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Payment Agreement

 
Old 07-19-2007 at 09:09 AM   #1
nuttynatz
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Payment Agreement
ok i'm confused about how this works. If i pick the installment payment method, it says we have to make out first payment by august 15, but don't we need our OSAP money for that? I think you have to pick up you OSAP in person when school starts right?
Old 07-19-2007 at 09:58 AM   #2
anubhagat
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hey as far as i know...osap comes out 2 times...sept and jan...so in terms of the first payment they deduct a chunk of the OSAP from the amount that u have to pay...the 2nd chunk of OSAP that comes out in jan is deducted from ur 2nd payment...installment plan is probably not the best option b/c it charges a lot of interest...so the payment in full would probably be the better option. if u choose payment in full they reimburse you with the OSAP come january.
Old 07-19-2007 at 10:53 AM   #3
nuttynatz
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hmm..i see
The payment plans are hard to understand
But i think what you said makes sense...so since I'm using OSAP to fund my university fees it wud be smart to do payment in full so that there is no interst...so i guess the installments and monthly plans are more for people who are not using OSAP?
Old 07-19-2007 at 10:53 AM   #4
Chad
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There is an OSAP funding option in the Payment Agreement. You use that.

See below, from the Student Accounts and Cashiers office, see part highlighted in green:

When indicating OSAP as a funding option, your initial portion ONLY (the entitlement amount released to you in September) is remitted in your “Balance” calculations in the Payment Agreement

• You MUST pick up and negotiate your loan documents in order for the funds to be released by the government

• PLEASE NOTE: Our office takes into account that release of funds from OSAP will not happen until September 4/07 - after our deadline date. The amount indicated in your “Balance Owing” portion of our Payment Agreement (ie. The amount that your OSAP amount does not cover for your initial payment due and you have pay out of your own pocket) is what is due for September 1, 2007 If this deadline is not met, a $35.00 Payment Agreement Default Fee will be assessed to your Student Account

• The Office of Student Financial Aid & Scholarships administers the Ontario Student Assistance Program (OSAP) on behalf of the Ministry of Training, Colleges and Universities (MTCU). For further details on OSAP and its release, please go to: http://sfas.mcmaster.ca/osapnewmain.htm

http://www.mcmaster.ca/bms/student/p..._options.p df
Old 07-19-2007 at 11:02 AM   #5
nuttynatz
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Yea i picked OSAP but then it asks you to pick a payment plan...which one wud it be the smartest to pick?
The options include:
-payment in full
-installment
-monthly payment
Old 07-19-2007 at 11:47 AM   #6
Salina
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so if we pick payment in full. it says we have to pay around 5000 then by sep 1st. say you pay for that. when u pick up ur osap money, you can just take back your 5000 from that check?
Old 07-19-2007 at 11:47 AM   #7
anubhagat
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well i think i would definitley choose payment in full...regardless of whether osap funding has been released or not at the time you pay it you will be reimbursed with the funding that osap issues...if u choose installment or the monthly payment theres and interest charge of 1.2% monthly...that's a lot especially if you can afford to pay in full
Old 07-19-2007 at 11:48 AM   #8
anubhagat
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well in ur payment agreement they say that they deduct a certain portion of money for osap...so the funding that osap issues for the first term has already been deducted...so u wouldnt need to pick up ur osap funding until jan 08' when the 2nd term funding is issued
Old 07-19-2007 at 11:57 AM   #9
Salina
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so when are you reimbursed then? in jan?
Old 07-19-2007 at 11:59 AM   #10
anubhagat
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yeah..that's what i was told
Old 07-19-2007 at 04:09 PM   #11
philipc51
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so technically, we're paying for the total tuition on sept 1? cause osap already deducts part of it...and then you have to pay the rest by sept 1 right? and then by jan 08 u get reimbursed for some of the amount u had to pay?
Old 07-20-2007 at 03:03 PM   #12
Caitlyn
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Hey,

Your full tuition amount is due in September. If you do not pay at that time you will be charged interest.

OSAP is paid out to you in (usually) 2 chunks. The first in September, the second in January.
Old 07-24-2007 at 08:02 AM   #13
Chad
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Note for all... the Payment Agreement is REQUIRED to complete your registration and be fully registered.

You can give your check in right on the last day if you need to. GO TO THE REGISTRAR'S OFFICE located in Gilmour Hall room 108. There is a large box attached to the wall with a slot in the top. You DONT NEED TO WAIT IN LINE! Simply put your student number on the check and slip it into the box. They will process the check and make sure the money goes towards your student account. Your student number looks something like 0549230... 7 digits. Write it in the MEMO part of the check.
Old 07-24-2007 at 11:46 AM   #14
anubhagat
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is going to the registrar's office the only way to hand in our cheques? or can it be mailed in as well?
Old 07-24-2007 at 01:28 PM   #15
Chad
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I believe mailing is ok too, but it would need to be done earlier than the deadline since you have to take into account the time it takes to process the mail



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