Your student account is an account created specifically for you. You can access your student account 24/7 by going through MUGSI (MUGSI / My Student Accounts and Cashiers / Account Statement). In it, all financial activity and balances pertaining to you as a student can, and should be, reviewed and monitored regularly. Please read the section below on debits and credits. It's a student's responsibility to be aware of all financial activity in their account as well as any follow up that may be required. Because of that, we strongly recommend that you review your Account Statement as often as once per month, and more during peak activity times (beginning and end of study terms).
The Student Account Video walks you through the Account Statement to help you become familiar how to navigate through it. Many improvements have been made to the Account Statement since the video was created, but fundamentally, it's still a good tool.
NEW THIS YEAR (not in the video), we have brought forward the balance owing from the Payment Agreement and we have added the ability to make immediate payments directly from the Account Statement through INTERAC Online (Canadian students) and through Travelex (International students). We encourage you to use these two methods of payment.
The following is detailed information based on questions we hear the most:
Statements online only
In keeping with McMaster's direction to respect the environment, Statements of Account are no longer mailed out. All student account balances and activity can/should be viewed 24/7 by the student through MUGSI (as mentioned above). TIP: If your parents are involved in making payments toward your account, this Account Statement may be of interest to them. They will not be able to access it without your help, so it may help to make arrangements with them for regular updates.
Debits vs. Credits
Your Account Statement will be a series of "debits" and "credits" to reflect all activity through the month.
Debits are CHARGES to your account - tuition, residence, meal plan, fines, bookstore charges and interest. These will show up as a POSTIVE number in the online Account Statement.
Credits are PAYMENTS to your account - payments made by you, scholarships, OSAP and bursaries. These will show up as a NEGATIVE number on your online statement.
You will have the ability to go as far back as to the beginning of the session to see all accumulated activity for the entire year.
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, starting in September.
All payment plans that are NOT Payment in Full will involve interest charges. Please review our Payment Plans for further details.
When fees charge
After you complete the Payment Agreement and become fully registered, the Payment Agreement will no longer serve as an indicator of your fees. The balance owing from the Payment Agreement will be brought forward and calculated on the Account Statement. Only the Account Statement will be needed from here on during the session. Shortly after the last day to add courses, the Payment Agreement balance will no longer be listed separately, but will appear as regular activity on the Account Statement.
Keep in mind that if you add or drop any courses after the last day to add courses, your fees will be reassessed and show on your Account Statement within a couple of days. Please see Cancellation Schedule for more details.