Originally Posted by jhan523

It depends.

If:
60% OSAP + Scholarships = 1st Instalment Payment (Which is should be since your balance forward is 0)
Then you won't get any money in your bank.

If:
60% OSAP + Scholarships > 1st Instalment Payment
Then whatever is left over CAN go to your bank OR is can go to your student account to pay off some of the money due in January (This means that you will accumulate less interest)

Then on the second instalment payment you can have some of the OSAP going to McMaster (To fully pay off your tuition) and have the rest go to your bank account.

oh man, that confused me :S
my first payment is like 7000 let's say.
OSAP is 6000
scholarship is 1000.

then it equals around $400..

that's the amount i gotta pay by sept 1 right?

what situation am i in? the 1st or 2nd "if's" that you stated above.

Originally Posted by kwyhan91

oh man, that confused me :S
my first payment is like 7000 let's say.
OSAP is 6000
scholarship is 1000.

then it equals around $400..

that's the amount i gotta pay by sept 1 right?

what situation am i in? the 1st or 2nd "if's" that you stated above.

Ok, I'm really confused now... I'll try to explain it using my numbers (well, not really mine):

Total Tuition Cost: 5000$
Total OSAP Entitlement: 5000$ (This means the first OSAP pickup will be 2400 and the second will be 1600$)
Total Scholarships: 2000$


So, if you are using the instalment plan let's say:
1st instalment payment: 4000$
2nd instalment payment: 1000$ + Interest

For your first instalment payment you will receive your scholarships and your first OSAP pickup: 2000+2400=4400$

This means that you will have an extra 400$. This money can go into your bank account (you'll have to bring your banking information which can be found on a cheque) OR it can go to McMaster to pay some of the tuition you still owe the university. (Let's say it goes to your bank account).

Assuming you don't pay McMaster anything else until the the 2nd instalment payment will be: 1000*1.012^4 = 1048.88$ (interest is 1.2% per month).

So, you go and pick up the second part of your OSAP. You can do the same thing, have part of your OSAP go toward McMaster and the rest go to your bank account.

I hope that makes it a bit clearer.

Originally Posted by jhan523

Ok, I'm really confused now... I'll try to explain it using my numbers (well, not really mine):

Total Tuition Cost: 5000$
Total OSAP Entitlement: 5000$ (This means the first OSAP pickup will be 2400 and the second will be 1600$)
Total Scholarships: 2000$


So, if you are using the instalment plan let's say:
1st instalment payment: 4000$
2nd instalment payment: 1000$ + Interest

For your first instalment payment you will receive your scholarships and your first OSAP pickup: 2000+2400=4400$

This means that you will have an extra 400$. This money can go into your bank account (you'll have to bring your banking information which can be found on a cheque) OR it can go to McMaster to pay some of the tuition you still owe the university. (Let's say it goes to your bank account).

Assuming you don't pay McMaster anything else until the the 2nd instalment payment will be: 1000*1.012^4 = 1048.88$ (interest is 1.2% per month).

So, you go and pick up the second part of your OSAP. You can do the same thing, have part of your OSAP go toward McMaster and the rest go to your bank account.

I hope that makes it a bit clearer.

Okay kinda of makes more sense ..
urgh, i really dont get this payment agreement thing.

but thank you for your example.

as for me, let's say my total is 12 544 < which includes res, tuition, meal plan, etc.

My first payment is around $7796.
With that, i have osap, 6392
and my scholarship 1000.

It says balance forward 404.92.

So my balance would be 0 right..
since osap+scholarship isnt greater than the 1stpayment

BTW, what do you think of chem labs on mondays? at 11:30

then after the day, i have a 3 hour night class


and if you don't mind,
http://www.macinsiders.com/showthrea...4 4#post88244

hope you can check my timetable.

thanks once again

When will the extra money appear on our bank account?

Originally Posted by kwyhan91

Okay kinda of makes more sense ..
urgh, i really dont get this payment agreement thing.

but thank you for your example.

as for me, let's say my total is 12 544 < which includes res, tuition, meal plan, etc.

My first payment is around $7796.
With that, i have osap, 6392
and my scholarship 1000.

It says balance forward 404.92.

So my balance would be 0 right..
since osap+scholarship isnt greater than the 1stpayment

Balance forward of 404.92 means you have to pay that amount by September 1st. At this point the only thing that might prevent a late fee is Interac.

Not sure what you mean by Balance though...

Originally Posted by VastHorizon

When will the extra money appear on our bank account?

It takes about a week or two... Not sure when I pick up my OSAP but it appeared in my bank account on Jan 19. So maximum 2 weeks.

Originally Posted by jhan523

Balance forward of 404.92 means you have to pay that amount by September 1st. At this point the only thing that might prevent a late fee is Interac.

Not sure what you mean by Balance though...

im going to mcmaster tmorrow to pay by cheque.
is that alrigh?

can i pay by cheque for installment plan

Originally Posted by kwyhan91

im going to mcmaster tmorrow to pay by cheque.
is that alrigh?

Yeah, you can pay by cheque. When you give them the cheque ask if you will be charged a late fee.

Originally Posted by jhan523

Yeah, you can pay by cheque. When you give them the cheque ask if you will be charged a late fee.

thanks.
im pretty sure ill be okay.
the cheque doesnt take 3-4 buinsess days or whatever.

Originally Posted by kwyhan91

thanks.
im pretty sure ill be okay.
the cheque doesnt take 3-4 buinsess days or whatever.

It actually does take time to process...

hey ppl.
i made my full payment before sept 1st, and on the osap
website it says the negotiable date is sept 10th. so does
this mean i have to pick up my osap during of after the 10th,
not earlier?
and instead of a void cheque, can i just bring my banking
information?

Originally Posted by muns2

hey ppl.
i made my full payment before sept 1st, and on the osap
website it says the negotiable date is sept 10th. so does
this mean i have to pick up my osap during of after the 10th,
not earlier?
and instead of a void cheque, can i just bring my banking
information?

I believe the negotiable date is that final date that you can make changes to your OSAP in terms of negotiating a higher amount if you feel that you should deserve it due to whatever reasons.

Yup. I don't have any cheques for my account so I just bring along a bank statement which has my account number, my bank number and the bank (usually top right of the first page) and you just write that in. It takes a few days to get into your account.

Originally Posted by muns2

hey ppl.
i made my full payment before sept 1st, and on the osap
website it says the negotiable date is sept 10th. so does
this mean i have to pick up my osap during of after the 10th,
not earlier?
and instead of a void cheque, can i just bring my banking
information?

Yeah, you can definitively pick up your OSAP beforehand, I did.

But go by this schedule provided by SFAS:

Confirm that your funding is onsite at McMaster using the following dates:
Loans issued by August 16th are ready for pick up on or after August 24th

Loans issued by August 23rd are ready for pick up on or after August 31st
Loans issued by August 30th are ready for pick up on or after September 8th

Loans issued by September 6th are ready for pick up on or after September 14th

You can check when you OSAP was issued on the OSAP website.