Alright, sorry to bother everyone here in such a hectic time, but i had a few clarifications needed on this method of payment.

I am using OSAP so looks like im going to need to have to go with the Installment Payment method.

How exactly does this work, because the deadline is September 1st for the payment and OSAP comes out on September 2nd?

Also, Do i have to pay interest every month or only if i am late on my payments, and i read somewhere that if your using OSAP the deadline is not Sept 1, its Sept 30, which confused the hell out me even more because i don't even know about it/know where to find it.

My total is a little under 13,000 so do i pay half of this with OSAP before Sept 1 or Sept 30? And the next OSAP payment comes out Jan 1st so when is the deadline for me to make my 2nd payment?

lol if anyone has ALOT of information on this particular method of paying, can you please please post ALL OF IT! as the deadline is fast approaching. Iv found over the phone they're not very helpful in my case.

Also i can still go back and change my payment agreement till August 26th correct??

Sorry for this essay and help would be greatly appreciated.

Alright so basically it sounds like i am screwed... ll

haha, chilllll...

Me and my parents came to a decision of paying everything in full so I don't have to pay interest. So this is how I'm about to go do my payment.

On your payment agreements page, checkmark OSAP (and any others that relates to you or you're qualified for ie. scholarships) and then on #5 Payments Schedules & Messages it will say the amount that has been deducted by your OSAP (TOTAL - OSAP = that #) under the amount coloumn.

For me, that # means the amount you gotta pay the school using a CHEQUE/ONLINE BANKING post dated to Sept 1st. The rest of the money that I'm going to pay with OSAP I'd have to go at Sept 2nd on the 3rd floor (CIBC Hall - go check previous posts on this category) and you have to wait in a massive line-up to PERSONALLY claim your OSAP.

After that, then you can go pay the rest of your year's payment with it.

Sorry if I'm not clarifying things but this is also my first year haha.

yeah exactly what AlbertD said - sortof

you can still choose payment in full for your tuition. so like, for me.
i chose OSAP
and then i chose my mac scholarship

so if OSAP gives me 5000, and mac gives me 2000
then OSAP will just have to pay 3000
and (they say) when you pick up ur loan, u get 2000 (because 5000-3000 = 2000)

LOL i dont know if i answered ur question but lol..
im just saying u can still choose payment in full.

Ruggedman,
You can't do what Albert is doing unless you have funds outside of OSAP, seeing as you're getting full funding from OSAP I'm going to bet on the fact that you don't have an extra couple thousand lying around. So no Albert, he can't pay it in full.

OSAP doesn't come out until Sept 4th I believe, either way it's after the technical due date for tuition but do not worry about this. The school will not come after you if you're on OSAP as long as you checked off OSAP on your Payment Agreement. Pick up your OSAP on the first day and you have till the end of the month to have it all proccessed. So long as you go the first or second day you won't have any problems. It will take about a week (business days) to proccess and have the money go to the right parties.

Now, OSAP is released to you in two parts: 60% of it in Sept and 40% in Jan. This is why you cannot do a full payment plan unless you have extra money outside of your OSAP funding.

When you pick up your OSAP they will tell you the minimum payment you need to make to the university, you can then sign over that amount of money to the university and the remaining part of your 60 % will go into the bank account that you specify.

You will gain interest between Sept and Jan but it's like 1.2% a month or something small like that. It's really not that big of a worry as you may think it is, so long as you pay off all your fees in Jan you won't have problems.

You are not screwed, there are hundreds of students in your position.
Do you have any more questions?

Albert and Aya,
What you two are doing is fine, it works for you guys because it sounds like you're only getting partial funds from OSAP (meaning that OSAP isn't paying for everything). In Ruggedman's case he's 100% dependent on OSAP so he can't pay his fees the same way you guys do, he has to pay them in installments unless he has sponsorships or some other form of funds. Considering the fact that he's getting almost 13 grand I'm not counting him having any external funding.

if i asnt eligible for OSAP... what installment payments be the best option?

Originally Posted by twitterbird

if i asnt eligible for OSAP... what installment payments be the best option?

Full payment is always the best. Everything else accrues interest. If you want to do installment payments, try and pay as fast as you can. You can also talk to financial aid to see what option is best for you.

do i have to decide all these by the time i pick my courses? or isthere a later date i can do this by?

Originally Posted by twitterbird

do i have to decide all these by the time i pick my courses? or isthere a later date i can do this by?

You have until July 30 to do your payment agreement atleast once where you choose the payment plan or else you lose your spot in the courses. You can still update your payment agreement after July 30.

thanks sooo mcuh one last question.. if i pick that i wanna do instalments and then later decide i want to pay in ful am i able to change that?

Originally Posted by twitterbird

thanks sooo mcuh one last question.. if i pick that i wanna do instalments and then later decide i want to pay in ful am i able to change that?

Yes you can change that anytime I believe till the end of august.

oky thanks for the hellpp

Originally Posted by twitterbird

oky thanks for the hellpp

No problem. Heres the link you can use to check the payment agreement deadlines.
http://www.mcmaster.ca/bms/student/p...eadlines.p df

Originally Posted by kokosas

Ruggedman,
You can't do what Albert is doing unless you have funds outside of OSAP, seeing as you're getting full funding from OSAP I'm going to bet on the fact that you don't have an extra couple thousand lying around. So no Albert, he can't pay it in full.

OSAP doesn't come out until Sept 4th I believe, either way it's after the technical due date for tuition but do not worry about this. The school will not come after you if you're on OSAP as long as you checked off OSAP on your Payment Agreement. Pick up your OSAP on the first day and you have till the end of the month to have it all proccessed. So long as you go the first or second day you won't have any problems. It will take about a week (business days) to proccess and have the money go to the right parties.

Now, OSAP is released to you in two parts: 60% of it in Sept and 40% in Jan. This is why you cannot do a full payment plan unless you have extra money outside of your OSAP funding.

When you pick up your OSAP they will tell you the minimum payment you need to make to the university, you can then sign over that amount of money to the university and the remaining part of your 60 % will go into the bank account that you specify.

You will gain interest between Sept and Jan but it's like 1.2% a month or something small like that. It's really not that big of a worry as you may think it is, so long as you pay off all your fees in Jan you won't have problems.

You are not screwed, there are hundreds of students in your position.
Do you have any more questions?

I agree with this, and thank you, I hadn't thought about doing installments before. I had around 12 grand last year. I paid in full in September, and I was like with like 1500 bucks, even with my entrance scholarship helping me out.

I had to depend completely on my mom to pay my rent for a while, and my roommate and I split the bill for food. By Christmas, I was pretty much trying to save as much as I could, even though I wanted to buy presents for friends and family.

January was nice, I got around 4000 bucks then, and I could help pay for rent and things like that. Still had to depend on parents to help pay for internet and phone. Now this year, my rent is higher, plus I gotta pay hydro. Lucky mee. =P

OH! One question, is there a percentage of how much you pay in the first installment? Or do you choose? Like 50/50 or 60/40?