How Toronto Schools Can Help You Pay for Your MBA

Earning your MBA can be an expensive prospect. In Canada, tuition at the most expensive MBA programs can cost more than $100,000 for full-time and part-time students. This can be difficult for some low-income applicants.

So, what are some Toronto schools doing to help offset the cost of tuition, living, and other expenses to pay for your MBA?

Canadian Programs

First, let’s talk Canadian programs that are available to help students.

  • Lifelong Learning Plan (LLP): LLP allows students to withdraw up to $10,000 (CAD) a year from a registered retirement savings plan. These amounts will not count toward income and taxes are not withheld.
  • Ontario Student Assistance Program: For full-time students in the province of Ontario, the government offers loans to help pay for school.
  • Out of Province Loans: For Canadian citizens who do not live in Ontario, there is government funding available for each specific province. You can determine the loans available in your province by visiting the official website.
  • Scholarships Canada: Scholarships Canada features almost 100,000 different awards for a variety of different types of students, schools, and more.

Schulich School of Business – York University

At the Schulich School of Business, there are various financial aid opportunities for graduate students including a full range of scholarships. These awards are available for students who demonstrate academic excellence, extracurricular involvement, or participation in the community. The amount of the award varies but ranges from $10,000 (CAD) to $40,000. A few of the scholarships available include:

  • Robert Krembil Scholarship of Merit: $40,000 (CAD) available to full-time MBA students who demonstrate high academic standing.
  • Scotiabank Scholarship in International Business: $20,000 (CAD) available to second-year MBA students who have completed a year of study at the Guanghua School of Management.
  • Resource Capital Funds Scholarship: $15,000 (CAD) available to second-year MBA students specializing in Global Mining Management.

To apply for these scholarships, students must complete an entrance funding application. Recipients are chosen based on how well they meet the award’s criteria and are notified via email when they are selected.’

Other options for funding include Line of Credit Programs for Domestic Students. These loans are available from three banks—RBC, TD, and CIBC—with a loan amount up to $125,000 available. Finally, there are many job opportunities for MBA students looking for part-time work to supplement their income.

DeGroote School of Business – McMaster University

There’s over $450,000 (CAD) in scholarship funding available at the DeGroote School of Business. Most MBA entrance scholarships at the school offer between $2,000 and $10,000 (CAD) in funding and are based on your average GMAT score. Other scholarships and bursaries range from $500 to $15,000. One such award is the Mutual Group Graduate Scholarship, which is valued at $11,000 and available to all incoming MBA students based on their academic achievements.

Other opportunities to pay for your MBA program include MBA Teaching Assistantships. The rate of pay is negotiated once chosen for the position and is available for a year. Lastly, the Student Line of Credit offered by TD Canada Trust is a loan program specifically available to McMaster University students.

Rotman School of Management – University of Toronto

Paying for your Rotman School of Management MBA doesn’t have to break the bank. The business school offers over $4 million in available financial aid through fellowships, scholarships, awards, financial assistance, paid work placement, and more.

Specifically, there are three fellowships available at Rotman:

  • Forté Fellows Program: Eligible women can apply for the Forté Fellows Program by submitting an MBA application and applying at the Forté Foundation.
  • Reaching Out LGBT Fellows Program: This program offers Fellowship recipients a minimum of $10,000 (CAD) per academic year. To apply, you’ll need to submit an MBA application to the University.
  • Creative Destruction Lab Fellows Program: This fellowship is available to 20 incoming full-time MBA students interested in careers in entrepreneurship and start-ups, offering financial awards up to $27,000.

Other opportunities to pay for your Rotman MBA include the unique Rotman Problem Solving Challenge open to incoming MBA students. Students who best demonstrate Rotman’s model-based approach to problem-solving can win up to $100,000. There are also multiple scholarships available that range from $10,000 to full tuition. Awards are available based on academic merit and financial need.

Ivey Business School – Western University Canada

At the Ivey Business School, financing your MBA is a relatively simple process. That’s why around 50 percent of MBA candidates receive a scholarship or another award upon admission to the program. Many of the awards are academically based and range from $10,000 to half of tuition. Candidates will be considered based on their education, activities, and work experience.

The school also offers preferred banking loans through the BMO Bank of Montreal, Scotiabank, Royal Bank, and TD Canada Trust. These programs are available to Canadian citizens and offer various loan options in competitive packages to help you secure private financing.

As for Ted Rogers School of Management at Ryerson University and Wilfrid Laurier University’s Toronto campus, they also offer a variety of their own scholarships, awards, and bursaries. To learn more about how they help financially strained MBA students, we recommend visiting their websites.

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