Ok so my OSAP is currently "on hold" still, even though I sent in a OSAP change request form last week monday. Due date for payment is September 1st. I chose the osap plan, and my fincancial summary says Installment Amount
(funding options) $ 4260.00 McMaster Scholarship(s) $ 600.00 Balance Forward $ 0.00
I'm concerned if I will get in trouble (possibly lose my spot) if my osap isn't no longer on hold by September 1st. I also need this money ASAP to pay for my rent in september.

Help please. I'm getting white hair thinking about this.

Originally Posted by pirates01

Ok so my OSAP is currently "on hold" still, even though I sent in a OSAP change request form last week monday. Due date for payment is September 1st. I chose the osap plan, and my fincancial summary says Installment Amount
(funding options) $ 4260.00 McMaster Scholarship(s) $ 600.00 Balance Forward $ 0.00
I'm concerned if I will get in trouble (possibly lose my spot) if my osap isn't no longer on hold by September 1st. I also need this money ASAP to pay for my rent in september.

Help please. I'm getting white hair thinking about this.

It's only been a week, it usually takes 1-2 weeks and considering the time of year, it might even take 3 weeks.

You should talk to a financial advisor about your situation. Not only will they know what can happen they will also help you with your options (which they will also know).

But for know, whatever is on your payment agreement is what I would go with. Call SFAS tomorrow to talk with an advisor.

Originally Posted by pirates01

Ok so my OSAP is currently "on hold" still, even though I sent in a OSAP change request form last week monday. Due date for payment is September 1st. I chose the osap plan, and my fincancial summary says Installment Amount
(funding options) $ 4260.00 McMaster Scholarship(s) $ 600.00 Balance Forward $ 0.00
I'm concerned if I will get in trouble (possibly lose my spot) if my osap isn't no longer on hold by September 1st. I also need this money ASAP to pay for my rent in september.

Help please. I'm getting white hair thinking about this.

I have the same issue. It takes them 10 business days to process after receiving the request form. Plus the OSAP shows as "N/A".

Since I'm using OSAP as a payment option and I want to pay in full, will I be charged interest/late fees after September 1 even if there's no number on OSAP?

Originally Posted by _Luu_

I have the same issue. It takes them 10 business days to process after receiving the request form. Plus the OSAP shows as "N/A".

Since I'm using OSAP as a payment option and I want to pay in full, will I be charged interest/late fees after September 1 even if there's no number on OSAP?

Late Fee: Charged if you don't pay your balance forward by the Due Date stated

Interest: Calculated on the last day of each month on all outstanding balances in your student account.

So no, you won't be charged interest. You will only be charged the late fee if you don't pay your balance forward by the due date (which has nothing to do with OSAP).

Originally Posted by jhan523

Late Fee: Charged if you don't pay your balance forward by the Due Date stated

Interest: Calculated on the last day of each month on all outstanding balances in your student account.

So no, you won't be charged interest. You will only be charged the late fee if you don't pay your balance forward by the due date (which has nothing to do with OSAP).

To avoid the late fee, I'd have to pay $11000 up front. If I choose to that, what happens with the OSAP I applied for? Will it go straight to my bank account?

And if I choose to pay after September 1, should I wait until the OSAP estimate appears on the Payment Agreement?

I'm just flat-out confused when it comes to this stuff.

Originally Posted by _Luu_

To avoid the late fee, I'd have to pay $11000 up front. If I choose to that, what happens with the OSAP I applied for? Will it go straight to my bank account?

And if I choose to pay after September 1, should I wait until the OSAP estimate appears on the Payment Agreement?

I'm just flat-out confused when it comes to this stuff.

Yes, if you pay in full without OSAP then all the OSAP will go to your bank account. You need to provide them with banking information (which is found on your cheques or you can ask your bank for direct deposit information).

If you choose to pay after September 1st because you can't pay everything off without OSAP then you might as well wait. But talk to a financial advisor just in case because McMaster is really inconsistent with their terms and conditions.