welcome to finances matter!

What do I need to do between today and September to prepare for University?

Welcome to Finances Matter!

Welcome DayJuly 25, 2014

Presented by:Office of Student Financial Aid & Scholarships (SFAS) Student Accounts & Cashiers (SAC)


Office of Student Financial Aid & Scholarships (SFAS)

Gilmour Hall, Room 120(905) 525-9140 ext. 24319

Online at http://sfas.mcmaster.ca

http://sfas.mcmaster.ca/


FIPPA: Freedom of Informationand 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?

You will be asked for student id when picking up documentation or requesting information

You will need government photo id and student id to attend a counseling session or request any OSAP information. Proof of SIN is required to reset your OSAP password and OAN.

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 student profile.

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.

Office of Student Financial Aid & Scholarships

We are more than the OSAP office! Visit us for:

• 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 ProcessTHE APPLICATION

APPLY: Submit a completed 2014-2015 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, Gilmour Hall, Room 120

MSFAA: Take (do not mail) 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.) using the Change Request form found at http://sfas.mcmaster.ca.

https://osap.gov.on.ca/

https://osap.gov.on.ca/

The OSAP ProcessYOUR 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 2014, for two terms, the grant pays:o $1,780 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, 2015 & Supporting documentation by MARCH 31,

2015

You’re automatically considered if you have a fully complete 2014-2015 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.

http://www.ontario.ca/30off

http://www.ontario.ca/30off

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 IncomeParental EarningsMarital StatusAddress ChangeDrop/add coursesProgram changesWithdrawal from schooletc.

As You Begin University …Tip #4: We Want to See You!

o Drop-in counselling is available Monday to Friday, 9-11:30 and 1-4:00. Go to http://sfas.mcmaster.ca for office hours.

o Government photo id and a student card are required as identification.

o Be proactive! We are open during the summer months and are here to help you prepare financially for the upcoming academic year.

o Student Loans Officers can review and explain your OSAP application, suggest institutional and government aid programs, assess for appeals and provide budgeting advice.



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.

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].

mailto:[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 …

• 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 …

Work Programs and YOU …• An application is just a click away. Apply on-line

through MUGSI starting August 1st for fall/winter work-study and mid-March 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 Supporto Website Assistant o Administrative Assistant o Media Library Clerk o Personal Trainer/Fitness Leadero 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!

• Avoid Financial Stress! Use your budget as a spending plan and take control of your finances.


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.

• OSAP is a supplement to your personal resources.• Avoid purchasing on credit

IF YOU USE YOUR OSAP TO BUY

With the accumulated interest over the standard 10 year amortization…

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

The Cost of Paying With CREDIT

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 209Phone:(905) 525-9140 ext. 24478

Fax: 905-527-3615Email: [email protected]

Website: http://www.mcmaster.ca/bms/student

Mcmaster Student Accounts & Cashiers - SAC

Mac Student Accts

• Parents are your best asset• Parents can help you make decisions• Important:

o Open discussions earlyo Plan ahead financiallyo Talk about each other’s expectationso Complete all processes early

• Still time to negotiate details Your student account is your responsibility.

You are in the lead!

Student Accounts & Cashiers


Student Accounts & CashiersYOUR FINANCIAL PLAN: After selecting courses on SOLAR and confirming the Payment Agreement

Costs: Tuition & Supplementary Fees $7,500

Residence $5,500

Meal Plan $3,000

Books (estimate) $ 900

Supplies (estimate) $ 400

Entertainment ($75/month) $ 600 TOTAL: $ 17,900

STUDENT # 1 = HEALTHY PLAN STUDENT # 2 = POOR PLAN

OSAP (applied early) – September 60% $6,000 * OSAP is supposed to cover all of it

- December 40% $4,000 * My folks are going to pay for it. I have no money.

Entrance Scholarship $ 750 * I’ll find a job during the school year

RESP (form submitted) $2,000 * I’ll figure it out later. I have a right to an education

Parent Contribution $3,000

Summer job (banked) $1,000 Nothing is really accounted for

Unaccounted $ 550 Leads to stress and anxiety during study period

Plan for balance: Working weekends during Fall/Winter

Sample amounts

Student Accounts & CashiersPAYMENT 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 =• 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


CONFIRM


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

Supplementary Fees

Scholarships

Residence Bursaries

Meal Plan RESP payments

Bookstore purchases

Interest/Admin fees

Balance: $


Available 24/7 online. No invoices (bills) are mailed. Updated daily. Changes regularly.

STUDENT ACCOUNT STATEMENT

• ACCESS: through MUGSI (My MUGSI ► Continue ► Accounts & Cashiers ► Account Statement) Activate your MacID and Password.

• FREQUENCY: 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 charges are as you expected. All payments have been received. Any new 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.




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 specific student 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.



Student Accounts & CashiersMAKING PAYMENTS: Pay ONLINE! – Don’t stand in line!

Online/Telephone Banking1. Log on to your bank’s website/call centre2. Add McMaster University as a “Bill” to pay3. Enter your 7-digit student ID # as the requested “account” number4. Payments may take 2 to 5 business days to show in your Account

Statement.Mastercard

1. From your Payment Agreement / Account Statement, click

2. Click and follow the directions (convenience fee)

INTERAC Online1. From your Payment Agreement / Account Statement, click

2. Participating banks for this service are:NOTE: The new VISADebit client cards will NOT work with this service

PAY NOW

Paying from a bank account?

CREDIT CARD

MAKING PAYMENTS: Pay ONLINE! – Don’t stand in line!

• Western Union 1. From your Payment Agreement / Account Statement, click

2. Pay in the currency of your choice3. 72 hour guaranteed exchange rate4. 1-3 days once payment is initiated

• International Wire Transfer1. Please review “Payment Methods” on our website for

appropriate form2. Wires should be arranged 2-5 weeks prior to payment deadline

date


Paying from an bank account?

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.



Flex Plan OverviewAll fees are due in full by September 1. If that is not possible, we can offer….

•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 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.

Student Accounts & CashiersCOST 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! Check MSU website.


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.



Student Accounts & CashiersParents…

you are probably wondering what you can do to help?

Student Accounts & Cashiers (who manage each student’s Account Statement): http://www.mcmaster.ca/bms/student/SAC_parents.html

Student Financial Aid & Scholarship (who manage OSAP,

scholarships, bursaries, work/study:

http://sfas.mcmaster.ca/Parent_webpages/Parents_MAIN.htm

We recognize what a valuable role you play.

Student Affairs (a great page for all kinds of information and tips to university life): http://studentaffairs.mcmaster.ca/parents/ Be sure to sign up for the Parent’s Newsletter to have seasonal information come right to you!

Housing & Conference Services (who manage residence and meal plans): http://housing.mcmaster.ca/index.php


CHANGES NEXT YEAR – (Fall 2015 – Winter 2016)

Just when you thought you had everything straight….

•2014-2015 is a transition year •2015-2016 registration will be very different•Improved communications•Simpler processes•Change is healthy for growth

We are growing to serve you better.


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

FINANCIAL LITERACY

McMaster’s commitment to it’s students to provide the education, tools and resources required to help develop:

1.A solid understanding of personal finances and taking ownership

2.The ability to speak confidently about money

3.The ability to make smart financial decisions (starting now)

4.The ability to take these life skills into their future

Programs and resources are

currently being developed

– more to come.



AUGUST 14, 2014‘MY FINANCIAL PLAN’ WORKSHOP

Two sessions: 2:00-3:30pm and 6:30-8:00pm

Sign UP today! Limited registration

Parents are welcome

Building a financial plan and putting it into action, leading to financial success

at McMaster!

MCMASTER UNIVERSITY - Student Success Centre - Gilmour Hall 110


Thank you for listening so intently.

We wish you every success through your years at

McMaster!Questions & Answers…


Contact UsOffice of Student Financial Aid & Scholarships

Gilmour Hall, Room 120(905) 525-9140 ext. 24319

e-mail: [email protected] | [email protected]: http://sfas.mcmaster.ca

Student Accounts & CashiersGilmour Hall, Room 209

(905) 525-9140 ext. 24478email: [email protected]

web: http://www.mcmaster.ca/bms/student

Still have questions? Look for ‘Ask McMaster’ on our websites

welcome to finances matter!

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