Promissory Note - YouTube

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.