PAYMENT PLANS
In order to complete your online Payment Agreement, you will be asked to select a Payment Plan. Below is a complete listing of all the plans we offer. Only the plans you are eligible for will be listed on your Payment Agreement. Our Flex Plans are designed to be more flexible than ever to better meet the financial abilities of all students.
PAYMENT IN FULL
Who is this plan for?
This plan if for any student who is prepared to pay all tuition, supplementary, residence and meal plan fees in full by the Payment Deadline Date for their registered session and who wishes to avoid interest charges and any Per-Term Payment Plan fees.
How does this plan work?
1. Select "Pay in Full" as a Payment Plan on the Payment Agreement. - Don't forget to click "CONFIRM"!
2. Pay all tuition and mandatory supplementary fees, residence and meal plan fees as calculated on your last confirmed Payment Agreement in full no later than the Payment Deadline Date for your session (i.e. Payment Deadline Date for Fall/Winter session is September 1).
3. Pay in full any Tuition and Supplementary fees for any courses added after the payment deadline date immediately upon registration.
If these requirements are met:
No interest will be charged on these tuition and supplementary fees.
You will NOT be subject to the $35 Per-Term Flex Plan Fee
A quick note about INTEREST...
Interest is only charged if there is an unpaid balance on the last day of any month. Since tuition and mandatory supplementary fees are only charged to your student account after the last day to register for any session, if any balance remains on the last day of that month, or any future months, interest will be charged monthly on that balance until paid in full.
Example:
Students may register in June for courses starting in September. The Payment Agreement will calculate tuition and supplementary fees for the upcoming Fall/Winter session, but the fees are not due until September 1, when they are due in full. The student's account only be charged the fees after the last day to register, which is usually mid-September. Interest will be charged on any balance left unpaid starting the end of September, and every month thereafter, until all balances owing are paid in full.
Interest is charged at an annual rate of 14.4% (1.2% per month, subject to change). A full month’s interest is calculated on any unpaid balance on the last day of each month.
FLEX PAYMENT PLANS
TIP
For ALL FLEX PLANS below, paying more than the required amount by September 1st (January 1 – for students in winter term only) and not waiting until the end of the term to pay off the balance will decrease your interest charges, and help minimize administration fees.
FLEX PLAN - OSAP
TIP
There have been significant changes in the OSAP application and distribution of funding. Please consult the Student Financial Aid and Scholarship website to be better informed of your responsibilities.
IMPORTANT NOTE - OSAP Recipients
All OSAP funding will be paid directly to you via your personal bank account (as provided with the OSAP application). OSAP funding is no longer remitted to your McMaster student account on your behalf. You are responsible for making your own payments to your McMaster student account on or before the payment deadline dates.
Who is this plan for?
This plan is for students who have completed their OSAP application early and who intend to use OSAP funding as a payment toward tuition, supplementary, residence and meal plan fees.
How does this plan work?
1. Select "FLEX PLAN - OSAP" as your Payment Plan on your Payment Agreement. Don't forget to click "CONFIRM"!
2. Click "Preview". Your Payment Agreement will calculate 60% of your total fees for the year as the "minimum required". Your minimum required is due to be paid to your McMaster student account by September 1.
- If your September release of OSAP is enough to cover your 60% minimum required, once you receive your OSAP (in your personal bank account) you must then make that payment to your student account at McMaster.
- If your September release of OSAP is NOT enough to cover the 60% minimum required, pay the amount provided by OSAP to your student account at McMaster as soon as you receive it. The amount not covered by OSAP is your responsibility. You will have to arrange payment out of your pocket to meet the 60% minimum required. This portion of the 60% minimum required is due by September 1.
3. The first per-term $35 Flex Plan Fee will be automatically assessed to your student account.
4. Click the "Confirm" button to save your changes and complete your registration.
5. The remaining 40% of your fees are due by January 15.
6. If the January 15th payment deadline date is not met, the second $35.00 Per-Term Flex Plan Fee will be assessed to your Student Account.
NOTES:
1. We understand that release dates of OSAP funding may not correspond with our September 1 payment deadline date, so OSAP students will need to ensure payments are made before September 15.
2. Once your 60% minimum required has been paid by you to your student account at McMaster, if you still have OSAP money leftover or you have savings available, we strongly encourage you to pay as much as you can toward your total fees for the year. This will minimize monthly interest charges on the remaining balance owing (40%) and avoid any additional per-term Flex Payment Plan Fees. The balance of your fees can be paid anytime between September 1 and January 15.
4. OSAP is traditionally paid out at ~60% of your total yearly entitlement in September and the remaining ~40% in January.
TIP
For ALL FLEX PLANS below, paying more than the required amount by September 1st (January 1 – for students in winter term only) and not waiting until the end of the term to pay off the balance will decrease your interest charges, and help minimize administration fees.
FLEX PLAN – 1 TERM - (paying in full over 1 term)
Who is this plan for?
This plan is for undergraduate students registered in 1 term only, MBA students or for graduate students who cannot manage to pay in full upon registration, but wish to limit the amount of interest and Flex Plan Fees charged to their Student Account.
How does this plan work?
1. Select Flex Plan - 1 Term, as a Payment Plan on your Payment Agreement. Don't forget to click "CONFIRM"!
2. A minimum required payment of 50% of your Tuition, Residence and Meal Plan fees (including the per-term $35 Flex Plan Fee) is required no later than the Payment Deadline Date. Click "Preview on your Payment Agreement for these calculations.
3. The remaining 50% of your fees can be paid at any time during your registered term, but must be paid in full before the end of the session. This remaining 50% is subject to monthly interest charges.
4. The per-term $35 Flex Plan Fee (charged once per-term, only if you carry a balance) will be automatically assessed to your student account.
5. You are responsible for regularly reviewing your Account Statement to ensure all payments have been received and that all payment scheduled are being followed.
Once the minimum required amount is paid, interest is charged monthly on the balance remaining (please see “Interest” above).
The remaining 50% can be paid anytime between September 2 and December15. Balance of tuition, residence and meal plan fees in full are due no later than December 15 (March 15 for students in winter term only).
For students registered in 1 term only (or MBA students): Accounts not paid in full by December 15 (or March 15/ July 15 for MBA students) will be assessed a $35 Late Payment Fee and will be blocked from accessing grades, transcripts or registering further.
For students registered in more than 1 academic term: Accounts not paid in full by December 15 will automatically be charged the second per-term $35 Flex Plan Fee for continuing payments into the second term (as per Flex Plan – 2 Term below).
FLEX PLAN – 2 TERM
Who is this plan for?
This plan is for undergraduate students who are registered over the full academic year, all Graduate students but not for MBA students. This plan can be used by students who want the flexibility to spread payments out over September to March.
How does the plan work?
1. Select Flex Plan - 2 Term, as a Payment Plan on your Payment Agreement. Don't forget to click "CONFIRM"!
2. A minimum required payment of 25% of your Tuition, Residence and Meal Plan fees (including the per-term $35 Flex Plan Fee) is required no later than the Payment Deadline Date. Click "Preview on your Payment Agreement for these calculations.
3. The remaining 75% of your fees can be paid at any time during your registered session, but must be paid in full before the end of the session. This remaining 75% is subject to monthly interest charges (please see “Interest” above).
4. The per-term $35 Flex Plan Fee will be automatically charged to your student account once in October AND once in February (as long as you carry a balance).
5. You are responsible for regularly reviewing your Account Statement to ensure all payments have been received and that all payment scheduled are being followed.
The remaining 75% can be paid anytime between September 2 and March 15. Balance of tuition, residence and meal plan fees in full are due no later than March 15.
For students registered in both terms : Accounts not paid in full by March 15 will be assessed a $35 Late Payment Fee and will be blocked from accessing grades, transcripts or registering further.
For students registered in more than 2 academic terms (Graduate Students): Accounts not paid in full by March 15 will automatically be charged the third per-term $35 Flex Plan Fee for continuing payments into the third term (as per Flex Plan – 3 Term below).
ARRANGEMENT WITH A SERVICE REPRESENTATIVE
If after reading through all of our payment plans you still need more help and information about paying your account through the session, our financial counsellors can help.
Selecting “Arrangement with Counsellor” as a Payment Plan on your Payment Agreement WILL NOT grant automatic financial approval and you will be required to visit a financial counsellor prior to September 1 to complete your registration.
Based on the financial requirements of the student, requirements are weighed against the financial risk to the University and deferred plans are at the discretion of the counsellor. A $35.00 Deferment Fee may apply. Interest charges apply.
Financial counselors are available on a drop-in basis. Please see our Hours of Operation to avoid disappointment or long waits.
FLEX PLAN - 3 TERM - Graduate Students only
Who is this plan for?
This plan is for Graduate Students only, who are registered over the full year. This plan can be used by Graduate students who want the flexibility to spread payments out over September to July.
How does the plan work?
1. Select Flex Plan - 3 Term, as a Payment Plan on your Payment Agreement. Don't forget to click "CONFIRM"!
2. A minimum required payment of 20% of your Tuition, Residence and Meal Plan fees (including the per-term $35 Flex Plan Fee) is required no later than the Payment Deadline Date. Click "Preview on your Payment Agreement for these calculations.
3. The remaining 80% of your fees can be paid at any time during your registered session, but must be paid in full before the end of the session. This remaining 80% is subject to monthly interest charges (please see “Interest” above).
4. The per-term $35 Flex Plan Fee will be charged in October, February and again in June (as long as you carry a balance) will be automatically assessed to your student account.
5. Students are responsible for regularly reviewing their Account Statement on MUGSI to ensure all payments are being received and all schedules according to the Payment Agreement are being followed.
The remaining 80% can be paid anytime between September 2 and July 15. Balance of tuition, residence and meal plan fees in full are due no later than July 15.
Accounts not paid in full by July 15 will be assessed a $35 Late Payment Fee and will be blocked from accessing grades, transcripts or registering further.
OVERTIME PAYMENT PLAN (Graduate Students only)
Who is this plan for?
This plan is for Graduate Students only, who are registered as Masters in Term 7 or above / PhD in Term 13 or above.
How does the plan work?
1. Select Overtime Payment Plan, as a Payment Plan on your Payment Agreement. Don't forget to click "CONFIRM"!
2. Students MUST make 2 separate payments, BOTH are due no later than SEPTEMBER 1. First, the initial payment in the amount of the first term tuition fees (or two terms if you become overtime in May) plus all incidental fees. Second, a post-dated payment, dated for January 15 (May 15 if your become over time in May) in the amount of the remaining terms.
3. Student Account office must receive both payments at the time of registration to complete the financial part of your registration. Graduate students who do not provide BOTH payments by September 1 will remain "not fully registered" and will be subject to late registration fees.
4. The post-dated January 15th (May 15th) cheque will not be cashed if you are “clear to graduate” by December 31st (April 30th) To view the payment schedule, messages and terms for this plan, choose “Overtime Payment Plan” on the Payment Agreement and click the “Preview” button.
5. Grad students are responsible for following through by regularly reviewing their Student Account Statement on MUGSI to ensure all payments have gone through as per the payment agreement schedule.
PAYROLL DEDUCTION
Who is this plan for?
This plan is for Graduate Students only, who are receiving monthly funding and would like to have their tuition, incidental, residence and meal plans deducted from their monthly pay.
How does the plan work?
1. Select Payroll Deduction as Payment Plan your Payment Agreement. Don't forget to click "CONFIRM"!
2. Deduction is an automatic monthly deduction made from the Graduate student's McMaster paycheck and put directly into the student's account to go toward tuition and incidental fees. To view the payment schedule, messages, and terms for this plan, choose “Payroll Deduction” and click the “Preview” button.
3. Grad Students should verify their Account Statement on MUGSI monthly as well as review pay stubs to ensure all tuition is being covered as scheduled.