hey.. does anyone know how the Installment Plan on the payment agreement works? In my case, my total cost is 13000.. when i choose installment plan, it says i must pay 7600. So i can pay as much of this as i want up to september 30th before any interest adds to it? is there a minimum or maximum amount? what about term 2? same system, but in january? and between september 30th and january 1st, can i pay in any amount i want?
i jsut went to gilmur halla t mcmaster today to solve an issue for my osap and i totally forgot to ask them how the installment plan works. thanks in advance for any help

-ali

Ali11,
The installment plan means that you pay in two installments, this is usually used by OSAP students as we get our OSAP in two installments. The school requires that you pay the 7,600 by Sept 30th if you're on OSAP or by Sept 1st if you're not. The remaining is due in second semester. You must pay the full amount that they request by the deadline or else you will incure interest charges.

Any more questions?

okay sweet. so it's pretty much just like the full payment option, except its split between the two terms? i just needed that clarification. thanks kokosas!

It says:
"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)"

But under 5. payment schedule and messages on the payment agreement, it says "INSTALLMENT PLAN - INITIAL PAYMENT (NOTE: THIS PAYMENT PLAN INVOLVES INTEREST CHARGES)"

So what are they really saying? Intersts-involved or no?
I always thought that full-payment was the only payment plan that didn't have any interest added on.
I'm confused now.

i'm with you on this, sad cypress. and what's this august 15th deadline??

Someone else mentioned this earlier and we didn't know what they were talking about. Where is this coming from? Is it MUGSI? I would call the registrar's office and ask them about it but I've never had to make my payment in August, ever.

sadcypress, you're not in OT, PT or a grad program. So that doesn't apply to you.

It says to Students in 13 units or more OR students in occupational therapy or physiotherapy.

I know, and I don't understand it, but as a rule we don't pay in august. When admin gets off lunch break I will call and find out.

Alright. On the registrar's website is a PDF that you can download here with all the important deadlines to note. At the bottom is the payment deadlines. There is nothing about paying by august 15th the deadline for payment is september 1st.

IF you have not registered by August 25th you will be charged a 50.00 but this is not a deadline to pay your total fees by.

Also, if you want to do an online payment you should arrange that before August 25th.

When I spoke to the Registrar's office representative she said if the grad programs mentioned want it in earlir they have to specify that but FOR THE PAYMENT AGREEMENT FEES YOU ARE REQUIRED TO PAY BY SEPTEMBER 1ST.

I've posted the details here
http://www.macinsiders.com/showthrea...payment+p lan

thanks Chad!
heres the info for those who don't want to follow the links:

INSTALLMENT PLAN (Available to those taking 13 units or more only):
• OSAP friendly!
• With the installment plan, a certain calculated amount (based on your total unit count, fee
status, type of residence and meal plan– approximately 50% of your fees and indicated on
your Payment Agreement when selected – to see how much your Installment amount
would be please click on : Installment Amount) is due on or before September 1, 2008
(“initial payment”). If this deadline is not met, a $35.00 Payment Agreement Default Fee
will be assessed to your Student Account.
• The balance PLUS interest is due on or before January 15, 2009. Please note that your
account balance can be paid at any time between September and January 15, 2009. If this
deadline is not met, a $35.00 Late Payment Fee will be assessed to your Student Account.

So in the end, if you're getting OSAP, you'll have to pay the $35 late fee, since OSAP funding isn't released until after September 2nd . Correct me if I'm wrong please.

No I don't believe so Ali, you don't get fined just because you're on OSAP. That would be pretty counter productive. On my PA (and I'm on full OSAP) it says that I have till September 16th to pay before I get interest charges.

Ok so I just got my OSAP funding. I am looking to switch to Installment Plan, which would be ideal- 2 payments. I probably won't be able to pay $7600 by September 1st...I would be able to when OSAP gives the money. So just to make sure, for OSAP people, we don't have to pay by September 1st? Is there interest on the installment plan?????

You will be fine Avneet, I've never been charged interest on my tuition because OSAP comes out a few days later than the due date. Interest charges start being put to your account on the 16th of Sept according to the registrar's office website so as long as you get it done before then (and you should since it comes out on the 4th) you should be fine.

And yes, there is interest on the installment plan if you do not manage to pay it all off in one go. By second semester you will have built up some interest.