MTCU Tuition Policy Sheridan Implementation Sheridan Community April

MTCU Tuition Policy Sheridan Implementation Sheridan Community April 2015 Simpson Siu, Director, Finance Linda Dalton, Registrar sheridancollege. ca

Background o March 8 2012 MTCU Announcement extension of the existing tuition fee framework for 2012 -13 and a moratorium on the introduction of increases in deferral fees o Summer/Fall 2012 MTCU consultation colleges, universities and student groups on the technical issues related to tuition billing and associated fees MTCU sought feedback on: • • • Tuition payment timing Fees related to late payments and installment payments Institutional practices to flat or program fee tuition structures Timing of and process for billing tuition costs to eligible student “net” of non-repayable grants Institutional practices and ministry policies related to ancillary fees 2013 Ontario Budget announcement • the government would introduce a fairer approach to defer fees, ensuring students are not asked to pay for their tuition before their OSAP funding arrives sheridancollege. ca

KEY Key Decisions Move OSAP disbursement dates to the week prior to the start of the study period Establish mandatory guidelines regarding tuition payment deadlines, deferral and late fees, and interest charges, for implementation not later than 2015 -16, that would: – Continue to permit institutions to require a reasonable deposit of 10% of the student’s total tuition fees for the academic year or $500, whichever is greater – Tuition deposits and subsequent tuition payments would be applied to outstanding tuition fees, not added to fees owing – Institutions may require a tuition deposit no sooner than (3) months prior to 1 st day of the month of start of the study period (June 1 for fall start) – Up to $500 of the tuition deposit may be non-refundable. sheridancollege. ca

Key Decisions – A tuition deposit can be charged to students enrolled in consecutive terms of study only once during the academic year, except when a student takes time off or switches programs – Colleges shall provide all students the option of per term billing – Subsequent payments for students without OSAP – Mid-November for the Winter term and 1 month prior to the start date for other terms – Subsequent payments for students with OSAP – start date of each term – Late fees shall be reasonable and transparent and communicated in a policy statement – Refunds – within the first 10 days of a term students are eligible for a refund less $500 of full fees paid – International refunds – formula changed to increase the amount retain by 5 times previous amount – on average colleges will retain approximately $2, 500 sheridancollege. ca

Key Timelines December 2013 – MTCU Directive January 2014 – Colleges Respond - collectively February 2014 – Colleges Respond – individually April – June 2014 – Registrars collaborate – Consistency, Communicate, Implement Sept. to Dec. 2014 – College implements, including announcement at Open House January 2015 - Presentation to Sheridan Student Union February – March 2015 Invoice Preparation/Web Site/FAQ documentation April 2015 – Announcement to Sheridan Community sheridancollege. ca

Sheridan Decision OLD NEW • $300 deposit for OSAP students which includes $50 administrative fee • • Option for term or full year billing with $50 split fee • $500 non refundable deposit for ALL* FT Domestic students and no administrative fee • $340 deposit for PT students Option for term or full year billing with no split fee • $100 administrative fee formal withdrawals up to the 10 th day of class • $500 deposit* is non refundable • $150 late fee on residual fees due (not on deposit) • $100 late fee *International fees vary – see table sheridancollege. ca

Sheridan Decision OLD NEW • NEW students - Mid-June Payment date • Mid-June Deposit Date for fall term • Returning students - Late-July Payment date • Late-July Deposit Date for fall term • Self Service Opens with Payment (term or full) • Self Service Opens with Deposit • Balance of Fees due 6 – 12 weeks prior to term • Balance of Fees due < 2 weeks prior to term start for Fall and Spring term (> for Winter) • Outstanding OSAP fees due 6 weeks after term start; OSAP disbursement is dependent upon confirmation of enrolment which can only be completed after the student has been registered. sheridancollege. ca

Sheridan Decision Student Type Deposit Amount Non Refundable Amount Late Fee Deposit Dates Outstanding Fees Dates Domestic Full – Time Part Time $500 $340 $500 $150 Fall New: June 15 2015; returning: July 22, 2015 - opens access to self service August 19 2015 for BOTH new and returning students Outstanding Fall Fees: Oct 20, 2015 for OSAP students Winter New - October 14, 2015 November 18 for BOTH new and returning students Outstanding Winter Fees – OSAP February 16, 2016 Spring NEW March 2, 2016 April 13, 2016 for BOTH new and returning students Outstanding Spring Fees – OSAP June 15, 2016 sheridancollege. ca

Sheridan Decision Student Type Deposit Amount Non Refundable Amount Late Fee Deposit Dates Outstanding Fees Dates International Students Full Fees Percentage calculation using Ministry-approved formula; amount varies between $830 and $2580 depending on both int’l and domestic tuition levels Same as domestic Fall N/A New: June 15 2015; Returning: July 22, 2015 Winter N/A New: October 14, 2015; Returning: November 18, 2015 Spring N/A New: March 2, 2016; Returning: April 13, 2016 sheridancollege. ca