Rotman School of Management

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Financing Your MBA

The Rotman School strives to recruit the best candidates to its programs, and is committed to helping you afford your education by providing you with a broad range of financial options.

We’re committed to removing the financial barriers that qualified applicants may face. Financing options include awards for academic achievement, support for students with demonstrated need, and employment opportunities.

We'll help you find a way to finance your MBA by providing you with a broad range of options in three categories: entrance awards, fellowships, loans, and interest subsidy programs.

Entrance Awards and Fellowships

The Rotman School grants entrance awards to about 15 per cent of our students. These range from $5,000 to $30,000. No separate entrance award application is required and you will be automatically considered for entrance awards when your application is reviewed for admission.

Two specific entrance awards to note for applicants to the Morning & Evening MBA programs:

  • Five Women in Business Excellence Awards of $10,000
  • Four Morning MBA Excellence Awards of $10,000

As with other entrance awards, no additional application is required.

Awards for In-Program Students

The Rotman School offers a number of scholarships, fellowships and awards to students who have completed the first year of their MBA program. Administered through the Program Services Office, the call of applications (where required) takes place at the end of the Spring Term each year. Most are available to both domestic and international students on the basis of academic merit, while some also consider financial need.

2015 Rotman Award Recipients 
View 2015/16 awards information

Rotman Scholar Awards

The Rotman School offers an academic mentorship program for first-year core courses. Upper-year MBA students with an excellent academic record in a particular course and demonstrated communication skills will be selected to provide academic guidance and support to first-year students. Applications for Rotman Scholar Awards are available at the end of the Spring Term each year.

Ontario Graduate Scholarships

Jointly supported by the Ontario Government, the University of Toronto and donors to the Rotman School, these scholarships are intended to encourage and support academic excellence at the master’s and doctoral levels and are awarded to domestic students enrolled in full-time studies who have obtained a first class standing. An Ontario Graduate Scholarship at the Rotman School of Management is held for one year and valued at $10,000 to $15,000 per year, thanks to the generous support of our donors.

The Rotman School’s deadline for 2016-17 OGS applications is: For Canadian citizens or Permanent Residents: 1:00 PM EST on Monday, May 2, 2016.

Students interested in applying for an Ontario Graduate Scholarship should consult the School of Graduate Studies website for reference on eligibility, conditions and application forms.

Please note: University of Toronto Rotman School of Management Full-Time, Morning and Evening MBA as well as MFin programs are considered full-time, eligible programs.

Professional Student Loan Plans with BMO & RBC

All students (Canadian citizens, permanent residents and those on study visas) can access an interest subsidized loan to cover the full cost of their tuition and Rotman-specific incidental fees from the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC). The Rotman School pays the interest incurred on this specialized student loan for the duration the student is enrolled in the MBA program up to June 30 of their graduating year.

Rotman Interest Subsidy Program (RISP)

Students who obtain a student or educational loan from an officially-recognized financial institution (in Canada or in their home country) to support the tuition costs of their MBA are eligible to apply for the Rotman Interest Subsidy Program (RISP). The Rotman School will provide a subsidy to assist students with the interest incurred on such a loan for the duration the student is enrolled in the MBA program up to June 30 of their graduating year. 

Employer Fee Subsidy

Several Toronto area financial institutions and employers have indicated a willingness to sponsor a number of their employees for all or part of the MBA program fees. Applicants are strongly encouraged to approach their employers for financial support. The Rotman MBA program staff or faculty will provide any information or assistance an applicant might deem helpful in this regard.

Government Loans

The Morning and Evening MBA programs are considered full time programs for working professionals, and as such, students are eligible for Canadian government loan programs. Each provincial government in Canada administers and maintains a student financial aid program in cooperation with the federal government’s Canada Student Loan (CSL) program. When you apply to your provincial government for assistance, you are also automatically considered for a loan through the CSL. For more information, consult the Ontario Student Assistance Program (OSAP) website.

Lifelong Learning Plan (LLP)

The LLP allows individuals to withdraw amounts from their registered retirement savings plans (RRSPs) to finance their own education or that of their spouse/partner. Amounts withdrawn under the LLP do not count towards income and the RRSP issuer does not withhold taxes on these amounts. Withdrawals must be repaid over a period of no more than 10 years.

For more information, consult the Canada Revenue Agency at www.cra.gc.ca.

Registered Education Savings Plan (RESP)

An RESP is an education savings account that is registered with the Government of Canada for parents who want to save for their child's post-secondary education. Once the child (the RESP beneficiary) has graduated from high school and enrolled full-time or part-time in a qualifying post-secondary educational program, the Plan holder can request, on his or her behalf, to withdraw money from the RESP to help pay for their studies.

Educational Assistance Payments include the interest earned in the RESP as well as any Canada Education Savings Grants, provincial grants and Canada Learning Bonds received. The money can be used to pay for post-secondary school expenses like tuition, books and transportation. For more information, consult the Canada Revenue Agency website.

Teaching and Research Assistantships

A variety of teaching assistant positions are available through Rotman and through the commerce and finance departments of the different campuses and colleges of the University of Toronto. Students who have completed the first year of their MBA are eligible to apply for these positions, which will be posted prior to each term and/or academic year. A limited number of research assistant positions are also available through individual faculty members and are mostly available in a student’s second year.

These positions are considered employment and not part of a financial assistance program. TA’s will receive T4 tax forms in February.

Financial Aid for International Students

Professional Student Loan Plan with BMO & RBC

The Rotman School has partnered with the Bank of Montreal (BMO) and the Royal Bank of Canada (RBC) to provide MBA students with the interest-subsidized PSLP, specifically tailored to help students meet the educational costs of the MBA degree. International students (those on a student visa) will be considered with a qualified Canadian resident co-signer or cash collateral.

International students can also be considered for a non-cosigned BMO loan for up to 100% of their program tuition fees with a Standby Letter of Credit issued from any BMO-approved bank in the student’s home country. With a Standby Letter of Credit, the bank in the student’s home country guarantees to pay the BMO loan amount should the student end up not re-paying it. The bank will then collect from the student the amount it pays to BMO.

The Rotman School pays the interest incurred on the BMO or RBC loan for the duration the student is enrolled in the MBA program.

Government of Canada International Scholarship Programs

The Government of Canada has a number of scholarships available to international students for study/research in Canada. These are organized by country of origin. Examples are:

  • Canadian Commonwealth Scholarship
  • Equal Opportunities Scholarship Program, Canada-Chile
  • Government of Canada Awards Program
  • Organizations of American States Fellowships Programs

Rotary Foundation Ambassadorial Scholarships

These scholarships aim to further international understanding and friendly relations among people of different countries. During their time abroad, Rotary scholars are expected to be ambassadors of goodwill through presentations to Rotary clubs and districts, schools and civic organizations. Upon their return home, they are expected to discuss and share their experiences with Rotarians and others. Applicants must be nationals of a country where Rotary Clubs are located and must have completed at least two years of university level coursework before the scholarship begins. More information can be obtained from local Rotary clubs or the Rotary Foundation.

International Peace Scholarship Fund for Women (IPS)

IPS is a program providing grants-in-aid for selected women from other countries for graduate study in the United States and Canada. An applicant must be qualified for admission to full-time graduate study and working toward a graduate degree in the college or university of her choice in the United States or Canada. A student holding citizenship in the United States or Canada is ineligible. For more information, visit www.peointernational.org.

International students are also eligible for many of the School’s scholarships, fellowships, and teaching and research assistantships. A number of organizations also offer scholarships, fellowships and loans to citizens of various countries to study in Canada. These programs have not been screened by the Rotman School, and students are individually responsible for applying. 

Financial Options: Yearly Schedule

While dates are subject to change according to regulations and availability, the following is a typical schedule of different financial options for the Morning & Evening MBA classes.

First Year

  • Entrance scholarships and fellowships awarded with offer of admission
  • September: First year of school term officially begins
  • September 1: BMO & RBC loans disbursed
  • September 15: Canada Student Loans disbursed (first installment)
  • January 15: Canada Student Loans disbursed (second installment)
  • May: Call for applications for Rotman in-program awards including Scholars
  • Late August: Teaching assistantships assigned

Second Year

  • September: Second year officially begins
  • September 1: BMO & RBC loans disbursed
  • September 15: Canada Student Loans disbursed (first installment)
  • January 15: Canada Student Loans disbursed (second installment)
  • May: Call for applications for Rotman in-program awards including Scholars
  • Late August: Teaching assistantships assigned

Third Year

  • September: Third year officially begins
  • September 1: BMO & RBC loans disbursed
  • September 15: Canada Student Loans disbursed (first installment)
  • January 15: Canada Student Loans disbursed (second installment)

Contact UsProfessional MBA Programs

Rummy Gill, Assistant Director
Recruitment & Admissions

E: ME-MBA@Rotman.Utoronto.Ca

Other ways to connect with us:

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