Due to the current economic challenges, we have created a second payment option for students who need relief of some financial stress. Before selecting the payment option that is best for you, please review McMaster’s payment deadlines.
Option 1: Payment in full
Full payment is due by the 25th of the first month of each term (September, January, May). Full payment needs to be received by the due dates for each term in order to avoid monthly interest charges or late payment fees.
Please note: additional fees and fines may be added to your student account at any time during the term, i.e. library fines, missed appointments, replaced ID cards, etc. Regularly review your Account Summary on Mosaic to ensure all charges are as expected, all payments made to the school have been received and all balances are paid in full before the start of the next term.
The university’s payment deadlines will remain, however, you can now choose to pay your fees in four monthly payments per term.
Even if you have already enrolled in a current term’s payment plan, you will still need to re-apply for the payment plan option for the next term during those dates.
Payment plan enrolment dates
Fall 2024 term: September 12 to 25, 2024
Winter 2025 term: January 15 to 25, 2025
Spring/Summer 2025 term: TBA
Cost
$80 will be added to the first instalment of each term you are enrolled in the plan.
Eligibility
New, incoming students. Current students with no prior balance owing from a previous term. If you have an outstanding balance on your student account, please contact student.billing@mcmaster.ca.
How to enrol
Log in to Mosaic > Student Centre > Finances > Other financial > Payment plans.
Select the fall term payment plan to continue.
Review the instalments.
Go through the agreement and accept the terms and conditions.
Receive your confirmation.
You can go back and review your instalments through Student Centre > Finances > Account Inquiry.
Interest
Interest is charged at a monthly rate of 1.2% (compounded to 14.4% annually) on any unpaid balance due, on the second-to-last business day of each month, beginning September and ongoing until paid in full. Subject to change.
Late fees
A $100 late fee is charged once per-term (on last day of the month) on all student accounts not paid in full by the payment due dates. Subject to change.
Missed appointment fees
A $30 missed appointment fee is charged if you are less than half an hour late for an appointment, and a $50 missed appointment fee is charged if you are more than half an hour late or do not show.
OSAP
Please note that if you have applied for OSAP and are eligible to receive funding, your entire OSAP instalment will be applied to your tuition and supplementary fees first.
Please note: some payment methods can take longer than others to be processed into your student account. Pre-plan your payments so that they arrive on time.
Plan default
A payment plan will be considered defaulted if payments are not received by any of the designated monthly due dates. If a payment is missed, the plan and the student account will be subject to regularly scheduled monthly interest and late fees. Students who default will not be eligible to use future payment plans.
Please note: additional fees and fines may be added to your student account at any time during the term, i.e. library fines, missed appointments, replaced ID cards, etc. Regularly review your Account Summary on Mosaic to ensure all charges are as expected, all payments made to the school have been received and all balances are paid in full before the start of the next term.
