Hey there,,

So in Payment agreement, do I select OSAP Flex plan or Payment in Full Option? I'm pretty sure "Payment in Full" also uses OSAP money but I'm pretty confused about the difference between payment in full and the OSAP flex plan? Can anyone help?

Also, when I renewed my payment agreement with "Payment in Full" option, it becomes:

McMaster Scholarships: $4500
OSAP: $1666.27

Balance Forward: $0.00

Does that mean I don't owe any money at all, after selecting the payment in full option? what about the sept 1st deadline?

Originally Posted by TheMist

Hey there,,

So in Payment agreement, do I select OSAP Flex plan or Payment in Full Option? I'm pretty sure "Payment in Full" also uses OSAP money but I'm pretty confused about the difference between payment in full and the OSAP flex plan? Can anyone help?

Also, when I renewed my payment agreement with "Payment in Full" option, it becomes:

McMaster Scholarships: $4500
OSAP: $1666.27

Balance Forward: $0.00

Does that mean I don't owe any money at all, after selecting the payment in full option? what about the sept 1st deadline?

You can choose any payment plan. Choose the one that best represents your financial circumstances.

Payment in full means you have to pay everything by the due date (September 1st).
Flex plans requires an initial payment by the due date and then the rest of the payment is due at a later date. Interest is 1.2%, calculated on the last day of each month.

Since your Balance Forward is 0$, you don't have to pay McMaster anything by the due date. Also, since it's payment in full, you don't owe McMaster any money after the due date either.

One more question:

so since it only uses $1666.27 from OSAP, where does the rest of OSAP money go?

EDIT: I also realized that I'll be living with my parents (commuting) during the study period (whereas I put living w/o parents in my OSAP application when it was submitted in july, since I was thinking about living off-campus).. How will it affect my OSAP funding and is there anyway that this correction could me made?

Originally Posted by TheMist

One more question:

so since it only uses $1666.27 from OSAP, where does the rest of OSAP money go?

To your bank. If 1666.27% is less than 60% of your OSAP then be sure to bring your banking information. The easiest is to just bring a cheque since your banking information is at the bottom of it. Otherwise you can go to your bank and ask for the direct deposit information for your account.

Thanks jhan523 . I just wanted to bump this one more time since I wanted one last thing to be cleared up (added in my older post)

Originally Posted by TheMist

One more question:

so since it only uses $1666.27 from OSAP, where does the rest of OSAP money go?

EDIT: I also realized that I'll be living with my parents (commuting) during the study period (whereas I put living w/o parents in my OSAP application when it was submitted in july, since I was thinking about living off-campus).. How will it affect my OSAP funding and is there anyway that this correction could me made?

It will most likely affect your OSAP because if you aren't living with your parents you have to pay rent.

You can make the correction when you pick up your OSAP in September.

Originally Posted by jhan523

It will most likely affect your OSAP because if you aren't living with your parents you have to pay rent.

You can make the correction when you pick up your OSAP in September.

So will they still give out funding certificate after correction at the time of pick-up or will it be delayed for some time and ask me to come back at a later date?

Originally Posted by TheMist

So will they still give out funding certificate after correction at the time of pick-up or will it be delayed for some time and ask me to come back at a later date?

They will make any corrections to your 2nd OSAP pick-up in January.