hi, I chose the OSAP flex plan on my payment agreement. It says that they'll deduct 60% but it doesn't say when. I however, payed 60% through my bank today since there was a limit to how much I could pay using Interac. Are they still going to deduct 60% from my OSAP once I get it? :S Cuz my plan was to pay the 60% now and then use the OSAP money to pay off the rest. I'm thinking that this would lower the amount of interest I have to pay. Am I right? :S Is there a place where I could check my financing interactions/status or whatever? lol

when you go to 'pick up' your osap im pretty sure they look at your balance due then ask how much you want to release to the school... i guess you can just say 'none'... then when you get your osap cheque pay the 40% balance through mugsi

Originally Posted by daneusorig

hi, I chose the OSAP flex plan on my payment agreement. It says that they'll deduct 60% but it doesn't say when. I however, payed 60% through my bank today since there was a limit to how much I could pay using Interac. Are they still going to deduct 60% from my OSAP once I get it? :S Cuz my plan was to pay the 60% now and then use the OSAP money to pay off the rest. I'm thinking that this would lower the amount of interest I have to pay. Am I right? :S Is there a place where I could check my financing interactions/status or whatever? lol

You could probably just change your payment agreement, or otherwise like the second poster said, when you pick up your osap you can choose to have none of it transferred to the school since you've already payed 60% of your tuition

If you choose OSAP funding in the PA, you'll notice that it deducts 60% of your OSAP from the total amount of money you have to pay. So if I chose OSAP flex plan and I had to pay $10000 in total, then the PA will deduct 60% of your OSAP from the $10000. Then you have to choose how you have to pay the rest ($10000 - 60% of OSAP), payment in full, flex plans etc.. Remember to pick up your OSAP.

The rest of your OSAP (40%), you can do whatever you want with.

Originally Posted by daneusorig

Cuz my plan was to pay the 60% now and then use the OSAP money to pay off the rest. I'm thinking that this would lower the amount of interest I have to pay. Am I right?

Regardless of how you choose to spend your OSAP money (whether you use it for school, keep it in the bank, or decorate your room with bills, like I did), you are charged NO INTEREST until 6 months after you graduate.

Unless you are referring to the interest the school charges, in which case it still doesn't matter whether you pay the 60% now, or after your OSAP is released, as interest doesn't start accumulating until the end of September (after OSAP is released)

ohh i c. So what do I do now that I've already paid? What's going to happen?

Originally Posted by daneusorig

ohh i c. So what do I do now that I've already paid? What's going to happen?

It should have already deducted the amount if you've already been given an estimate/entitlement. If not then no one can be sure. They might have the amount deducted from the rest of your debt.