09:58 AM
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#7
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Richard Cioci
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I totally agree that they should have known since it obviously says it in the payment agreement, but if they're getting OSAP shouldn't they have had the fees paid off when they went to OSAP release?
Assuming of course that they had enough OSAP to cover the student account?
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02-22-2010 at 11:33 AM
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#8
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Quote:
Originally Posted by aviaf
I totally agree that they should have known since it obviously says it in the payment agreement, but if they're getting OSAP shouldn't they have had the fees paid off when they went to OSAP release?
Assuming of course that they had enough OSAP to cover the student account?
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OSAP probably only covered a portion. |
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02-22-2010 at 12:12 PM
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#9
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It sucks that you didn't see that in the payment agreement. I almost made the same mistake during my first registration.
Mac should change the policy to semester payments. You register for all of your classes but payment is only due for the ones for the upcoming semester. So you pay Fall right away but don't have to pay for Winter semester until December or something like that. It doesn't make sense that you are being charged interest for something that you have yet to receive the service for. Its just a money grab for the university, but I guess you can't really blame them because they are so strapped for cash.
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02-22-2010 at 12:33 PM
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#10
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It doesn't even matter if you receive OSAP which sucks. I got charged with hundreds of dollars in interest even though most of my payment was going to be with OSAP. And like I couldn't do anything since OSAP comes out in installments. They really need to change the way that works. I mean if I am receiving OSAP, would I really have enough money to pay off $500 in interest? Plus, that money could have been used to purchase books. They should really figure out how to solve this issue.
Last edited by Nino : 02-22-2010 at 12:35 PM.
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02-22-2010 at 04:58 PM
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#11
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Richard Cioci
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Quote:
Originally Posted by Nino
It doesn't even matter if you receive OSAP which sucks. I got charged with hundreds of dollars in interest even though most of my payment was going to be with OSAP. And like I couldn't do anything since OSAP comes out in installments. They really need to change the way that works. I mean if I am receiving OSAP, would I really have enough money to pay off $500 in interest? Plus, that money could have been used to purchase books. They should really figure out how to solve this issue.
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If you get enough to cover your costs (which I know most don't), you should have enough to pay off everything in your tuition from the first installment (unfortunately, most people don't, meaning that you should have cash elsewhere that you should be paying with) |
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