Promissory Note

I’m from the Student Accounts office, my
name is Loron. Student Accounts is part of Finance but it’s the part that deals specifically with ‘student’ accounts. If you have other funding as I referred to scholarships, bursaries and government student loans that are going to help pay your fees then you may want to use a promissory note to get fees arranged instead of paying in full. I’m going to ask you now if you can answer the question that’s showing up now Do you have anticipated aid showing on your Student Account now? There are lots of different types of funding
that show up as anticipated aid. One would be if you’ve already been approved for OSAP funding from the Ontario government or a Canada student loan portion of that.
If you have a scholarship that you qualified for, President’s scholarship, an entrance scholarship then that’s going to be showing right now
on your student account as anticipated aid which is an important part of how you can do the promissory note very easily. Doing a promissory note allows you to defer paying the portion of your fees
that you have funding for. So what you’re doing with a promissory note is demonstrating to us that you have funding for part of your fees and you
only need to pay the rest. So what kind of funding can you use on a promissory note? It’s not everything. We’ve got them listed up there on the screen. There’s scholarships from the university Scholarships that come from an external source, but they have to be payable to the University. Some of you may have earned scholarships from foundations or from your high school and the important key part of that is, is
the scholarship payable to your or to us? If it’s payable to you then you can’t
use it but if it’s payable to us you can use it. Tuition benefits, if your
parent is an employee of the University then you are entitled to a portion of your tuition being covered by a tuition benefit. There’s a process for them to follow which is outlined
the instructions for that on our website and your parent will need to fill out a
tuition benefit application but then your tuition benefit amount will
then show up as anticipated aid on Quest as well. Third-party sponsorships, that’s not just anybody that you know that wants to pay your
fees. It’s actually approved relationship with the University where we send invoices to the sponsor at some point during the term. So, I you’re not sure if somebody qualifies
as a third-party sponsor then you need to let us know.
As a rule they are foreign governments that are sending funding students.
Some of the first nations aboriginal bands in Canada are also in that group.
And so if you have a question e-mail [email protected] and we can tell you if your group
qualifies as a third-party sponsor. Of course OSAP as I referred to earlier.
Other provincial student loan or student loans from the government there will not show up as anticipated aid but you can still use them on a promissory note and that’s the key ingredient for this group I would think. So, there are instructions on the website
on how to fill out the promissory note. A tuition benefit is something that
someone has asked about on the chat room and I’m going to explain it one more time. If your parent is an employee of the University, then your parent can claim a tuition benefit and the benefit then
gets transferred to you and you can use it to pay your fees.
So, if you are, how many of you are there who have a parent who works for the University? I don’t know if you can type it into the chat room to say that ‘yes’ your parent is an employee but if that’s the case and your parents are going to have to fill out an application and that application is available in the finance student accounts website. It is an online form, there’s no paper involved. Once your parent fills that out and submits it then within two business days you’ll be able to see the amount of the
tuition benefit you qualify for showing up as anticipated aid on your Quest account. Great! Okay, now how to submit- oh I forgot
I need to let you know that there are some things you cannot use on a
Promissory note. You can’t use a promissory note for the funding from an RESP.
As I mentioned for external scholarships that are payable directly to you.
For employment income, so if you’ve got a job and you say I’m getting paid next
week or next month or monthly you can’t use that
on a promissory note. Employer reimbursements. Generally speaking
those are reimbursements at the conclusion of the course so we don’t accept those.
Foreign government student loans, if you’re actually from
another country and you’ve obtained student loan funding from that country unfortunately
that’s not acceptable on a promissory note either, and international scholarships.
So if you earned a scholarship in another country you can use the money that you get
but you cannot use a promissory note for payment with it, to wait for that money
So, now how to submit the promissory note. The promissory note is very easy to submit.
Sometimes it’s harder for me to explain it than it is for you to actually
do it. It’s really very straightforward and we have instructions, step-by-step instructions
right on the website that’s a picture of our homepage and I’ve circled in red one
of the tabs on the homepage is where you would go to find step-by-step instructions on how to complete the promissory note. The promissory note
It in addition to finding the instructions on our website, you can find a whole lot of other information and a way to contact us.
If, for some reason, you don’t get the instructions or you have questions before
you go in to actually submit the promissory note you can certainly contact us
by the contact us form, you can send an e-mail to [email protected] or
you can actually call in, that’s not the best way to get
a fast response but it can be done. So, once you are ready to submit your promissory
note log into Quest go to the Finances section and there where
everything else is, is the promissory note. So, you’re gonna click on the promissory
note and there will be a number of screens and it will
show you the anticipated aid that you have on your account
and then it will give you an opportunity to, if you still have a balance owing, upload
proof of payment or proof of additional funding. So, this is where you would upload a screen
shot of a bank payment you’ve made for the rest of your fees or you would upload
a proof of that other external scholarship that you’ve earned
that’s payable to the University and so on. And in the end, at the end, you’re
going to make a financial agreement click a check box and then hit submit and then you’re done. It’s really quick and in fact if you have
everything ready you can do it in less than 60 seconds.
So, review the instructions first and it will make it that much faster for you.

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