Financing your MBA
The Rotman School strives to recruit the best candidates, and is committed to helping you advance your education by providing you with a broad range of financial options.
Financing your MBA
At the Rotman School, we strive to recruit the best candidates to the Morning and Evening MBA programs, and are committed to helping you afford your education. We invest in our students by providing over $1-million in award funding and financing through a broad range of options. And thanks to the Rotman Interest Subsidy Program, the School helps you pay the interest on a student loan from any officially-recognized financial institution - in Canada or your home country.
That takes the burden of worrying about finances off your shoulders, so you can focus on your learning and career opportunities.
Entrance awards and fellowships
The Rotman School is invested in attracting strong candidates. You will be automatically considered for entrance awards with your Morning or Evening MBA application. Awards are given to eligible candidates on a first-come, first-served basis.
Other awards and scholarships
Rotman’s large alumni base and the strength of our community partners enable the school to offer over $250,000 in scholarships, fellowships and awards each year to Morning MBA or Evening MBA students who have completed the first year of their 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.
2018 Rotman Award recipients booklet
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. Consult the Office of the Registrar and Academic Services website for information and application deadlines.
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. The Rotman School's Full-Time, Morning MBA, Evening MBA and Master of Finance programs are considered full-time, eligible programs. An Ontario Graduate Scholarship (OGS) 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.
For Canadian citizens or permanent residents, consult the Office of the Registrar and Academic Services website for information on eligibility, conditions and application forms.
Professional Student Loan Plans with BMO and RBC
All domestic students (Canadian citizens, permanent residents) can access a loan with competitive interest rates and loan limits to cover the full cost of their tuition, from the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC). See Interest Subsidy Programs below for further details.
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. The assistance is in the form of interest-free loans while a student is in school, although some provinces award grants to students or offer additional assistance to students graduating with debt over a certain amount. When you apply to your provincial government for assistance, you are also automatically considered for a loan through the CSL. Eligibility requirements, maximum borrowing amounts and loan repayment policies vary from province to province.
In Ontario, the Ontario Student Assistance Program (OSAP) is available to help supplement (not replace) the financial resources that the student is expected to contribute. For more information, consult the OSAP website.
In addition to OSAP, the Ontario Ministry of Colleges and Universities has many other financing options available for prospective students, granted for varying circumstances or criteria, including:
- Ontario Bursary for Students with Disabilities (BSWD)
- Ontario Childcare Bursary
- Ontario Grad Scholarships (OGS)
- Ontario Out-of-Country Bursary
- Ontario Special Bursary Program (OSBP)
- Ontario Student Opportunity Grant (OSOG)
- OSAP Grant Overpayment
- Private Career Colleges (PCC)
- Repayment Assistance Plan - Loan Forgiveness
- Training Completion Assurance Fund (TCAF)
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.
Interest subsidy programs
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.
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.
Professional Student Loan Plan with BMO and 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 Professional Student Loan Plan (PSLP), specifically tailored to help students meet the educational costs of the MBA degree. The Rotman School pays the interest incurred on the BMO or RBC loan for the duration the student is enrolled in the MBA program.