If I'm getting OSAP funding, can I choose the payment in full option? I realize that money doesn't come out later but is there anything I should be looking out for?

Originally Posted by Sultan

If I'm getting OSAP funding, can I choose the payment in full option? I realize that money doesn't come out later but is there anything I should be looking out for?

You can still choose the payment in full option. The OSAP amount will be deducted from what you have to pay, and you then just need to go "pick up" your OSAP by September 30th and you'll be fine.

So nothing to be concerned about? Would you recommend this option? Or is there something better?

Originally Posted by Sultan

So nothing to be concerned about? Would you recommend this option? Or is there something better?

If you can afford it, payment in full is by far the best. Otherwise you start to accrue interest and that's not optimal.

You can most definitely use your OSAP to pay your tuition in full. Something you should keep in mind, however, is that you will most likely not get any money from OSAP in September. All of the money you should be getting in September will directly go to pay off your tuition. However, you will get some funds in January.

edit: so you should make sure you have enough money saved up for all the other expenses you will have to deal with in September (such as textbook costs).

Alright, I see. So if I pay in full before OSAP comes out in Sept. and that OSAP funding is used to pay my tuition what happens to the money I paid prior to OSAP? Or is it that I only pay a certain amount and OSAP fills the rest?

Originally Posted by rrtt

You can most definitely use your OSAP to pay your tuition in full. Something you should keep in mind, however, is that you will most likely not get any money from OSAP in September. All of the money you should be getting in September will directly go to pay off your tuition. However, you will get some funds in January.

edit: so you should make sure you have enough money saved up for all the other expenses you will have to deal with in September (such as textbook costs).

That is correct. I believe it's 60% in September and 40% in January.

I would also like to add that you'll have to re-confirm your payment agreement once McMaster has received information from OSAP regarding how much they are providing.

Originally Posted by Sultan

Alright, I see. So if I pay in full before OSAP comes out in Sept. and that OSAP funding is used to pay my tuition what happens to the money I paid prior to OSAP? Or is it that I only pay a certain amount and OSAP fills the rest?

Basically the 60% of your total OSAP will go towards your tuition in September. That amount will be deducted from your tuition. You'll have to pay the rest. Then when you get the rest of OSAP in January that can go into your bank.

Alright, I think I get it now. Thanks a lot everyone (this stuff is confusing for a first year like me )

does osap money go directly into my tuition or into my bank account ?...osap is paying in sept and january so if i pay in full i have to pay the amount left for osap to pay in january in the beginning of the yea, and then in january osap will put the money i paid into my bank account?
how does osap put the money in my bank if it doesnt know my account number?
does payment in full mean i have to pay the whole tuition in september?
sry if my questions have been already asked ..but i need this to be clarified..thank u so much !

Originally Posted by yas1

does osap money go directly into my tuition or into my bank account ?...osap is paying in sept and january so if i pay in full i have to pay the amount left for osap to pay in january in the beginning of the yea, and then in january osap will put the money i paid into my bank account?
how does osap put the money in my bank if it doesnt know my account number?
does payment in full mean i have to pay the whole tuition in september?
sry if my questions have been already asked ..but i need this to be clarified..thank u so much !

OSAP releases 60% to go directly into your tuition in September upon pick-up.

You pay the rest on September 1st (I suggest a couple business days before though) assuming you are paying in full.

You get the rest of OSAP in January where you will have to bring a void check. They will then deposit the OSAP money in your bank account.

just asking...what is the last date for fee payment if you've chosen payment in full plan??

Originally Posted by Afzal

just asking...what is the last date for fee payment if you've chosen payment in full plan??

That would be September 1st I believe. It says so when you click for a summary of your payment agreement before you confirm.

oh ok, thanks ...ive already paid around 50% right now..will pay the rest later