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Payment Agreement

 
Old 07-29-2011 at 10:39 PM   #1
luna
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Payment Agreement
My payment agreement shows "Balance Forward" amount and I chose the pay in full payment method. Also, the osap is my funding option. I don't know what balance forward means?
Old 07-29-2011 at 11:03 PM   #2
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Quote:
Originally Posted by luna View Post
My payment agreement shows "Balance Forward" amount and I chose the pay in full payment method. Also, the osap is my funding option. I don't know what balance forward means?
Balance forward is the total amount you have to pay McMaster. Since you are paying in full, that's the amount you have to pay by Sept 1st (there's a payment schedule in box 6).
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Old 08-16-2011 at 10:19 PM   #3
luna
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can we change our payment option the day we go to pick up osap? meaning can someone switch from payment in full to osap flex plan. Also how does the flex plan work?
Old 08-16-2011 at 10:23 PM   #4
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Quote:
Originally Posted by luna View Post
can we change our payment option the day we go to pick up osap? meaning can someone switch from payment in full to osap flex plan. Also how does the flex plan work?
If you paid in full, chances are when you go pick up OSAP you would have already paid everything.

OSAP Flex Plan:

1. Pay 60% of tuition minus 60% of OSAP by September something
2. Pay 40% of tuition plus interest minus 40% of OSAP by January something

You can pay between those two months to lower your interest charges.
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Old 08-16-2011 at 10:40 PM   #5
luna
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how much interest?

I can't decide which of the two to use for my payment method. I initially had payment in full but there still balance left over that I would have to pay out of my pocket. But with flex plan the osap pays for the first 60% but I don't know how much I would have to pay for the remaining 40% with interest because what if I still end up paying out of my own pocket and maybe pay more due to interest. which one should i choose and can I still change the payment method (I recieved a letter confirming my enrollment and payment confirmation).
Old 08-17-2011 at 07:31 AM   #6
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Quote:
Originally Posted by luna View Post
how much interest?

I can't decide which of the two to use for my payment method. I initially had payment in full but there still balance left over that I would have to pay out of my pocket. But with flex plan the osap pays for the first 60% but I don't know how much I would have to pay for the remaining 40% with interest because what if I still end up paying out of my own pocket and maybe pay more due to interest. which one should i choose and can I still change the payment method (I recieved a letter confirming my enrollment and payment confirmation).
1.2% compounded monthly at the end of each month. You have until September 1st to change your payment agreement if you wish to do so.

Source: http://www.mcmaster.ca/bms/student/p...ment_Plans.pdf
http://www.mcmaster.ca/bms/student/p...eadlines.p df
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Old 08-30-2011 at 06:31 PM   #7
luna
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i just mailed a cheque to mac with the remaining fee that I had to pay on monday 29 but I don't see any change in my student account indicated that I have to balance remaing to pay off yet. so how long does it take roughly for the university to follow through this process.?
Old 08-30-2011 at 06:47 PM   #8
jhan523
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Quote:
Originally Posted by luna View Post
i just mailed a cheque to mac with the remaining fee that I had to pay on monday 29 but I don't see any change in my student account indicated that I have to balance remaing to pay off yet. so how long does it take roughly for the university to follow through this process.?
It'll take atleast 2-3 days for the cheque to actually get to McMaster. Then when they receive it it'll probably take a day or two to process.
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