In my payment agreement, it says my total payment should be around $12,000.
However, when OSAP estimated their loan to me, it was around $11,700. Does that mean they won't pay for the rest? Or will they change it as they check how much I need to pay?
And when are OSAP applications due?

OSAP doesn't cover every penny of school. There is a maximum.

This thread has a lot more discussion: http://www.macinsiders.com/showthrea...highlight=osap

Originally Posted by hellonewyork

In my payment agreement, it says my total payment should be around $12,000.
However, when OSAP estimated their loan to me, it was around $11,700. Does that mean they won't pay for the rest? Or will they change it as they check how much I need to pay?
And when are OSAP applications due?

If 11,700 was the estimate which you got right away after applying to osap, then this amount is not the final amount you'll get. The ministry would first calculate the actual funding you will get based on your financial information, and then your loan amount would be available under "Check Status". It is not guaranteed that osap will cover all the amount you have to pay to mac.
Also note that, whatever amount you get, you'll only recieve 60% of it in september and the rest in january. So you have to pay the remaining amount on your own unless you use the installment plan.
If you want the osap amount to be shown on your payment agreement, then your online osap application was due on july 15.

11700 is about what you get. That is all you get.
You get 60% of it in Sept and 40% in January.
So if you chose to use OSAP to pay for school, only 60% of that 12000 gets paid with OSAP and the rest you have to pay.
But, it also depends on when you submitted the OSAP application. (when did you?

If you want OSAP to be used to automatically pay for school, then you had to submit the application by june 15.
Otherwise, you have to wait until the first week of September to get your money. I don't know when the last day to submit OSAP is, but the earlier the better.

Okay, I had no idea that I had to submit the application by June 15 if I wanted it to show on the payment agreement 0_0 I submitted it in early July. But there won't be anything wrong with that right?
So when I get my money from OSAP, I add the rest of the money I'm paying on my own, and then send it to where? And since I selected pay in full, I would have to pay the rest of the money for term 1 in term 1, and the rest of the money for term 2 in term 2 right?
Thank you! I am so confused :/

Originally Posted by hellonewyork

Okay, I had no idea that I had to submit the application by June 15 if I wanted it to show on the payment agreement 0_0 I submitted it in early July. But there won't be anything wrong with that right?
So when I get my money from OSAP, I add the rest of the money I'm paying on my own, and then send it to where? And since I selected pay in full, I would have to pay the rest of the money for term 1 in term 1, and the rest of the money for term 2 in term 2 right?
Thank you! I am so confused :/

The application was due on July 15, not june 15 so if you applied in early july, it will show up on your payment agreement. http://sfas.mcmaster.ca/osapnewmain.html
You have to pay the balance (whatever is left after 60 % osap is used for payment) for both the terms by september 1. Here's a guide on the payment methods you can use.
http://www.mcmaster.ca/bms/student/pdf/SAC_payment_methods.p df

Since you didn't submit OSAP on June 15th you won't be able to use it as a payment method on your payment agreement.

Since you are choosing payment in full, you will have to pay everything by September first out of your own pocket. Then in September you can pick up your first OSAP release (60% of your total OSAP) and in January you can pick up the last 40% of your total OSAP.

Originally Posted by jhan523

Since you didn't submit OSAP on June 15th you won't be able to use it as a payment method on your payment agreement.

Just wondering, where are you getting the june 15 deadline from? It says on the SFAS website that the deadline was july 15.
"It is recommended that you apply by July 15, 2009 should you wish to use OSAP as a Payment Option on your Student Account Payment Agreement."
http://sfas.mcmaster.ca/osapnewmain.html

Originally Posted by saukalra

Just wondering, where are you getting the june 15 deadline from? It says on the SFAS website that the deadline was july 15.
"It is recommended that you apply by July 15, 2009 should you wish to use OSAP as a Payment Option on your Student Account Payment Agreement."
http://sfas.mcmaster.ca/osapnewmain.html

Oh, my bad. Yeah, it's July 15th.

yeah, it's july 15th. simple typo.

well if you applied before july 15th (early july) then you should be okay.

hellonewyork, do you know what a payment agreement is?
have you tried reading that fully?
it tells you how much you need to pay, by when and how to pay. Or you can use google to see other methods of payment.

btw, check your payment agreement in august. I'm sure right now it says your OSAP amount is an estimate right? In august it will update and it will tell you EXACTLY how much you have to pay.

Okay, your payment agreement is a contract you make with the school that details how you will handle the financial aspect of it.
When they list "Payment in Full", they mean that they require you to pay that entire 12000, in full.
Let me use mine as an example.
My fees are coming to $7222.
My OSAP money is over 9 grand.
On my payment agreement I checked "Payment in Full".
When my Payment Agreement updated itself, I was informed that the school was going to take some 5000 from my OSAP money and I would have to pay them $1650 in September to avoid interest.

My OSAP is being released in 2 installments, like your's and everybody elses.
I will receive 60% in September, and that goes directly toward my fees.
I pay $1650 out of my own pocket UNLESS I have a scholarship that I can use to cut that down. Let's say I have the most basic entrance scholarship which is a $750. When that shows up as a payment option in August, I can select that and will only have to pay $900 in September.

When my mum pays that $900 in September, she does that through her own bank.
In January, I get about $3000 from OSAP (the rest of my release.)
I give her $900 back and use the rest as I see appropriate to meet my university expenses
I hope that helps because the others covered your other questions