Hi guys ..sorry to catch u at this bad time.. i know everyone is sleeping..heheh:cool2 :

i just read something regarding the installment plan on ma payment agreement . In fact,

i chose OSAP as my primary funding option as well as the installment plan, but i realized eventually the installment plan accumulates interest..it says though...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....i have 2 questions though:

1/ is the interest charges big enough to consider?...wht is roughly in dollars??!!my OSAP is little less than 12000$.

2/ wht does it mean precisely by saying(A full month's interest is calculated on any balance outstanding on the last day of each month)???


Thanx very much ..i ll be greatly appreciated

Umm... I never had to worry about interest, but I think it works like this...

Example:

Tuition = $6000
OSAP (for Sept) = $3000
Scholarships, etc. = $2000

Amount owing = $1000

... you would then go $1000 x 1.012 at the end of Sept. You would then be at $1012 to which you owe McMaster. If you don't pay that off, by the end of Oct. it would be $1012 x 1.012... and so on and so on

Yes, Ivan's right.

Oh, and technically if you pay before the end of september, no interest will be charged ^_^

exactly

wait what do you mean if you pay it all before september 1st there's no interest? Can you go into a little more detail pn this topic please lol, iv posted like 9 times and am still confused.

I called student accounts and basically they said your payment is broken up into too, so say 6000 by sept 1, and another 6000 by jan 1 i belive it is.

I am getting aprox. 4000 from OSAP just to add, but the lady on the phone said even if i pay by first half of 6000 by Sept 1st, the second payment that is due in Jan collects 1.2% intrest monthly, so how did u guys say to avoid interest exactly??

hopefuly i fully understand the whole installment payment this time.

In order to not accumulate ANY interest ALL of your fees have to be paid off by the end of September. If you're on an installment plan this is not possible, you will still accumulate interest on the other 6 thousand dollars. The only way you can avoid interest at all is if you pay the 12 grand right off the bat.

You can make payment anytime you want for installment plans:

Installment Plan

Available only for students currently registered in 13 units or more or students who are registered for a September start date in Occupational Therapy or Physiotherapy grad programs.
The first minimum instalment must be made by August 15th (may be post-dated no later than September 1st) .
You are given the flexibility to make payments as you are able, with the balance plus interest paid in full by January 15th.
Interest applies to all unpaid balances as of September 30th (fall/winter) and May 30th (spring/summer)

So, from what I understand you should be able to make unlimited amounts of payments from September to January. So if you manage to pay off your fees by september 29th, you shouldn't have to pay interest.

Uh oh....well its August 17th now and i had no idea that the first payment was due 2 days ago if your on installment :S, so what do i so know? Im 2 days late for my first min. payment (which i dont even know what it is) and im sooo lost.

Can i just change it back to payment in full, i know im using OSAP, what happens if i do payment in full but am on OSAP, what happens to the 40% of OSAP that comes out Jan 1st? Do i never recieve it

And i was thinking about this very hard, i am close to choosing Payment in Full even though i am using 2000 from OSAP.

Is this wise or no, i know there's not going to be any interest, but what happens to the OSAP that is released in Jan is what im most concerned about, i feel like i have no time left and need to make a decision so if someone can help that'd be great.

The Payment Was Not Due On The 15th!

People Stop Telling First Years This! Chad Has Posted An Article About It, Please Read It Before Telling People Wrong Infromation!

All Payments Are Due By September 1st 2008, Not Earlier Unless You Are A Grad Student!

Ok thanks!!, im looking for that article right now.

As for the second part of my question, im still thinking of changing my PA to Payment in Full, even though im getting $2000 from OSAP.

I dont want intrest accumulating is why i want to do this, however what happens to my OSAP, it comes out September 4th i believe but the payment is due Sept 1?

Does the Osap that is to be released just go my bank account since iv already payed my tuition and whatnot?

How exactly would this work and is it wise to do so?

help is greatly needed on this scenario because now even my parents are confused lol

How in the hell are you getting 12000 from OSAP!?

$12 000? lol im only getting $2000.