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OSAP money not enough!!

 
Old 07-15-2009 at 10:06 PM   #1
tammy37
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OSAP money not enough!!
My tuition this year is about $6000 and OSAP is only giving me $4000 in September. Last year I had enough money to pay my tuition in full, but this year I'm very very broke. Anyways I was looking at the payment options and thinking maybe I should do the Installment Payment. This link:

http://www.mcmaster.ca/bms/student/p...ment_plans.pdf

said that interest is 14.4% per year. So if anyone has done the Installment Payment before can you please tell me how much you had to pay in interest on the January dealine? Also it says that if you don't pay by Sept. 1st you get charged $35. But I'm on OSAP would I still get charged?

Thank you in advance!!
Old 07-15-2009 at 10:09 PM   #2
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Quote:
Originally Posted by tammy37 View Post
My tuition this year is about $6000 and OSAP is only giving me $4000 in September. Last year I had enough money to pay my tuition in full, but this year I'm very very broke. Anyways I was looking at the payment options and thinking maybe I should do the Installment Payment. This link:

http://www.mcmaster.ca/bms/student/p...ment_plans.pdf

said that interest is 14.4% per year. So if anyone has done the Installment Payment before can you please tell me how much you had to pay in interest on the January dealine? Also it says that if you don't pay by Sept. 1st you get charged $35. But I'm on OSAP would I still get charged?

Thank you in advance!!
The 35$ refers to the first payment that you have to make. Interest is 1.2% per month, so that should be 4 months of interest. If you have 2000$ left to pay after your first instalment, it will be approximately 2100$ by January. (I calculated interest on the last day of each month, which I think is the way that the university calculates it).
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Old 07-15-2009 at 10:12 PM   #3
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Another good thing to do might be to contact the Student Financial Aid and Scholarships Office at 905 525 9140, ext. 24319. If you explain your situation you might be able to obtain more funding or find a plan that works best for you in your financial situation
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Old 07-15-2009 at 10:14 PM   #4
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Oh, I forgot to add. You can pay as many times as you want between September and January after the first payment of course. Remember, the faster you pay the less interest that will accumulate.
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Old 07-15-2009 at 10:17 PM   #5
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arghhh i hateeeee interest..........but thanks so much for the very quick responses!!
Old 07-15-2009 at 10:31 PM   #6
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Almost every year, I was unable to fully pay my tuition with my first OSAP payment (I then later realized that I was lied to at SFAS @: and because of a misunderstanding, I received 1500 less each year, than I should have. I guess now that I got through it, I should be thankful to have less debt, but I would have liked to eat once in a while xD)

Regardless of which installment plan you choose, you'll have some interest on your hands, yes. But, luckily it shouldn't be in excess of 200 dollars (I'm being liberal here, jhan provided a crude estimate above).

Just make sure you apply for a bursary when the time comes (October/November ish)...and if you get one, Mac pays the interest and gives you some pocket change on top (:

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Old 07-15-2009 at 10:33 PM   #7
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Quote:
Originally Posted by Mowicz View Post
Almost every year, I was unable to fully pay my tuition with my first OSAP payment (I then later realized that I was lied to at SFAS @: and because of a misunderstanding, I received 1500 less each year, than I should have. I guess now that I got through it, I should be thankful to have less debt, but I would have liked to eat once in a while xD)

Regardless of which installment plan you choose, you'll have some interest on your hands, yes. But, luckily it shouldn't be in excess of 200 dollars (I'm being liberal here, jhan provided a crude estimate above).

Just make sure you apply for a bursary when the time comes (October/November ish)...and if you get one, Mac pays the interest and gives you some pocket change on top (:
Yes, very true. The Bursary is awesome! Last year the lowest amount was 700$. I think you get one if you get OSAP. Not too sure about this though. But I think the bursary is given out in terms of financial aid.
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Old 07-15-2009 at 10:35 PM   #8
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Quote:
Originally Posted by jhan523 View Post
Yes, very true. The Bursary is awesome! Last year the lowest amount was 700$. I think you get one if you get OSAP. Not too sure about this though. But I think the bursary is given out in terms of financial aid.


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Old 07-15-2009 at 10:51 PM   #9
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Quote:
Originally Posted by jhan523 View Post
Yes, very true. The Bursary is awesome! Last year the lowest amount was 700$. I think you get one if you get OSAP. Not too sure about this though. But I think the bursary is given out in terms of financial aid.
Colour me dumb, but what is "the Bursary"?

Not the entrance scholarship, right?
Old 07-15-2009 at 10:54 PM   #10
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Quote:
Originally Posted by daisy View Post
Colour me dumb, but what is "the Bursary"?
Think of it as a christmas bonus. You apply for them once school begins (not sure the exact date you can start but I believe it's mid september), and then around January, if the school decides you are in need of financial aid, gives you a decent amount of money (Jeremy said he believed the minimum is $700).
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Old 07-15-2009 at 10:57 PM   #11
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Quote:
Originally Posted by PTGregD View Post
Think of it as a christmas bonus. You apply for them once school begins (not sure the exact date you can start but I believe it's mid september), and then around January, if the school decides you are in need of financial aid, gives you a decent amount of money (Jeremy said he believed the minimum is $700).
For last year it was 700$. I heard it's dropping every year though :S
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Old 07-15-2009 at 10:58 PM   #12
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Ooh, that bursary was sweet. I got 900, but I've heard of people getting 1000. Very nice. So apply early and forget about it! When it comes in, you feel like you got a huge present.

Sort of like when you forgot you put 20 bucks in your winter jacket, and find it six months later. <3
Old 07-15-2009 at 11:07 PM   #13
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I got 1000 three years in a row, and then 900 last year (which was the maximum)...the amount is definitely dropping, but can you argue with free money???

Even if it's 50 cents, I'll take it!

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Old 07-15-2009 at 11:44 PM   #14
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Quote:
Originally Posted by PTGregD View Post
Think of it as a christmas bonus. You apply for them once school begins (not sure the exact date you can start but I believe it's mid september), and then around January, if the school decides you are in need of financial aid, gives you a decent amount of money (Jeremy said he believed the minimum is $700).
Ooh! That's pretty different than other schools. Since usually you apply after you apply to univ to see how much you qualify for. That would explain why not much information was present on the website about that. Thanks Greg!
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Old 07-15-2009 at 11:50 PM   #15
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For this bursary, do you apply in mid september and recieve in it january? or is it a bursary you can get in both terms?



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