On the osap site it says my osap has been processed. According to the site I get my first installment released Sept 6/12. But I thought that a portion of fees or all, have to be payed before Sept 1 for? So how am I supposed to pay with my osap?

I'm kind of confused with the payment options. Payment in Full vs OSAP Flex Plan. I'm going to explain each and can someone tell if I'm right.

For payment in full, 60% of your osap will be given to you, the rest you have to pay out of your pocket. This is the best way to reduce interest and any additional 35 fee. 40% of your osap will be given to you in January. Everything has to be payed before Sept 1? I don't get my osap till Sept 6/12.

For flex plan, 60% of your osap will be given to pay your initial deposit. The outstanding amount gains an interest of 1.2% at end of the month, and $35 fee will be charged as well. You get 40% of your osap in Janurary where you pay the outstanding amount. The disadvantage of this, is that you will end paying more than if you chose the payment in full option.

As well in my account statement, under the osap option, there is $0 listed.

So is my interpretation correct?

Originally Posted by Panda2016

On the osap site it says my osap has been processed. According to the site I get my first installment released Sept 6/12. But I thought that a portion of fees or all, have to be payed before Sept 1 for? So how am I supposed to pay with my osap?

I'm kind of confused with the payment options. Payment in Full vs OSAP Flex Plan. I'm going to explain each and can someone tell if I'm right.

For payment in full, 60% of your osap will be given to you, the rest you have to pay out of your pocket. This is the best way to reduce interest and any additional 35 fee. 40% of your osap will be given to you in January. Everything has to be payed before Sept 1? I don't get my osap till Sept 6/12.

For flex plan, 60% of your osap will be given to pay your initial deposit. The outstanding amount gains an interest of 1.2% at end of the month, and $35 fee will be charged as well. You get 40% of your osap in Janurary where you pay the outstanding amount. The disadvantage of this, is that you will end paying more than if you chose the payment in full option.

As well in my account statement, under the osap option, there is $0 listed.

So is my interpretation correct?

There should be an option on your payment agreement to use OSAP to pay for your tuition. If not, then it still has to process (McMaster has to receive a notice from OSAP which includes the amount of your entitlement).

Your explanation of the different payment plans is right. You should also know that for any payment plan you can pay more than what they say. So for the OSAP flex plan, you can make payments between September and January in order to minimize the amount of interest that will accumulate. You should choose the payment plan which is best for your financial situation. If your financial situation allows you to pay in full, then that would be the best option. Financial Advisors are available at SFAS if you need to speak with one. sfas.mcmaster.ca

Originally Posted by jhan523

So for the OSAP flex plan, you can make payments between September and January in order to minimize the amount of interest that will accumulate. You should choose the payment plan which is best for your financial situation. If your financial situation allows you to pay in full, then that would be the best option.

So I was just reading this thread, and forgive me, but I am still utterly confused.
So for "Payment in Full", OSAP will be paying about 60% of it, and *I* will have to pay the rest by September 30th, 2012?
then OSAP will give the rest by January 2013?

I have submitted my online OSAP application just about a week ago, and will be mailing in my declaration/signature pages (as well as MFSAA) this coming weekend.....so, what if OSAP won't be able to release my funding by Sept. 30th? :/

Also,
if I don't want to pay anything huge yet between September 1st-30th, will it be better then if I just choose the "Flex Plan - OSAP" option, even if interests would accumulate over-time?

Thanks in advance.

Originally Posted by hogwarts

So I was just reading this thread, and forgive me, but I am still utterly confused.
So for "Payment in Full", OSAP will be paying about 60% of it, and *I* will have to pay the rest by September 30th, 2012?
then OSAP will give the rest by January 2013?

I have submitted my online OSAP application just about a week ago, and will be mailing in my declaration/signature pages (as well as MFSAA) this coming weekend.....so, what if OSAP won't be able to release my funding by Sept. 30th? :/

Also,
if I don't want to pay anything huge yet between September 1st-30th, will it be better then if I just choose the "Flex Plan - OSAP" option, even if interests would accumulate over-time?

Thanks in advance.

I'm pretty sure the deadline for payment in full is Sept 1st. But yes, the 40% of OSAP will go to your bank account in January.

Then you will have to pay your tuition and your OSAP will go to your bank.

Yes, if your financial situation does not allow you to pay in full then don't. It is better to pay interest through the school and be able to pay for rent/food/books. Alternatively you could look into getting a student line of credit. Not sure how much interest there is on it but I would be surprised if it's higher than what the school is charging (14.4% annual).

Financial advisors are available for counseling. Personally I would talk to one to find out what your best options are.

Originally Posted by jhan523

It is better to pay interest through the school and be able to pay for rent/food/books.

Thank you very much!
I just got to talk to someone from the Financial Aid office yesterday too!

I will have to inquire them about something again,
but since I'm here right now on this forum,
I might as well try asking just a few more questions...

I don't know if my questions sound dumb but:

1. If I am doing OSAP Flex Plan, the interest that accumulated won't be a part of what OSAP will be forwarding to the school (in January), will it be?

2. Also, that interest: it's completely different from what we have to pay OSAP (not the school) back, right? Cause from what I know, OSAP interests start accumulating about 6 months after we graduate?

Thanks in advance!

Originally Posted by hogwarts

Thank you very much!
I just got to talk to someone from the Financial Aid office yesterday too!

I will have to inquire them about something again,
but since I'm here right now on this forum,
I might as well try asking just a few more questions...

I don't know if my questions sound dumb but:

1. If I am doing OSAP Flex Plan, the interest that accumulated won't be a part of what OSAP will be forwarding to the school (in January), will it be?

2. Also, that interest: it's completely different from what we have to pay OSAP (not the school) back, right? Cause from what I know, OSAP interests start accumulating about 6 months after we graduate?

Thanks in advance!

1. In the past OSAP would forward as much money as you owe the school, so it would also include any interest accumulated on your McMaster Student Account. Then the rest (if any) would be sent to your bank account. With the changes in OSAP pick-up, it may have changed though. Maybe all your OSAP will be forwarded to McMaster and McMaster would send you any excess amount. I doubt it will change, but it's something to ask SFAS if it concerns you.

2. Yes, the interest that accumulates is on any outstanding balance owed to McMaster (Not OSAP) at the end of every month (so 1.2% per month).

Edit: I guess I should also say that interest on OSAP starts the day after your graduate but you have a 6 month grace period where you don't have to make monthly payments. It's to allow students time to look for jobs and whatnot.