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What should I pay? (Payment Agreement: Flex Plan - OSAP)

 
Old 08-30-2010 at 09:11 PM   #1
SilentWalker
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What should I pay? (Payment Agreement: Flex Plan - OSAP)
Hey all. I would like some help please.

I was just reviewing my Payment Agreement, and I'm terribly confused with respect to what I have to pay. I have selected OSAP funding and the McMaster Entrance Scholarship as funding options, and the OSAP Flex Plan.

http://www.macinsiders.com/attachmen...d=1 283218733

As you can see, my Net Fees are $6079.24. (That's the total amount I need to pay for the year, right?) So what exactly are the values under section 5. Financial Summary? I was assuming that Balance Forward is the amount I have to pay McMaster, but since the amount is $0, does that mean that my entire tuition was already paid by OSAP? When I click "Pay Now", the balance is $0.00, so I can't pay anything right now . Do I have to pay anything (to either McMaster or OSAP), and by what deadline?

(OSAP says that I'm getting a total of $6871 from them, and that of that amount I still have yet to receive $2823.)
_________

Secondly, based on the plan I selected for payment, what do I need to walk with when I go to pick up my OSAP? I'm going on Wednesday, and besides the pieces of ID, I heard some talk about walking with a blank cheque. Thing is, I'm under 18, so I can't sign cheques. So what's the deal? What do I have to walk with?

Any help is appreciated.
Thank you
~SW
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File Type: jpg Payment Agreement.jpg (171.1 KB, 43 views)

Last edited by SilentWalker : 08-30-2010 at 10:36 PM.
Old 08-31-2010 at 07:49 AM   #2
jhan523
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Quote:
Originally Posted by SilentWalker View Post
Hey all. I would like some help please.

I was just reviewing my Payment Agreement, and I'm terribly confused with respect to what I have to pay. I have selected OSAP funding and the McMaster Entrance Scholarship as funding options, and the OSAP Flex Plan.

http://www.macinsiders.com/attachmen...d=1 283218733

As you can see, my Net Fees are $6079.24. (That's the total amount I need to pay for the year, right?) So what exactly are the values under section 5. Financial Summary? I was assuming that Balance Forward is the amount I have to pay McMaster, but since the amount is $0, does that mean that my entire tuition was already paid by OSAP? When I click "Pay Now", the balance is $0.00, so I can't pay anything right now . Do I have to pay anything (to either McMaster or OSAP), and by what deadline?

(OSAP says that I'm getting a total of $6871 from them, and that of that amount I still have yet to receive $2823.)
_________

Secondly, based on the plan I selected for payment, what do I need to walk with when I go to pick up my OSAP? I'm going on Wednesday, and besides the pieces of ID, I heard some talk about walking with a blank cheque. Thing is, I'm under 18, so I can't sign cheques. So what's the deal? What do I have to walk with?

Any help is appreciated.
Thank you
~SW
Your Balance Forward is the amount of money you have to pay McMaster by the Due Date (Which is in section 6). Since it's 0, you don't have to pay McMaster anything by that time. You will have to pay the rest of your fees by January 15th. Note that interest is charged at 1.2% on all outstanding balances on the last day of every month starting September 30th.

For your OSAP question: http://sfas.mcmaster.ca/osap.html?tab=2
The cheque is only for the account information (It's the numbers at the bottom), if you don't have a cheque for your account you can use your parents or get direct-deposit information from your bank.
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SilentWalker says thanks to jhan523 for this post.
Old 08-31-2010 at 12:00 PM   #3
SilentWalker
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Thank you.

Just one other thing. With respect to the interest, since I owe nothing to McMaster right now, no interest will be charged, right? It's only after January 15th, when I have to pay McMaster the rest of my fees, am I right? I am asking because, due to religious reasons, I cannot be involved in interest-related transactions.

So once I pay out all my fees by January 15th, I'll be safe?
Old 08-31-2010 at 01:03 PM   #4
jhan523
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Quote:
Originally Posted by SilentWalker View Post
Thank you.

Just one other thing. With respect to the interest, since I owe nothing to McMaster right now, no interest will be charged, right? It's only after January 15th, when I have to pay McMaster the rest of my fees, am I right? I am asking because, due to religious reasons, I cannot be involved in interest-related transactions.

So once I pay out all my fees by January 15th, I'll be safe?
No, you will be charged interest on the last day of every month. You'll have to pay everything off by September 30th in order to avoid interest.
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McMaster Alumni - Honours Molecular Biology and Genetics
Pennsylvania College of Optometry at Salus University Third Year - Doctor of Optometry
Old 08-31-2010 at 10:36 PM   #5
SilentWalker
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Alright, I get that. So basically, since I owe nothing (Balance Forward is $0), interest won't collect for my payment?

But January 15th is when the rest of my money is due. When can I start paying it, and how much? Right now there is nothing to pay. I'm assuming McMaster or OSAP will notify me of my next stage of payment (when there actually is a value on 'Balance Forward'), right? I'm sorry, but I really don't get this.
Old 08-31-2010 at 10:41 PM   #6
jhan523
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Quote:
Originally Posted by SilentWalker View Post
Alright, I get that. So basically, since I owe nothing (Balance Forward is $0), interest won't collect for my payment?

But January 15th is when the rest of my money is due. When can I start paying it, and how much? Right now there is nothing to pay. I'm assuming McMaster or OSAP will notify me of my next stage of payment (when there actually is a value on 'Balance Forward'), right? I'm sorry, but I really don't get this.
Interest collects on all outstanding balances. If you owe McMaster money, you get charged interest on the last day of every month.

You can pay anytime, any amount, multiple times.

Payment agreement is a one time thing. You are responsible for everything after that.
__________________
Jeremy Han
McMaster Alumni - Honours Molecular Biology and Genetics
Pennsylvania College of Optometry at Salus University Third Year - Doctor of Optometry



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