This is what it says for me in the payment agreement in the box titled ``6. PAYMENT SCHEDULE``

BASED ON YOUR OSAP ESTIMATE, THIS IS THE AMOUNT WE WILL DEDUCT. N/A $ 9287.40
PLEASE CHECK BACK FOR ENTITLEMENT AMOUNT BY: AUGUST 15TH N/A
FLEX OSAP PLAN - INITIAL PAYMENT (NOTE: THIS PAYMENT PLAN INVOLVES INTEREST CHARGES) SEPTEMBER 30TH $ 499.29
BALANCE PLUS INTEREST DUE. A LATE PAYMENT FEE WILL BE APPLICABLE AFTER THIS DATE. JANUARY 15TH N/A

And in the box where it says `` 5. FINANCIAL SUMMARY (Based on Current Student Record) `` it says:
Flex Plan OSAP Amount
(funding options) $ 9786.69

Balance Forward $ 499.29





So I don`t understand does it mean i`m paying $499.29?? Or is that the money that's going to my bank account?? When I applied for OSAP I selected the option where OSAP automatically sends their money to Mcmaster. HELP PLEASE.

You're paying 499$ by September 1st. Oui.

How come it says the amount they are going to deduct is $ 9287.40

and the initial payment is $499 due September 30th??

You applied for OSAP. They approved and gave you the funding. What I am surprised with is that McMaster gets 60% in September and you get the 40% in January, as long you paid the tuition in full. This means OSAP is giving you roughly $15,480 for the year. I have never gotten that much, considering that I am an independent.

Check the OSAP website and see how much they gave you. Also, may I recommend you to pay the tuition in full as it is only $500? That way you don't have to pay any interest on top of it and you will get the rest of your funding in January.

Totally up to you.

Wow you're really smart lol yes I did get 15480 as my OSAP. I think it is because of the tuition grant I got more I don't know (I'm first year).

I still have to pay $499.29? I got a $2000 scholarship though... that the people who gave it to me sent it directly to McMaster which I saw has already been deducted from my Student Account Financial Statement (under PAYMENTS RECEIVED (Deposits, Scholarships, Payments Etc). That doesn't count towards this payment?? Also if I'm getting a $750 McMaster entrance Scholarship (since my final high school average is 88%) then will that count towards the 499.29 I still owe??

Yes, you will have to pay the $499.29 but at the end of January, it will be a bit more on top of it. I believe you have to pay the additional $30 by putting the $500 on a flex plan, plus interest. So when January comes, I'd say you'll be looking at least $540 by January, in which you owe.

But don't fret, that 40% from the $15,480 plus possible bursaries will cover that and whatever is left over goes to you. You can use that to pay down your OSAP debt or to buy some Christmas presents for yourself.

If your scholarships (congratulations for getting one by the way!) are already deducted from your tuition, I am almost certain $499.29 is the only thing you owe to McMaster. If this still confuses you, I suggest you to the Financial Aid office in Gilmour Hall and get the answers you seek for.

Good luck!

*edit*

I want to point out from my previous post again, if you pay the tuition in full. You will get the entire 40%. That's $6,192 rather than $5,652 when the $540 is deducted off the 40%. In short, you pretty much save some bit of money.

Hope this helps!

Entrance Scholarship isn't deducted yet though because I haven't received it yet (I think it's in August or something when I get it if someone can confirm or deny). Hopefully I can use it for this payment though (if someone can confirm??), I want to only use my own money for books and not towards my res and tuition fees. I'll try emailing them but they take forever to respond.

So I won't get any extra OSAP money in my bank account (for now?) right since OSAP is sending all of what they are giving me for first term(the $ 9287.40) to Mcmaster ?

Thanks a lot everyone for your helpful answers.

reply to your edit:

I'm not sure what you are saying... in my Student Financial Account statement it says in my Balance Remaining (the amount I still owe them) is "BALANCE REMAINING 13711.15" and this doesn't count the OSAP because it still lists OSAP as 0.00.

I'd say wait until August 15th so that it takes OSAP into account. Better yet, I strongly recommend you to go to the Financial Aid office or give them a call as soon as you can. They will answer your questions better than I can.

That's how I know this kind of stuff.

Okay thanks for your help!

Interesting mine still didn't process yet..