INTEREST - HOW IT WORKS AT McMASTER
Interest is charged at a rate of 1.2% per month (compounded to 14.4% annually) on any unpaid balance on the last day of each month. This rate is subject to change.
Where can I monitor interest charges?
Any interest that is charged to a student will appear on the student's online Account Statement.
Where can I find my online Account Statement?
All student account activity and balances are available 24/7, to every student by logging into their MUGSI (My MUGSI/Continue/Accounts and Cashiers/Account Statement). It's important to activate your MacID and password for this access. McMaster does not mail out "bills" or statements.
How to avoid interest charges?
1. Pay your tuition, residence & meal plan fees in full by the payment deadline date indicated on your Payment Agreement
2. Check your online Account Statement just before the end of every month and pay any balance owing in full
3. Financially plan ahead for the next session
How to minimize interest charges?
We understand that not everyone is able to pay all fees in full by the payment deadline date of each registered session, and that is why we offer our Flex Payment Plans. The Flex plans include required minimum payments with remaining payments organized as you are able throughout one or two (three for Graduate Students) terms.
1. Pay more than your chosen plan's minimum requirement no later than the payment deadline.
2. Make larger payments at the beginning of the term. Only the unpaid portion is subject to monthly interest charges.
3. Pay off your student account before the end date of the Flex Plan you chose
4. Check your Account Statement just before the end of every month and pay as much as you can toward the balance.
5. Consider approaching your bank for a student loan or student line-of-credit, as the interest rates may be lower
6. Plan ahead for the next session.
For new Fall/Winter students.
Anywhere between June and September you will register for your Fall and Winter courses. During this registration period, the Payment Agreement will calculate your tuition, residence and meal plan fees based your course selections, and allocations for residence and meal plan. These fees, while you can see them on your Payment Agreement, are not due to be paid until September 1. Therefore, interest on any unpaid portion will not begin until September 30, and continue every month afterward as long as a balance is carried.
It's the student's responsibility....
All students are responsible for the charges and balances on their own account, ensuring payments are received and satisfying payment deadline dates. We have found that it's the students who schedule regular times to view their online Account Statements that have the best success keeping their accounts in good standing. Viewing once a month would be a good start. Many students find it helps to engage their parents into the regular viewing process.
How parents can help?
Parents are a student's greatest asset...and we know that! Here are some helpful tips to guide your child toward keeping interest charges (and other miscellaneous charges) in control.
1. Review our Important Dates and Deadlines on our website to help with the planning process
2. Talk about the payment plans we offer, and discuss the one that works best for your family
3. Parents, discuss your and their financial expectations.
4. Discuss possible regular viewing of the Account Statement or when/if your child should provide you their financial information
5. Give them gentle nudges throughout the year to remind them to look at their Account Statement.
6. Help them plan ahead for the next session