How does osap work? I'll be getting about $6000 for osap, and my total price is $13000 so do i only pay $7000? That's what it said on payment agreement, does osap automatically subtract it from your total?
And the thing I don't get is that we have to go pick up our osap, first term is 60% and 2nd term 40%. What does this mean? I pick up the money then what? is the money mine? which means that when i pay, i pay full $13000 and I get the osap money after?

So in September you'll have to go and pick up the first 60% of your osap, this is basically to prove to the government that you are in fact still registered at McMaster. Osap is taken off your total depending on which type of payment method you chose. I always do payment in full, so I'll explain how that works and I'm sure the others are pretty much the same. So before going in to pick up osap you'll have already paid a portion of your money owing to the school. If you have paid off everything then they'll send you a cheque for the amound of osap you get in september, if you still owe the school then they'll substract what you owe the school and you'll get the rest.

Then in January it works pretty much the same. If you paid in full then all the 40% of your osap goes straight to you. If you're paying in installments or you're doing the osap method then you'll still be owing the school money and it'll work exactly like in september.

I hope that cleared things up a bit, if it didn't then you can ask me some more questions. Or if someone else can explain it in a simpler way then that's good too.

Originally Posted by ingénieur.xo

So in September you'll have to go and pick up the first 60% of your osap, this is basically to prove to the government that you are in fact still registered at McMaster. Osap is taken off your total depending on which type of payment method you chose. I always do payment in full, so I'll explain how that works and I'm sure the others are pretty much the same. So before going in to pick up osap you'll have already paid a portion of your money owing to the school. If you have paid off everything then they'll send you a cheque for the amound of osap you get in september, if you still owe the school then they'll substract what you owe the school and you'll get the rest.

Then in January it works pretty much the same. If you paid in full then all the 40% of your osap goes straight to you. If you're paying in installments or you're doing the osap method then you'll still be owing the school money and it'll work exactly like in september.

I hope that cleared things up a bit, if it didn't then you can ask me some more questions. Or if someone else can explain it in a simpler way then that's good too.

I found it kind of confusing... For payment in full.

Basically you choose OSAP as a payment method and payment in full as your payment plan (You can also choose a flex plan). 60% of your OSAP (the first installment) will be automatically deducted from your tuition (In your case 13000-3600=9400). That means you will have to pay McMaster 9400$ come September 1st. Then you go pick up your second OSAP installment (40% which is 2400$). This goes straight to your bank.

If you are wondering about the flex plans, they actually tell you roughly what happens in the payment agreement.

i'm planning to pay in full
in the payment agreement it says for payment schedule

BASED ON YOUR OSAP ESTIMATE, THIS IS THE AMOUNT WE WILL DEDUCT. $ 6212.40
PLEASE CHECK BACK FOR ENTITLEMENT AMOUNT BY: AUGUST 15TH
PAYMENT IN FULL SEPTEMBER 1ST $ 7165.93

I'm still kind of confused about the 60% and 40% thing, whats the point of picking up money? can't they just take it as part of my fee and I only pay $7000?

Originally Posted by cjdzl

i'm planning to pay in full
in the payment agreement it says for payment schedule

BASED ON YOUR OSAP ESTIMATE, THIS IS THE AMOUNT WE WILL DEDUCT. $ 6212.40
PLEASE CHECK BACK FOR ENTITLEMENT AMOUNT BY: AUGUST 15TH
PAYMENT IN FULL SEPTEMBER 1ST $ 7165.93

I'm still kind of confused about the 60% and 40% thing, whats the point of picking up money? can't they just take it as part of my fee and I only pay $7000?

It won't be deducted completely. There are 2 pick up dates because the second one is to allow adjustment to your entitlement in the case your income changes, for example. You HAVE to go pick up your OSAP and forward it to McMaster. McMaster is not allowed to just take the money from OSAP directly, it must be transferred through you.

so how much do I pay? and do I keep the 60% and 40% or do I give it to mcmaster?

If you're paying in full, Mac will deduct your tuition amount from the 60% and you get whatever is left over. The 40% you receive in January is all yours.

Originally Posted by cjdzl

so how much do I pay? and do I keep the 60% and 40% or do I give it to mcmaster?

If you are paying in full, you pay your tuition - 60% of your OSAP. Once OSAP because a payment method and you select it, your payment agreement will you exactly how much you need to pay on September 1st. So you don't have to do any calculations. You will have the 40% in your bank account after the 2nd pick up.

Is it possible to get a job through the Ontario Work Study Program or McWork without getting any money from OSAP (I completed the OSAP forms though)?

Is it suppose to be exactly 60% and 40%? or approximately? On my P.A. I got a slightly lower amount than 60% Like about 500 dollars less than what I should get from my Osap entitlement.

Originally Posted by doublefudge

Is it suppose to be exactly 60% and 40%? or approximately? On my P.A. I got a slightly lower amount than 60% Like about 500 dollars less than what I should get from my Osap entitlement.

It should be exactly, rounded to the dollar... At least it was for me both years. 500$ seems like a big difference. You might want to contact SFAS.