[Eva C]

Financial FAQs

By EVA CHAN, MACINSIDERS

Tuition Payment
How do I find out where my financial information is?
An instructional video has been created by McMaster University to help you out. You can access it here!
Use it to get familiar with the MUGSI system!

Please clarify? What do I need to pay by Sept 1st?
“Our office takes into account that release of funds from OSAP will not happen until September 4/07 - after our deadline date.The amount indicated in your “Balance Owing” portion of our Payment Agreement (ie. The amount that your OSAP amount does not cover for your initial payment due and you have pay out of your own pocket) is what is due for September 1, 2007. If this deadline is not met, a $35.00 Payment Agreement Default Fee will be assessed to your Student Account.”

Will I be charged interest if I don’t pay my total fees in full?
Interest is charged at an Annual rate of 14.4% (1.2% per month subject to change). A full month's interest is calculated on any balance outstanding on the last day of each month, starting September 30, 2008.

I want to write a cheque, but who do I write it to and how do I send it?
If you are not using Online/Telephone Banking you should mail your cheque to:
Student Accounts and Cashiers Office McMaster University Gilmour Hall, Room 209 1280 Main Street West Hamilton, ON L8S 4L8 or Use our Drop Off Box conveniently located outside Room 209 in Gilmour Hall. The cheque is written to: “McMaster University”. Please write your name and student ID # on back of cheque.

How do I make an Online or Telephone banking payment?
If you are already set up to pay your other bills online or by phone, you can simply add “McMaster University” as a payee and use your student ID# as your account number. Enter the appropriate amount as indicated on your PA. Your payment can be set up immediately and post-dated by changing the date of payment. Payments must be received in the Student Accounts and Cashiers office by September 1st.

NOTE: Online banking payments take 3-4 business days to reach your Student Account. Payment should be arranged no later than August 25th.

I paid my fees in full yesterday but on my student financial account statement it says I still owe money!
Be patient, it takes a while for the student account statement to update. Just keep checking and it should be there. If you have any doubts after a couple of days (3-4 days I suggest), then you should email or contact Student Accounts and Cashiers Office to double check!

OSAP
How does OSAP work?
If you have applied by the July 15th deadline and/or have received an assessment amount, you will be able to use this option as part of your Payment Agreement. OSAP comes out during two times of the year, September (60%) and January (40%). If you choose to pay your tuition in full, you will use the Sept amount to pay for school + your own pocket (if you still have outstanding tuition to pay). After you are done with paying McMaster, when Jan comes around, you can pick up that amount as a reimbursement back to your bank account! If you choose installment plan, first payment will be paid with Sept OSAP and then 2nd payment will use your Jan OSAP. (But please keep in mind the risks of installment plan as there is a lot of interest when you pay late!)

What do I do to pick up your OSAP loan/negotiate your loan?
On your payment agreement, it will deduct the Sept OSAP amount to you from your tuition. In order for that to be official, you must go pick up your loan (negotiate your loan) during the OSAP release dates. Pick up your fall OSAP in person between September 2nd and September 12th in MUSC (McMaster Student Centre) -314/315, 9:00 am to 4:00 pm, Monday through Friday.

PLEASE remember to bring the following: You must bring your valid McMaster student id card, proof of social insurance number (e.g. sin card or photocopy), valid government photo id (e.g. driver's licence, Canadian passport, BYID card, citizenship card, permanent resident card, etc) and a void cheque/banking information with you to pick up your funding.
Please ensure that the names on all your id cards are the same. If there is a slight difference, they might not let you in until you have the card names changed to be the same. If you have a question about your ID, just go ask one of the OSAP employees working there to double check!
Please refer to the Student Financial Aid and Scholarships website for more information.

How long are the OSAP lines and when is the best time to go?
The OSAP lines can range from 30 minutes to 2 hours (maybe more). Pleas make sure you have at least a 2 hour or 3 hour break when you decide to go line up. You don’t want to realize you are going to have to miss a class to line up. I would suggest going either in the morning when everyone is still sleeping. If you go in the afternoon, the line ups will definitely range from 1-2 hours. If you realize that the line is long, you can always opt for another day to go. You have from Sept 2 to Sept 12. Definitely, I suggest lining up with friends, so you have company and can catch up for the summer. If not, bring something to do. Ex. A book, school work, eat your breakfast/lunch, DS, PSP, whatever you need to pass the time!

What can I expect when I go in to pick up my loan?
When you go in, you will have your ids checked, to make sure you have all the proper documentation. Then you will pick up your papers and line up to speak with one of the OSAP employees. They will ask you if you have received any additional scholarships, ask you if you want to use all your OSAP to be paid for tuition and make the appropriate changes to your OSAP papers. Then you will go to another OSAP worker who will ask you what you want to do with your outstanding OSAP money. They will then ask your bank information / void cheque so they can process it. Then you’re done!

How long does it for the OSAP cheque to be mailed to you (if i choose this)?
Takes only 1 to 2 weeks depending on how fast they process it. It definitely isn’t a very long time.

I don’t have any void cheques what do I do?
You can also bring in your banking information so they can directly deposit the amount to your bank account. You can go to your bank and ask for a bank deposit slip. The number on your bank card is not sufficient. I’ve tried it before but you also need your branch number (I think that was what I was missing). To be safe, get a bank deposit slip and it will work for sure.

Bursaries and Scholorships
HELP! Why is there extra money under McMaster Scholorship? Is it a glitch?
Don’t worry. Its not a glitch! Imagine the universities giving everyone free money. That would be a huge mistake! This is actually probably your eligibility of the Queen Elizabeth Aiming for the Top Scholarship. (YAY! But what is that?) This is given to students with high grades and/or financial need. You are eligible if you applied for OSAP by a specific date (cool eh?) The scholarship ranges from like $100-$3500. This scholarship is renewable for all four years of university as long as you maintain an 80+% (equivalent to McMaster’s 9.5/12 grading system). If you don’t achieve 80+%, you will not be eligible any longer.

To check if you really got the Queen Elizabeth Scholarship, Go on to MUGSI > OSAP and Government Assistance
You can find more information soon in your mail with a letter or online. http://osap.gov.on.ca/eng/not_secure...FAQs_123 45.htm

How can I get the McMaster Bursary?
The online bursary application opens September 15th for Undergrad, Grad and MBA students and October 15th for School of Medicine students. The application can be found by logging in to MUGSI > Financial Aid & Scholarships > Bursary Application Form. It takes approximately 5-10 minute to complete. Afterwards, you will wait to have it accessed. You will find out what your entitlement is by a certain date that will be listed on the box under to MUGSI > Financial Aid & Scholarships > Bursaries. Afterwards, you can either have the cheque mailed to you or pick it up yourself. Instructions will follow afterwards.

List of Important Dates Coming Up
AUG 15: All forms relating to your Payment Plan and Funding Options are due in Gilmour Hall 209 (i.e. EASIF, MPPContract, Sponsorship Letters - Int’ Grad students).

AUG 25: Students who have picked their courses andconfirmed their payment agreement will result in registration and course selections being DELETED at the close of SOLAR today (10:30pm). A $50 Late Payment Agreement Fee will be assessed for registration after this date. Online/telephone banking payments should also be arranged by this date to ensure they are received by the September 1st payment deadline date.

SEPT 1: Payment Deadline Date!! A $35.00 Payment Agreement Default Fee will be assessed to those missing payment by this date

SEPT 2-12: OSAP Release – Remember to pick up and negotiate all loan documents for any money to be released.

For more FAQs:
http://www.mcmaster.ca/bms/student/pdf/SAC_FAQ.pdf
Payment Methods:
http://www.mcmaster.ca/bms/student/p...nt_methods.pdf
Dates and Deadlines:
http://www.mcmaster.ca/bms/student/pdf/SAC_dates_ deadlines.pdf





Disclaimer
Posts and replies on MacInsiders are written by students and are therefore not approved by McMaster University, and should not be regarded as official responses. MacInsiders can not guarantee accuracy of responses. For all financial, payment agreement, and OSAP questions please contact the Student Accounts and Cashiers office directly for official responses.

You can reach the Student Accounts and Cashiers office at:

Student Accounts and Cashiers
Gilmour Hall, Room 209
McMaster University
1280 Main Street West
Hamilton, ON
L8S 4L8
Phone: (905) 525-9140 ext: 24478
Fax: (905) 527-3615
Student Email: [email protected] ster.ca
Department Email: [email protected]

Very gppd article, Eva! =)

Great article!!!

thanks! hopefully i covered everything. i did it pretty quickly and tried to put the must common questions !
hope this is gonna be helpful to everyone! definately check out the documents financial aid office and student cashiers has made, very helpful!

Originally Posted by Eva C

AUG 25: Students who have picked their courses andconfirmed their payment agreement will result in registration and course selections being DELETED at the close of SOLAR today (10:30pm). A $50 Late Payment Agreement Fee will be assessed for registration after this date. Online/telephone banking payments should also be arranged by this date to ensure they are received by the September 1st payment deadline date.

Sorry, but I don't get what that means. I have picked my courses, confirmed my payment agreement, and also have gotten my timetable. Does that mean my course selections will be DELETED when SOLAR closes on August 25?

Please clarify.

I believe she meant "Students who have not picked their courses & confirmed the payment agreement" by that date will have their courses deleted.

You already did all that, so you are fine and completely registered (except maybe the payment part...). Your courses will not be deleted off SOLAR; don't worry!

Disclaimer: Posts and replies on MacInsiders are written by students and are therefore not approved by McMaster University, and should not be regarded as official responses. MacInsiders can not guarantee accuracy of responses. For all financial, payment agreement, and OSAP questions we recommend contacting the Student Accounts and Cashiers office directly for official responses, they are there to help you!

Student Accounts and Cashiers
Gilmour Hall, Room 209
McMaster University
1280 Main Street West
Hamilton, ON
L8S 4L8
Phone: (905) 525-9140 ext: 24478
Fax: (905) 527-3615
Student Email: [email protected] ster.ca
Department Email: [email protected]

Originally Posted by shine

Sorry, but I don't get what that means. I have picked my courses, confirmed my payment agreement, and also have gotten my timetable. Does that mean my course selections will be DELETED when SOLAR closes on August 25?

Please clarify.

SOO SORRY. yes that was a typo! sorry everyone, hope you weren't mistaken.

Okay..so my dad doesnt want to use the monthly plans available...and I dont think we can use the installment plan anymore..because I understand the first payment was already due by August 15th (and we didnt do that!)
sooo now...is the first plan, (payment in full) my only option left? If so, the left over 40% OSAP will be mailed to me in january right? (b/c Mac would have already been paid in full by then).
also, when I go to pick up my OSAP do I take my banking info/void cheque or my dads???

Originally Posted by Gurleen

Okay..so my dad doesnt want to use the monthly plans available...and I dont think we can use the installment plan anymore..because I understand the first payment was already due by August 15th (and we didnt do that!)
sooo now...is the first plan, (payment in full) my only option left? If so, the left over 40% OSAP will be mailed to me in january right? (b/c Mac would have already been paid in full by then).
also, when I go to pick up my OSAP do I take my banking info/void cheque or my dads???

The remainder of your OSAP is not mailed... it's deposited into a bank account. This will depend on whether you bring your bank info... or your dad's =)