I'm really confused about the whole installment payment thing, I just want to know if there's interest or no? From what i understood there is but I heard someone say that they make 2 payments one in september and the other in January and that there is no interest involved. Could someone please let me know. thanks

You pay interest on any outstanding balance at the end of every month.

Originally Posted by Omar.S

I'm really confused about the whole installment payment thing, I just want to know if there's interest or no? From what i understood there is but I heard someone say that they make 2 payments one in september and the other in January and that there is no interest involved. Could someone please let me know. thanks

I think that 'someone' was referring to how OSAP will make 2 'payments' (60% and 40% respectively for Sept. and Jan.)... however there's interest. So unless your OSAP (or other sources of payment) can cover all of the costs, you'll have interest added on the remaining balance.

Ok so say that im gonna pay the full amount myself (no OSAP i didn't get any) does it mean i make 2 payments, like u said 1 thats 40% and one thats 60% for january and september. and if i make those payments in full, will there won't be any interest?

Only OSAP does the 60% and 40% pay out of the loan. OSAP's loan pay out to you has nothing to do with how McMaster wants you to pay for tuition. Don't associated the 60% and 40% with how you make your payment to Mac.

For example, if you owe McMaster $5000 and pay in full... you will pay $5000 in Aug/Sept. regardless of how much or little OSAP gives... If you paid for example $3500 in Sept... and have $1500 on balance to pay off... get ready for interest added on that amount until you pay it off. This is because you didn't pay the full $5000.

Hope that helps.

I would also like to add that with the installment plan you can pay multiple times, as many times as you want as long as you pay off your tuition by January. If you pay off everything before September 30th, you will not collect any interest.

k thanks alot guys, u cleared up my concerns... but ouch thats quite the payment ive gotta make !