Once you’ve decided to take the leap toward your career advancement and enroll in an MBA program, it’s time to start thinking about tuition. Luckily, there are a number of different ways to finance your tuition depending on your circumstances. To start with consider there are numerous awards and scholarships you may be able to access for free on the internet. Of course, the first place Ontario residents will start is always OSAP. The Ontario Student Assistance Plan is eligible to all residents in the province who are enrolled in any full or part-time post-secondary program. OSAP provides loans that assist in paying for tuition, incidental fees, living expenses, and textbooks without interest as long as you are enrolled in a degree program.However, there are many other options, and international candidates can find help from a number of alternative sources.
High GPAs qualify for entrance scholarships
Most Canadian universities offer these to eligible domestic residents along with their offer of admission. Schools determine eligibility based on your GPA from your previous degree.
Student Life Network lottery
The SLN partners with corporate sponsors to provide a variety of scholarships awarded by lottery. The contest prizes range from textbook assistance to $20,000 for tuition.
OSAP is only eligible for domestic residents, but international scholars can turn to organisations like Global Student Loans for help financing their MBA. Candidates from Mexico may also apply for funding through CONACyT, a program designed to give financial assistance to Mexican scholars at Ontario universities.
Deduct tuition from your personal income tax
You can deduct up to 25% of your tuition from your personal income tax, leading to some significant tax savings. However, any fees that were paid for by an employer cannot be claimed. In addition, medical expenses, transportation, rent, and parking cannot be claimed. Textbooks can be claimed, but it is always a good idea to consult with a financial advisor or an accountant for all of the pertinent details.
Find the bursary designed for you
Every university offers a variety of awards to high achieving students, and not all of them are based on GPA alone. A number of awards at Wilfrid Laurier University are targeted directly to candidates in the Master of Business Administration program. These are only three among many:
- Walter and Jean Hachborn Award of Distinction: A $5,000 award for those with an interest in retail and marketing based on letters of reference and an essay on the role an entrepreneur plays in the community.
- Lazaridis MBA Scholarship: Ranging from $2,000 to $3,000, part-time candidates are eligible if they are working with a technology firm.
- Hamlin Family Women in Business Award: This is for female graduates who actively volunteer in their communities and who need financial assistance.
Line of credit from RBC
Wilfrid Laurier encourages candidates who want a line of credit from a bank to contact an RBC Account Manager familiar with student lines of credit. Lines of credit can offer bigger loans than OSAP, particularly for those pursuing professional degrees (like a Master of Business Administration). The interest rates on lines of credit are also lower than on loans backed by provincial and federal governments, although interest payments do accumulate during the degree. If you need help financing your MBA program in Canada, investigate all of your options. It’s time to take your career to the next level.