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FUNDING OPTION - OSAP

 

OSAP is a governmentally funded program to help supplement tuition and other fees. OSAP, as a funding option, is available to those who apply and are granted eligibility by the sessional deadline dates.

 

In order to be eligible for OSAP funding by the start of your term, you are required to complete an online OSAP application, and submit all required supporting documentation as early as possible, but before July 15h (for Fall/Winter session) and by April 1 (for Spring/Summer session). For more information on how to apply, please visit the Financial Aid and Scholarship website or the National Student Loan Services website.

 

NEW FOR 2013: For students who have completed an OSAP application and who have been notified of their eligibility, funds will be directly deposited into your personal bank account provided with the OSAP application. Funds will NOT be sent directly to your McMaster Student Account on their behalf (as in years past).

 

TIP:

For most OSAP recipients who are registered in a full 8-month program, OSAP is released in two portions. Approximately 60% of the entitled funding is released in September, and the balance (approx. 40%) is released in January. To keep payment plan fees and interest charges at a minimum, OSAP students should aim to pay 60% or more of their Total Net Fees by September 30, and the balance before January 15, to correspond with the release of funding. See Payment Plans below.

 

 

What Payment Plan should I pick on the Payment Agreement?

 

Fall/Winter session

 

Option 1: PAY IN FULL - to avoid interest charges and administration fees related to tuition, residence and meal plans. Payments must be made in full no later than September 1 (extention to September 30th for OSAP recipients)

 

Option 2: OSAP FLEX PLAN - this plan includes regular monthly interest charges and payment plan fees. A minimum payment will be required as calculated on the Payment Agreement (approximately 60% of the Total Net Fees) no later than September 30. The balance of tuition, residence and meal plan fees are required no later than January 15.

 

 

Spring/Summer session

 

Option 1: PAY IN FULL - to avoid interest charges and administration fees related to tuition, residence and meal plans. Payments must be made in full no later than May 1 (extention to May 15th for OSAP recipients)

 

Option 2: FLEX PLAN /OSAP FLEX PLAN - this plan includes regular monthly interest charges and payment plan fees. A minimum payment will be required as calculated on the Payment Agreement (approximately 60% of the Total Net Fees) no later than May 15. The balance of tuition, residence and meal plan fees are required no later than the last day of classes.

 

 

OSAP is administrated through the Student Financial Aid and Scholarship Office. For more information about OSAP, please contact the Student Financial Aid and Scholarship office at http://sfas.mcmaster.ca/