How much do I pay, and when do I pay it?
Students are accepted to Residence on the understanding that they will remain in residence for the full academic period (September to April). There are serious financial responsibilities associated with withdrawing from residence before the end of the Fall/Winter academic session.
The cost of Residence for the 2014-2015 (September – April) academic year is $7,985.00. This fee is all-inclusive of lodging, utilities, and Internet.
When you accept your offer of Residence, you will be required to submit a $600.00 deposit. It is important that you pay particular attention to the date set out in your offer email; not completing your application and paying your deposit on time will result in your offer being withdrawn.
The Residence Fee of $7,985.00 consists of the Occupancy Fee of $7,925.00 and the Innis Residence Council Fee of $60.00. The Residence Fee is payable as follows:
1) *$600.00 Non-refundable deposit of $600.00 by the designated offer deadline date as stated in your Offer Letter. This amount is paid online with a credit card through the StarRez Portal Application.
2) *$2,385.00 ($2325.00 Residence Fee + $60.00 IRC Fee). The first payment of $2,325.00 is due on AUGUST 1, 2014 and can only be paid through your ROSI student account. Failure to pay this amount by August 1st will result in the forfeiting of your residence space.
3) *$2,500.00 The second payment of $2,500.00 is due on OCTOBER 15, 2014 and paid through your ROSI student account.
4) $2,500.00 The final payment of $2,500.00 is due on JANUARY 15, 2015 and paid through your ROSI student account.
*These charges will appear on your student ROSI account as a single charge of $5,485, however, payments are only required as per the schedule above.
NOTE: Additional student council fees are processed as follows:
- The Innis Residence Council (IRC) Fee of $60.00 is automatically included in the total residence fee and is posted to ROSI accounts for all residents at the start of the year.
- The Innis College Student Society (ICSS) Fee is charged to your student ROSI account as:
a) $173.06 included with the Resident’s Non-Academic Incidental Fees if the Resident is enrolled as a 1st Year Innis College Arts & Science student; or
b) $71.06 included with the Resident’s Non-Academic Incidental Fees if the Resident is enrolled as an upper year Innis College Arts & Science student; or
c) $71.06 as an additional charge posted to the student’s ROSI account if the Resident is enrolled as an Applied Science and Engineering or Architecture student. All Faculty of Engineering and Faculty of Architecture residents living at Innis will be notified when the charge has been posted.
What if I’m paying late?
A 1.5% interest charge, compounded monthly, will be applied to any outstanding fees on your student account. All payments are applied to the charges on your financial account according to the algorithm of ‘oldest first’. This means that the oldest outstanding charge in the oldest session will be cleared first; there is no distinction between the type of charge (e.g. residence fees, academic fees, etc.).
The Innis Residence does not allow for the deferral of Residence Fees for OSAP or other financial assistance. The only fees available to be deferred are tuition fees.
How can I pay through ROSI?
Payments can be made at most major Canadian banks and Credit Unions, or through telephone or online banking. The amount due can be found on ROSI, under Financial Accounts, then Invoice. See www.fees.utoronto.ca, click on the current academic session, and then click on Making Payments for details. Do not mail payments to the Residence as we cannot process them properly.
What if I decide to cancel my residency?
As mentioned above, students are accepted under the understanding that they will remain a full time undergraduate student and live in residence for the entire 8 month period. Should you decide to cancel and withdraw from residence you must do so in writing by e-mailing email@example.com. Please include your full name, student number, and reason for cancelling in your e-mail.
You will be charged according to one of the three scenarios below:
1. Should you decide to cancel after you have made your deposit but before August 1st, 2014 you will forfeit your deposit of $600.00 and you will not incur any additional charges.
2. Should you decide to cancel after August 1st, 2014 but before November 1st, 2014 you will be required to give 60 days’ notice of cancellation. You will be charged at a pro-rated weekly amount from August 31st, 2014 to the end of the 60 day notice period you have provided. You will also be charged a $600.00 administrative fee.
3. Should you decide to cancel and leave residence after November 1st, 2014 you will receive no money back and will be responsible for the entire residence fee of $7,985.00.