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Interest - How it works at McMaster


Interest is charged at a rate of 1.2% per month (compounded to 14.4% annually) on any past-due balance on 2nd to last business day of each month. This rate is subject to change.


Where can I monitor interest charges?


Access your student account 24/7 thorugh MOSAIC > Student Center > Student Financials > Finances > Account Inquiry/Charges Due/View All


Where can I find my online account?


All student account activity and balances are available 24/7, to every student by logging into MOSAIC/student center/finances/account inquiry.  McMaster does not mail out bills or statements.


How to avoid/minimize interest charges?

1. Pay your tuition, residence & meal plan fees in full prior to the payment deadline date indicated on your MOSAIC/student center/finances.
2. Check your online Account Inquiry just before the end of every month and pay any balance owing in full no later than the 24th to ensure payment arrives before the day interest is charged (online payments can take 2-5 business days to arrive in the student account). Some non-tuition charges may be assessed to your student account throughout the year, i.e. late fees, bookstore purchases, library fines, etc.
3. Financially plan ahead for the next term.

4. Consider approaching your bank for a student loan or student line-of-credit, as the interest rates may be lower.


For new Fall/Winter students.


Anywhere between June and September, by enrollment appointment, you will enroll for your Fall and Winter terms. During this enrollment period, you will see your tuition, residence, and meal plan charges appear immediatly on your student account, well in advance of the payment deadline.


Adding courses mid-term:


If you add a course in MOSAIC, you will be given a due date for the associated fees depending on the term. If you want to avoid interest charges, you should plan to pay in full before the second-to-last business day of the same month.


It's the student's responsibility....


All students are responsible reviewing their account regularly to ensure all charges are as expected, all payments have been received and all balance are paid by the payment deadlines. We have found that it's the students who schedule regular times to view their online account that have the best success keeping their account 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 to help with the planning process.

2. Talk about how you intend to meet the deadline dates and what works best for your family.

3. Discuss everyone's financial expectations

4. Discuss possible regular viewing of the account 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.

6. Help them plan ahead for the next term.