I’m receiving a scholarship that is supposed to be sent to U of T by cheque and then deposited into my ROSI account. However, I don’t know if this will happen before or after the deadline to pay tuition fees (My fees are deferred because I’m receiving OSAP as well.). If the scholarship goes into my ROSI account after the October 30 deadline, what will happen to the money? Am I allowed to take it out of the account? Save it for next year’s tuition? Or it is wasted? Sorryifthiswasalongramble….
well, it won’t be sent to you as a cheque AND deposited to your ROSI account, because that would be like giving you your money twice…which is wrong…
the next slated time for scholarships to be released (either as credit on your ROSI or as a cheque, if you’re graduating) is late october.
obviously, if you need the scholarship to pay your fees and to avoid service charges, that may be too late to receive it. in that case, you can request that you receive the amount earlier from student accounts.
otherwise, you can just try and pay off as much as you can, so that the service charge doesn’t impact you too much.
finally, you can’t “take money out of your account” because ROSI is not a real, money-holding account like a bank is. if you get a scholarship, then the scholarship amount is just subtracted from your total fees on your account invoice (that is, unless you request it as a cheque).
if your scholarship amount is higher than the amount that is still left to be paid on your account invoice, then whatever amount is left over will show up as a “credit” (or CR, as it’s noted on account invoices) on your account. that amount can then roll over to next year’s fees.