Some Financial Considerations
University education requires long term commitment and planning. We would like to offer a few suggestions.
Encourage your student to:
- Apply annually for bursaries and scholarships.
- Visit a Student Awards and Loans Officer who will assist in planning a reasonable budget, and help navigate through the many government programs.
- Apply for jobs on campus – Work Study Programs – these may be more flexible and convenient than off-campus jobs.
- Prepare and follow a budget. There is a Living on a Budget section on the money site.
- Talk with you about your own strategies and suggestions for coping and setting realistic short and long term financial goals.
- Consider the benefits and pitfalls of credit cards (credit cards are a good way to establish a credit rating, but students should be cautioned about credit cards and loans).
- Visit Mac’s Money Centre website.
A wide variety of jobs are available to students across the campus as well as in the neighbouring community. Many University departments and the McMaster Students Union employ student staff.
Various student job opportunities on campus can be found on:
RESP forms for undergraduate students are completed by the Office of the Registrar. The Registrar’s Office requires the student’s signature either on the form or an accompanying cover letter submitted with the form before they can be processed. The Registrar’s Office requires the student’s signature as authorization to release the academic information.
Forms can be dropped off at the Registrar’s Office in Gilmour Hall, Room 108 (forms can be deposited into the Drop-Off Box located outside the doors after business hours). Please call the Registrar’s Office for additional information at (905) 525-4600 or (905) 525-9140, Ext.24796.
Things to Do:
- Students apply for OSAP (Ontario Student Assistance Program) on an annual basis. The OSAP application is released each year in April.
- Encourage your student to apply for OSAP prior to the July 15th recommended date. For more OSAP information visit Office of the Registrar’s Government Aid page then if further assistance is required contact Student Financial Aid at 905-525-9140 ext. 24319.
- Develop a financial plan with your student. Be cautious of credit cards!
- Complete the online aid application in Mosaic to submit applications for bursaries, awards and work programs all in one place.
- Visit a Student Loans and Awards Officer in the Office of Student Financial Aid & Scholarships (SFAS) if your students has financial concerns. Drop-in counselling is available Monday to Friday, 9-11:30 and 1:00-4:00.
- Check out upcoming deadlines on the Reigstrar’s website.
- It is your student’s responsibility to pay all McMaster fees by the deadline date. With your student, regularly check the balance of their McMaster student account to avoid unnecessary interest charges.
Students encouraged to monitor account statement regularly
We recommend checking the account monthly to review the balance owing, ensure payments have been received and there are no unexpected charges. Keeping an eye on the student Account Statement is important to minimize costs and avoid delays in grades and future registration.
Students can access their account by logging into Mosaic; it’s the student’s responsibility to keep their account in good standing. Parents who want to be on top of their child’s financial status, should discuss arranging a regular monthly time to review this statement. To follow McMaster’s directive on becoming a sustainable society, statements are NOT mailed to either the student’s address or their permanent address.
T22O2A tax certificates
T22O2A tax certificates are available online on Mosaic.
Budgeting and planning
In preparation for next year, students should be making their budget and financial plan to manage their school expenses. OSAP application information can be found on the Office of the Registrar’s website. For registration, fee and payment plan information, visit Student Accounts.
Note deadlines to return textbooks and review the general refund policy. Keep in mind that custom courseware (compilations of articles put together by the professor) is printed on demand and is non-returnable.
If you have a budget set aside for books but can’t be on campus to shop with your student, consider purchasing a Campus Store gift card. Or beat the lineups shopping online using Click and Collect.