Do you happen to know how much interest? I read it somewhere but have misplaced the information. Thanks!

Hey Kayla,
It's 14.4% (1.2% per month). See the pdf here. It's under payment deadlines.

thanks so much for all the help kokosas! made my life much easier.. and now theres no need to pay long distance for phone calls to the office
thanks a bunch again. i think that is all for my confusion...

I don't know where you're calling from but next time you have to call see if you can buy a calling card from a corner store or mini mart. Makes it cheaper for you!

Alright iv heard alot of news on this payment plan, and quite frankly im super confused still.

The deadline is September 1st to make all payments, correct? But in this thread people are saying that if your on Installment payment its September 30th, or Septem 15th and all this.

What is the actual deadline day to make your first payment on installment? And where can this info be found on McMasters website.

Also, if you pay the entire first half installment, is there still interest or no? Lets assume the deadline is Sept 15th for students using OSAP and installment, if i pay the full $7600 there wont be any interest on it will there?

ok so just for a little clarification...i chose installment plan, and i recieved my OSAP estimate....so by September 1st I am paying the amount left after deducting OSAP and my scholarship right?....which comes to be a few hundred dollars...and when we get out OSAP money in September we sign the money over directly to McMaster?...is that how it works i just pay the couple hundred bucks left after the deductions by Sept. 1st?..Thanks for any help

These questions are for the Student Accounts and Cashiers office, as they have all the dates and deadlines you need to know and can answer your questions about payments accurately.

For financial/payment questions you'll want to get official answers from McMaster staff, not MacInsiders.

You can reach the Student Accounts and Cashiers office at:

Student Accounts and Cashiers
Gilmour Hall, Room 209
McMaster University
1280 Main Street West
Hamilton, ON
L8S 4L8
Phone: (905) 525-9140 ext: 24478
Fax: (905) 527-3615
Student Email: [email protected] ster.ca
Department Email: [email protected]


VISIT THE STUDENT ACCOUNTS AND CASHIERS WEBSITE HERE.

http://www.mcmaster.ca/bms/student/S..._ funding.htm

You'll notice that they have a PDF explaining all about the Monthly payment option. See some of the information copied below. Hope that helps.

Source: http://www.mcmaster.ca/bms/student/p...%20edtiion.pdf

HOW THE PLAN WORKS:

The type of plan you are on is determined by what type of student you are:
• “MPPA” – for part time Undergrad and Divinity students (Fall or Winter terms only), Graduate Students enrolled in 1 term only and MBA students (in other words, any students enrolled in only one term at a time)
• “MPP B” – for full time Undergrad and Divinity students, Year 3 Medical Students, and Graduate Students enrolled in two terms only
• “MPP C” – for Graduate students enrolled in a full year and Years 1 and 2 Medical Students
The MPP is simple in that no matter what type of MPP you are on, it works the same way
• a percentage of your fees plus a $35.00 Application Fee are due at the beginning of your session
• the balance plus interest is rolled up together and spread over equal monthly payments within your academic session
• a small balance owing will need to be paid at the end of the session
MPP CALCULATIONS (note: ALL of your calculations will be done for you via the Payment Agreement)

“MPP A”:
• INITIAL PAYMENT:
50% of your total fees; plus $35.00 Application Fee
Due at the beginning of your session (ie. September 1/January 1)
• SUBSEQUENT MONTHLY PAYMENTS:
The remaining 50% of your total fees plus interest (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) calculated into 2 equal monthly payments
Due October 1 & November 1/February 1 & March 1

“MPP B”:
• INITIAL PAYMENT:
25% of your total fees; plus $35.00 Application Fee
Due at the beginning of your session (ie. September 1)
• SUBSEQUENT MONTHLY PAYMENTS:
The remaining 75% of your total fees plus interest (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) calculated into 6 equal monthly payments
Due October 1 to March 1

“MPP C”:
• INITIAL PAYMENT:
20% of your total fees; plus $35.00 Application Fee
Due at the beginning of your session (ie. September 1)
• SUBSEQUENT MONTHLY PAYMENTS:
The remaining 80% of your total fees plus interest (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) calculated into 10 equal monthly payments
Due October 1 to July 1


WHAT DO I NEED TO DO BEFORE AUGUST 15TH?
1) Complete your Payment Agreement, indicating “Monthly Payment Plan” as your “Payment Plan”
2) Print off your MPP Contract at: http://www.mcmaster.ca/bms/student/SAC_downloads.htm
3) Set up and print off confirmation of your post dated payments
4) Fill out your Contract and attach the printed Confirmation of payments
5) Mail to Gilmour Hall 209 or Fax it at: 905-527-3615

hey thanks for the reply but i just want to know from which section of the payment agreement do we pay...like do we pay the amount after deduction?...or is it the amount before cause i dont wanna end up paying les than im suppposed to pay...

Hey Scrub,
You are paying whatever the OSAP/Bursaries/Scholarships don't cover. And that payment needs to be in by Sept 1st.

Is this the answer you were seeking?

yeah thanks alot