August 9, 2013 - McMaster University

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Welcome to
Finances Matter!
Welcome Day
August 9, 2013
Presented by:
Office of Student Financial Aid & Scholarships (SFAS)
Student Accounts & Cashiers (SAC)
What do I need to do between today and September to prepare for University?
Office of Student Financial Aid &
Scholarships (SFAS)
Gilmour Hall, Room 120
(905) 525-9140 ext. 24319
Online at
http://sfas.mcmaster.ca
What do I need to do between today and September to prepare for University?
FIPPA: Freedom of Information
and Protection of Privacy Act
Respecting your privacy and your personal information is a priority for us.
McMaster University’s management of personal information is governed and
bound by the Freedom of Information and Protection of Privacy Act (FIPPA)
What does this mean to ME?
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You will be asked for student id when picking up documentation or requesting
information
You will need your social insurance card, government photo id and student id
to attend a counseling session or request any OSAP information
A third party is not privileged to any student’s personal information. Consent
to release OSAP information to a parent, spouse or friend can be arranged by
the student via the OSAP application
Third parties are welcome to attend counseling at the student’s request. The
student will be called in for the counselling session to get consent prior to the
group session
Students should look up and share information with their parents using
MUGSI, the OSAP website and SOLAR.
What do I need to do between today and September to prepare for University?
Office of Student Financial Aid &
Scholarships
We are more than the OSAP office! Visit us for:
•
•
•
•
•
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Federal & Provincial Student Aid Programs (e.g. OSAP, OTG)
Entrance, In-course & External Scholarship Programs
University Bursary Programs
Work Programs
Confidential Counselling
Budgeting Strategies & Tips
GET TO KNOW US… WE’RE HERE TO HELP !
The OSAP Process
THE APPLICATION
 APPLY: Submit a completed 2013-2014 OSAP application online
at https://osap.gov.on.ca
 SIGNATURE PAGES: Submit signature pages and supporting
documentation to the Office of Student Financial Aid &
Scholarships
 MSFAA: Take your Master Student Financial Assistance
Agreement (MSFAA) to a designated Canada Post outlet. Don’t
forget your ID and banking information
 PAYMENT AGREEMENT: Confirm your payment agreement and
become fully registered
 OSAP STATUS: Check your OSAP status regularly at
https://osap.gov.on.ca
 APP CHANGES: Make any necessary changes to your OSAP
application (course load, income etc.)
The OSAP Process
YOUR FUNDING
 CHECK EMAIL: At the beginning of each term, check your OSAP
email account for notification that McMaster has confirmed your
enrolment and when to expect an installment of OSAP funding
 BANK ACCOUNT: Check your personal bank account for the
deposit(s) of funding from the provincial and/or federal
government for the fall term
 PAYMENT: Make a payment to McMaster University by Sept 15
 INCOME UPDATE: Complete the Income Update online in
November
 BANK ACCOUNT: In January, check your personal bank account
for the deposit(s) of funding from the provincial and/or federal
government for the winter term
 PAYMENT: Pay the remaining balance on the McMaster student
account before January 15
30% OFF ONTARIO TUITION GRANT
Beginning in fall 2013, for two terms, the grant pays:
o $1,730 a year for students in a degree program at a college or university
You are eligible if:
o you are a Canadian citizen, a permanent resident or a protected person; and,
o you are an Ontario resident; and,
o you are a full-time student at a public college or university in Ontario; and,
o you are in a first-entry program (a program you applied to and entered directly from high school); and,
o it’s been less than four years since you left high school ; and,
o your parents’ gross income is $160,000 or less.
o APPLY BY THE DEADLINE – MARCH 1, 2014 & Supporting documentation by MARCH 31, 2014
You’re automatically considered if you have a fully complete 2013-2014 OSAP application.
Students who are not applying for OSAP can apply for the Ontario Tuition Grant (OTG) ONLY at
http://www.ontario.ca/30off.
Find out more information about OTG at http://www.ontario.ca/30off.
What do I need to do between today and September to prepare for University?
As You Begin University …
TIP #1:
When It’s Not Enough!
Funding too low? If you don’t think you have enough money and did not
receive the maximum OSAP assessment, drop in to see a Financial Aid
Counsellor to review your OSAP application and investigate if there are
appeals available to you.
TIP #2:
Programs for Students with Permanent
Disabilities
Contact Student Accessibility Services or a Student Loans Officer in
SFAS for details on programs available to students with permanent
disabilities.
As You Begin University …
TIP #3
REPORT OSAP CHANGES
o You must report any changes in status to SFAS in order to maintain your eligibility for
loans, bursaries, scholarships and work programs
o Report changes using McMaster’s OSAP Change Request form, found under Facts &
Forms on the SFAS website
For example,
Change in Personal Income
Parental Earnings
Marital Status
Address Change
Drop/add courses
Program changes
Withdrawal from school
etc.
As You Begin University …
Tip #4: We Want to See You!
o Don’t be shy! Get to know us …
Our knowledgeable and friendly staff will be happy to help you with your financial
questions and issues.
Carol
Ricki
Isabella
Nancy
Undergraduate Entrance
Scholarships
Did You Know …?
• Your award can be seen on MUGSI under “Financial Aid & Scholarships”.
Once paid to your student account, it is available as a payment option on
your Payment Agreement. You can return to your PA and apply your
scholarship towards your tuition and fees by choosing your McMaster
Scholarship as a funding option and clicking “CONFIRM”.
• In order to retain your award, you must remain registered as a full-time
student (minimum 24 units).
• A transcript notation of your achievement will be available in February.
What do I need to do between today and September to prepare for University?
Undergraduate Entrance
Scholarships …
If you have any questions about your
entrance award or should you require
written notice about your award, please
contact [email protected]
The Mystery Behind Bursaries …
Mystery #1: What is a Bursary?
A bursary is funding for students who demonstrate FINANCIAL NEED; it is not a loan
and does not require repayment.
Mystery #2: Where Do Bursaries Come From?
Bursary funding is made possible through institutional funding
and generous donors to McMaster. If you receive a donor
bursary, PLEASE write a thank you note to the donor and we will
deliver it for you; they love to hear from the students they
support.
The Mystery Behind Bursaries …
Mystery #3: How Do I Qualify and Where Do I Apply?
o To be considered, you must have applied to a Federal or Provincial Student Aid Program
such as OSAP or otherwise demonstrate significant financial need. Applications are
available on-line through MUGSI; please check our website for application dates and
deadlines at http://sfas.mcmaster.ca. You may receive only one McMaster bursary per
academic year.
Work Programs and YOU …
Work Programs …
•
Provide a way to supplement your income while
you are studying – 10 hours per week on
campus
•
Allow for flexible scheduling in order to make
your academics your first priority
•
Are located where you are - on campus
•
Present you with the opportunity to build a
relationship with your University
•
Offer you the ability to develop work-related skills
and habits possibly in your area of study
•
Look great on your resume
Work Programs and YOU …
•
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An application is just a click away. Apply on-line
through MUGSI starting August 1st for fall/winter
work-study and March 1st for summer work
In order to qualify for fall/winter work-study, you
must have applied to a federal or provincial student
aid program such as OSAP or otherwise
demonstrate significant financial need
•
Jobs are posted regularly on-line at
https://www.oscarplus.mcmaster.ca
•
Opportunities include (but are not limited to):
o Research Assistant
o Daycare Assistant
o Library Support
o Website Assistant
o Administrative Assistant
o Media Library Clerk
o Personal Trainer/Fitness Leader
o Grounds Keeper
Be A Budget Builder!
•
Budgeting is about understanding how much you earn; how much you spend (on what!); and
the difference between your income and expenses.
•
Use our interactive budget worksheet “BUDGET BUILDER” or play our on-line budgeting game
“BUDGET BONANZA” to see if you are a financial survivor!
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Avoid Financial Stress! Use your budget as a spending plan and take control of your finances.
What do I need to do between today and September to prepare for University?
Preparing A Budget
• Know and understand the resources you have and the expenses
you will have to pay
• Plan ahead! Sit down with your parents and develop a REALISTIC
budget BEFORE school starts
• Stick to your budget carefully so that you can make it through the
year; don’t forget about the December holidays and February
Reading Week!
• Keep track of bills and pay ALL bills on time!
• If expenses are greater than resources, you must figure out how you
are going make up the difference (ie. work more or spend less).
This may mean revisiting your budget plan and making adjustments.
• Avoid purchasing on credit
What do I need to do between today and September to prepare for University?
The Cost of Paying With CREDIT
With the accumulated interest over the standard 10 year
amortization…
IF YOU USE YOUR OSAP TO BUY
YOU ARE ACTUALLY PAYING (approx.)
…a $2 Coffee
$ 3.07
…a $20 CD
$ 30.75
…a $10 Pizza
$ 15.37
…a $50 Dinner
$ 76.87
…a $100 Cell Phone Bill
$153.74
…a $500 Laptop or Tablet
$ 768.70
…a $1000 Reading Week Trip
$1537.40
Cost Saving Tips
• Comparison shop to get the best deal for your dollar
(e.g. shop around for the best cell phone plan)
• Clip coupons
• Take advantage of student discounts
• Make your daily coffee or tea at home
• Carry a reusable water container and drink tap water
• Find clubs and engage in activities that are fun
without cost (e.g. organize a walk/run/hiking group
and simply enjoy the outdoors)
Student Accounts & Cashiers (SAC)
Gilmour Hall, Room 209
Phone:(905) 525-9140 ext. 24478
Fax: 905-527-3615
Email: [email protected]
Website: http://www.mcmaster.ca/bms/student
•Tuition Fees
•Payment Agreement
•Account Statement
•Dates and Deadlines
•Payment Plans
•Minimizing Costs
•Newsletters
•Parent’s Page
•FIPPA (Privacy Act)
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
• Parents are your best asset
• Parents can help you make decisions
• Important:
o
o
o
o
Open discussions early
Plan ahead financially
Talk about each other’s expectations
Complete all processes early
• Still time to negotiate details
Your student account is your responsibility – you
are in the lead!
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
After selecting courses on SOLAR and completing the Payment Agreement
Costs:
Tuition & Supplementary Fees
Residence
Meal Plan
$7,500
$5,500
$3,000
Books (estimate)
Supplies (estimate)
Entertainment ($75/month)
$ 900
$ 400
$ 600
Sample amounts
TOTAL: $ 17,900
STUDENT # 1 = HEALTHY PLAN
STUDENT # 2 = POOR PLAN
OSAP (applied early) – September 60% $6,000
- December 40%
$4,000
Entrance Scholarship
$ 750
RESP (form submitted)
$2,000
Parent Contribution
$3,000
Summer job (banked)
$1,000
Unaccounted $ 550
OSAP is supposed to cover all of it
My folks are going to pay for it. I have no money.
I’ll find a job during the school year
I’ll figure it out later. I have a right to an education
Plan: Working weekends during Fall/Winter
Nothing is really accounted for
Leads to stress and anxiety during study period
Student Accounts & Cashiers
PAYMENT AGREEMENT
• Online registration tool used ONLY during the registration period
• Promissory Note
• Calculates your fees based on status, program / course selection,
Residence, Meal Plan, Scholarships & Funding Options
• Mandatory = click CONFIRM= to complete your registration
• Confirmation activates other automated processes like:
•
•
•
becoming a fully registered student
receiving your confirmation package and validation sticker,
accessing your online timetable
• Payment Schedule & Message Section - outline important actions,
deadline dates
• Revisions can be made as necessary up to September 1
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
STUDENT
ACCOUNT
STATEMENT
As soon as you
have a student
ID#, a student
“account” is
created for you.
Typical
Charges
Typical
Credits
Tuition
Personal
payments
Supplementar Scholarships
y Fees
Residence
account in good standing.
Meal Plan
Bursaries
RESP
Log on through MUGSI. We recommend reviewing monthly to keep your
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
STUDENT ACCOUNT STATEMENT
•
ACCESS: through MUGSI
(My MUGSI ► Continue ► Accounts & Cashiers ► Account Statement)
Activate your MacID and Password.
•
FREQUENCY: The more frequent you review, the easier it will be to stay in good
financial shape. We strongly recommend monthly . It’s important to remember, if
you are not checking in frequently, nobody is.
•
WILL I GET A “BILL” IN THE MAIL? No. Your account is available 24/7 through
MUGSI. Only you have access by logging on.
•
WHAT TO CHECK FOR: All payments have been received. All charges are as you
expected. Charges added since your last review. Any balance owing.
If you see something that doesn’t look right, following up with questions at
the time is much easier than trying to fix it
8 months later.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
FIPPA (Freedom of Information Privacy Protection Act)
Parents: this means that only your child has access to all personal
information including the student Account Statement. We are happy
to provide you with general process information, but to get personal
information, you must access through your child.
Students: this means that parents will be asking you for details and
balance information. Since we cannot provide them with specific
details, help them help you.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
MAKING PAYMENTS: Make all payments ONLINE! – Don’t stand
in line!
Paying from a
bank account?
•
Online/Telephone Banking
1. Log on to your bank’s website/call centre
2. Add McMaster University as a “Bill” to pay
3. Enter your 7-digit student ID # as the requested “account” number
4. Payments may take up to 5 business days to show in your Account
Statement.
•
INTERAC Online
1. From your Payment Agreement / Account Statement, click
2. Participating banks for this service are:
PAY NOW
NOTE: The new VISADebit client cards will not work with this service
McMaster’s preferred Methods of Payment are listed above. Students who pay by any
other method, or through any other 3rd party, do so at their own risk. McMaster
will not be held responsible for any subsequent loss to the student.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
MAKING PAYMENTS: Make all payments ONLINE! – Don’t stand in
line!
Paying from an
bank account?
•
Western Union
1. From your Payment Agreement / Account Statement, click
2. Pay in the currency of your choice
3. 72 hour guaranteed exchange rate
4. 1-3 days once payment is initiated
•
International Wire Transfer
1. Please review “Payment Methods” on our website for appropriate form
2.
Wires should be arranged 2-5 weeks prior to payment deadline date
McMaster’s preferred Methods of Payment are listed above. Students who pay by any
other method, or through any other 3rd party, do so at their own risk. McMaster
will not be held responsible for any subsequent loss to the student.
What do I need to do between today and September to prepare for University?
Flex Plan Overview
•
•
A $35 Per-term Flex Plan fee - charged as long as there is an unpaid balance
All plans are subject to monthly interest charges on balances not paid in full by the
end of September.
FLEX Plan - OSAP. Designed for students using OSAP
 60% of total fees are due in your student account no later than September 15th
 Balance of fees are due no later than January 30th
FLEX Plan – 1 Term. Designed for students registered in Term 1 only or who want to
minimize their interest and per-term Flex Plan fees.
 50% of total fees are due no later than September 1st
 Balance can be paid anytime between Sept 2nd and December 15th
FLEX Plan – 2 Term. Designed for students who prefer to spread their payments into the
second academic term.
 25% of total fees are due no later than September 1st
 Balance can be made anytime between September 2nd and March 15th
•
For ALL FLEX PLANS, paying more than the required amount by September
and not waiting until the end of the term to pay off the balance will minimize
your interest charges and administration fees.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
COST SAVING TIPS
•
Consult “Important Dates and Deadlines” on our website. Missing
deadlines (i.e. Payment Agreement, Payments) usually result in late charges.
•
Understand how interest charges work.
•
Pay by September 1: Minimize interest charges - pay more at the beginning
of the year instead of carrying a bigger balance.
•
Review your Account Statement regularly because charges can go on your
account any time of the year.
•
Cancellation Schedule: Review before you decide to drop or cancel a
course. Dropping has no financial penalty and cancelling does, but both may
have OSAP implications.
•
Watch the bookstore purchases. While charging textbooks (at Campus
Store) to your student account can be a huge convenience, be careful of the
temptation to purchase non-essential items.
•
Opt-out of Health and Dental coverage if you are currently under your
parent’s plan. Opt-out dates are Sept 1-30. No exceptions! Go to MSU
website.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
AVOID UNNECESSARY STRESSES
Enable your McMaster email, this is how we communicate with you.
Check your Account Statement regularly
Confirm your Payment Agreement early to benefit from other
automated processes
MUGSI is the gateway to all student info. Activate your MacID and
password and refer to it regularly for relevant information
Having an unpaid balance past the payment deadline
dates results in being BLOCKED from
accessing grades, receiving transcripts, future
registrations or benefitting from future credit at
Mac.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
Parents…
you are probably wondering what you can do
to help?
1. Register to receive our Student Affairs newsletter.
http://studentaffairs.mcmaster.ca/parents/
2. Become familiar with our website / dates
http://www.mcmaster.ca/bms/student
3. Most departments’ websites include a special Parent’s
Page because we recognize what a valuable role you play.
What do I need to do between today and September to prepare for University?
Student Accounts & Cashiers
Worth Reading….
Keeping costs at a minimum
while making your way
through university…2013
• Finding free
money Scholarships
online
• What things really
cost / value of
money
• Budgeting and
looking for deals
Thank you
for listening so intently.
We wish you every success
through your years at McMaster!
Questions & Answers…
What do I need to do between today and September to prepare for University?
Contact Us
Office of Student Financial Aid & Scholarships
Gilmour Hall, Room 120
(905) 525-9140 ext. 24319
e-mail: [email protected] | [email protected]
web: http://sfas.mcmaster.ca
Student Accounts & Cashiers
Gilmour Hall, Room 209
(905) 525-9140 ext. 24478
email: [email protected]
web: http://www.mcmaster.ca/bms/student
Still have questions?
Look for ‘Ask McMaster’ on our websites
What do I need to do between today and September to prepare for University?
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