MacInsiders Logo

Similar Threads
Thread Thread Starter Forum Replies Last Post
Where to Rent Around Campus? cywhiz Off-Campus Housing (SOCS) 25 08-31-2010 10:11 AM
So confused about osap/paying clouds Financial Aid 5 08-29-2010 02:09 PM

HELP! Confused about Paying for Off-Campus Rent

 
Old 07-09-2008 at 11:18 PM   #1
lampk
Member
Join Date: Jun 2008
Posts: 51

Thanked: 2 Times
Liked: 0 Times




HELP! Confused about Paying for Off-Campus Rent
Today Ive withdrawn from residence, thus also from the residence meal plan. This brings my Balance (displayed in the Payment Agreement) from $12309.73 to $5601.73. I plan on purchasing an off campus meal plan (Freedom Plan) for $2000, and have signed an off-campus lease contract for $475/month for the entire school year (8 months).

My OSAP entitlement is $6498, which is more than my tuition on the Payment Agreement ($5601.73). Can I use the remainding OSAP funds to pay part of my off-campus lease contract and meal plan? I'm also expecting another $3000 in entrance scholarships and hopefully another $1000 or $2000 from the Q.E. II Scholarship as well, so can I also use those two scholarships to pay off my off-campus rent and meal plan?

Also, when I read about "picking up your OSAP loans in the first week of September" what does that mean? Do we head to McMaster and pick up a cheque and then use it to pay our fees? Also, the "pick-up" date for OSAP loans is a couple of days after we have to actually pay our fees (Sept 1), does this mean we pay the full Balance on the Payment Agreement with our own money first then OSAP pays us back? Also, what does it mean by negotiating the release of your loans?

I'm really confused about these issues, so I hope you guys can help clear these up.
Old 07-09-2008 at 11:45 PM   #2
Chad
MacInsiders Founder/Admin
MacInsiders Staff
Join Date: Sep 2006
Posts: 7,121

Thanked: 1,202 Times
Liked: 1,730 Times




Found a thread on the StudentAwards forums with a similar question:
http://forums.studentawards. com/ya...-used-for.aspx

One user replied:
Quote:
Fundamentally, it's all for expenses associated with being a (usually full time) student. Once you've got the scholarship, it's part of the resources available to you to spend while you are a student. You can view it as the scholarship is paying down your tuition fees so that you can use some of your other money for fun, or you could view the scholarship as a bonus which lets you have more money for fun. It really doesn't make a difference. If you have $5,000 in scholarship money, and $5,000 in your own savings, you have $10,000. If you have $2,500 in scholarship and $7,500 in savings you still have $10,000.

That being said, often scholarships are paid out through the university and applied to your account with them first (so tuition, fees, residence, etc). But it is possible to get scholarships that exceed your fees, in which case you would get money to do with as you pleased (like buy books). Or perhaps you paid your tuition in full before getting the scholarship, so you'd get money back, and at that point it's irrelevant if you got the "scholarship" money back or your own money back.
I would keep in mind that OSAP is not FREE MONEY, you have to pay it back and there is interest. So use OSAP money as a last resort and use your scholarship money up first! Scholarships you don't have to pay back, and it sounds like you got a lot of money from them so if I were in your shoes I'd pay off my McMaster bills with the scholarships and only resort to the OSAP if I needed to, trying to use as little from it as possible, and put the rest in a savings account or something so you can pay the leftover back.

Whether or not OSAP needs to be used for tuition I'm not sure, but my guess is it can be used towards books and other school-related costs such as residence and meal plans.

If you're unsure I would contact the OSAP office at McMaster and ask, I'm sure they get asked the question a lot so it doesn't hurt to ask

http://sfas.mcmaster.ca/

lampk says thanks to Chad for this post.
Old 07-10-2008 at 12:42 AM   #3
lampk
Member
Join Date: Jun 2008
Posts: 51

Thanked: 2 Times
Liked: 0 Times




thanks for the reply Chad.

I know that I'm going to pay off my fees with scholarships first, but I was just confused as to whether we could use OSAP to pay those fees or not. But basically what your saying is that we can use scholarships to pay off campus rent and off campus meal plans even though its not included in our payment agreement? You can also take OSAP money to pay those off campus fees as well?

Last edited by lampk : 07-10-2008 at 12:48 AM.
Old 07-10-2008 at 08:36 AM   #4
kokosas
MacInsiders Staff
Join Date: Jan 2008
Posts: 1,707

Thanked: 213 Times
Liked: 23 Times




Lampk,
OSAP can be used for anything that involves school or basic living. That means you can use that money for meal plan, books, rent, etc. Like Chad said, I would go with your scholarships first. And yes, you can use the OSAP for off campus fees. I'm 100% on OSAP and I use it for my rent, groceries, phone bill, utilities, everything.

When "picking up OSAP" it means you go to the school and you prove who you are (photo government ID, SIN, student card) and you "claim" your loan. At that point you can choose to give either the minimum requirement of money to the school or all of the money. Keep in mind when you pick up OSAP you only get 60% first semester and 40% afterwards so if you don't want to end up with interest charges on your tuition you'll have to dip into those scholarships to pay it all off until you get your second instalment.

The fact that our money is due before we get our OSAP is stupid, no doubt about it, but the university does it every year and they KNOW that we on OSAP won't have the money until they release it, but don't worry about it, they're not going to kick you out or anything. Go the first day OSAP is released and pick it up and you will be fine.

Negotiating the terms of your loan release refers to what I mentioned earlier: do you give the university the min they require or do you give them all that you have? This depends on whether or not your scholarships are going straight to the university or if they're going to you first and then you have to hand it over. If it goes straight to the university your min payment may already be cleared off or almost cleared off. In that case you can pay the difference from your OSAP and be done with it.

If you EVER find yourself with extra money that you don't NEED I highly suggest that you put it into the highest interest savings account that you can possibly find. If you can earn a little interest on that money it means you can use that to pay back your loan.
__________________
Sabrina Bradey
Hon. Classical History and English Language and Literature


Last edited by kokosas : 07-10-2008 at 08:39 AM.

lampk says thanks to kokosas for this post.
Old 07-10-2008 at 10:13 AM   #5
lampk
Member
Join Date: Jun 2008
Posts: 51

Thanked: 2 Times
Liked: 0 Times




Thank you koko,

I'm still confused a little bit on a couple of matters.
So okay, I understand that OSAP can be used now for off-campus stuff as well.

When you say "At that point you can choose to give either the minimum requirement of money to the school or all of the money", what does that mean?

I'll give you my scenario, and you tell me what to do right now.

My current OSAP entitlement is $6498. Since I'm entitled to 60% of it in September and 40% in January, it will be split into $3898 and $2600.

Currently my BALANCE on the Payment Agreement is only $5601. I'm to receive a $3000 entrance scholarship, and ASSUME I will receive $2000 from the Q.E II Scholarship. That means I have $5000 in scholarships. I'll use that $5000 to pay off my balance, so that I have $601 remaining as my Balance on the payment agreement. Now here's the thing that I'm confused about.

Since OSAP is not released until after the Payment Deadline (Sept 1), does that mean I pay the $601 out of my own pocket first, and then collect OSAP money back?

Also, since I'm to receive $3898 of OSAP money in Sept, but I only have to use $601, do I receive the rest of the money, $3297, in a cheque so that I can deposit it into my bank account and use it to pay off my rent fees/meal plan/groceries etc?
Old 07-10-2008 at 10:38 AM   #6
kokosas
MacInsiders Staff
Join Date: Jan 2008
Posts: 1,707

Thanked: 213 Times
Liked: 23 Times




Okay, I just got off the phone with a woman at Financial Aid and here's what I was told:
The Cashiers office is aware that OSAP students do not get their money until after the date and as long as you pick the OSAP option in your PA you will be fine. What they want us to do is to go back to your PA after OSAP releases the amount you will be getting and keep clicking the OSAP box and updating it until it shows the money that you will be getting that way you're aware of whatever you will be owing.
In your case your OSAP will cover the outstanding balance of 601.00 so you don't have to worry about paying anything before Sept 1st.

The rest of your OSAP money will be put in your bank account to be used by you wisely. You have to bring a blank cheque or your banking information for this reason.

I hope this answers your questions!
__________________
Sabrina Bradey
Hon. Classical History and English Language and Literature

Old 07-10-2008 at 10:43 AM   #7
lampk
Member
Join Date: Jun 2008
Posts: 51

Thanked: 2 Times
Liked: 0 Times




Basically, I won't have to even pay a penny before Sept 1? OSAP will just cover the $601, even though the deadline to pay everything is Sept 1 and we won't be getting our OSAP until after that?
Old 07-10-2008 at 11:16 AM   #8
kokosas
MacInsiders Staff
Join Date: Jan 2008
Posts: 1,707

Thanked: 213 Times
Liked: 23 Times




Yes darlin you won't have to pay out of your own money,
They're not jerks. They know we don't get the money until after the deadline. As long as you have OSAP checked off (and scholarships if it will let you) on your Payment Agreement you should be fine. I owe the school over 3 grand as of Sept 1st but I don't have that money until my OSAP comes in. Just make sure you go as soon as OSAP is released and claim your loans. Bring your Stuent ID, your SIN card, Government Photo ID and a blank cheque/banking information.
__________________
Sabrina Bradey
Hon. Classical History and English Language and Literature

Old 07-10-2008 at 11:29 AM   #9
lampk
Member
Join Date: Jun 2008
Posts: 51

Thanked: 2 Times
Liked: 0 Times




Okay, so now I understand that I don't have to pay right at Sept 1 if im waiting for my OSAP funds to be released.

But once I negotiate and pick up my loans, what do I do with it? Like how I do pay back the remaining balance on my payment agreement?


EDIT: I THINK I GET IT =D
Let me explain this, and tell me im correct Koko.

So I choose to pay off my fees with scholarships first. The remaining balance thats left over that isn't covered by my scholarships will be my outstanding balance. I'll indicate that I want to pay off that outstanding balance by OSAP on my payment agreement, but I won't have to pay anything before Sept 1. I'll come pick up my OSAP loans on the first day they're released, and at that time, I'll pay the remainder of my fees right on the spot. The left-over OSAP money will be placed on a cheque, and I'll go deposit it.

Please correct me if I'm wrong.

Last edited by lampk : 07-10-2008 at 11:43 AM.
Old 07-10-2008 at 12:42 PM   #10
kokosas
MacInsiders Staff
Join Date: Jan 2008
Posts: 1,707

Thanked: 213 Times
Liked: 23 Times




You've got it!
When you pick up your OSAP they will tell you your outstanding balance and you can have that money paid off right then and there. Whatever is left over will go to your bank account for rent, food, etc.

If you have any other questions call Financial Aid. And don't worry about the proccess, when you're there they will explain everything to you as you go along!

Cheers!!
__________________
Sabrina Bradey
Hon. Classical History and English Language and Literature


lampk says thanks to kokosas for this post.
Old 07-10-2008 at 01:01 PM   #11
lampk
Member
Join Date: Jun 2008
Posts: 51

Thanked: 2 Times
Liked: 0 Times




Thanks a bunch!
Old 07-10-2008 at 01:08 PM   #12
kokosas
MacInsiders Staff
Join Date: Jan 2008
Posts: 1,707

Thanked: 213 Times
Liked: 23 Times




No problem!
__________________
Sabrina Bradey
Hon. Classical History and English Language and Literature




Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off



McMaster University News and Information, Student-run Community, with topics ranging from Student Life, Advice, News, Events, and General Help.
Notice: The views and opinions expressed in this page are strictly those of the student(s) who authored the content. The contents of this page have not been reviewed or approved by McMaster University or the MSU (McMaster Students Union). Being a student-run community, all articles and discussion posts on MacInsiders are unofficial and it is therefore always recommended that you visit the official McMaster website for the most accurate up-to-date information.

Copyright © MacInsiders.com All Rights Reserved. No content can be re-used or re-published without permission. MacInsiders is a service of Fullerton Media Inc. | Created by Chad
Originally Powered by vBulletin®, Copyright © 2019 MH Sub I, LLC dba vBulletin. All rights reserved. | Privacy | Terms