Financing your Laurier MBA
Ontario Student Assistance Program
Once you are accepted into the Laurier Full-time MBA or Full-time MBA with Co-op option, you are in a position to apply for OSAP. This is a needs-based program and offers financial assistance to eligible students in Ontario to help pay for tuition, textbooks, incidental fees to the university, and the cost of living while attending school. You must apply directly to OSAP to determine your eligibility.
Student Line of Credit with RBC for Laurier MBA Students
We have our own contact at RBC who takes care of you, the Laurier MBA Candidate. Dowain Whitely is located at a local branch of RBC in Waterloo, and he will assess you for your eligibility for the student line of credit and will assist you with the application process. Dowain is very familiar with the rigours of our MBA degree and the calibre of students who are successful candidates in our program.
If you are a Canadian citizen, or a permanent resident of Canada, please contact:
RBC Account Manager
Acceptance in to the Laurier MBA Program does not guarantee your qualification for receiving the student line of credit from RBC.
Academic Entrance Scholarships from Laurier
Every domestic applicant who is successful in receiving an offer of admission to one of the Laurier MBA program formats will be adjudicated for an entrance scholarship. This scholarship is based on your final GPA of your previous degree. You do not need to apply for this scholarship; it is automatically done for you.
Laurier Graduate Student Scholarships and Bursaries
Laurier offers a variety of Scholarships and Bursaries, normally awarded upon academic performance once you are in the program.
There are also additional scholarships available specifically for MBA candidates. Details on these opportunities can be found here.
Access some of your RRSP Savings through the Lifelong Learning Plan (LLP)
The LLP allows candidates to withdraw money from their registered retirement savings plans (RRSPs) to finance their own education or that of their spouse or partner. The amount of money withdrawn under the LLP does not count towards income, and the RRSP issuer does not withhold the taxes on these amounts. However, your withdrawal must be paid back over a period of no more than 10 years. For more information, consult the Canada Revenue Agency.
Personal Income Tax Deduction for Tuition Fees
If you pay all or part of your tuition fees yourself, then you are eligible to use that as a personal income tax deduction on your personal income tax return. Normally, the tax savings are about 25% of the eligible tuition fee. For more specific advice, it is best for you to consult with a professional tax advisor to understand the full impact of tuition fee deduction on your personal income tax.
Studentawards.com is a FREE scholarship search service devoted to helping graduate students (as well as high school seniors, university undergraduate, and college) find information on scholarships, bursaries, grants, and other forms of financial assistance. It also offers unique scholarships to it’s online members that are only available on studentawards.com.
Its mission is to help students achieve their dreams of higher education by providing quick and easy access to information on educational scholarships, bursaries, grants, fellowships, and other forms of financial assistance.
Many other options are available, and we suggest speaking with your bank representative or financial advisor, and browsing the Internet.
Student Life Network Scholarships
Student Life Network,in collaboration with CIBC, is currently offering a $20,000 scholarship for a current Canadian student.
The scholarship is not merit based and is open to all students. In addition to the $20,000 for school it contains a whole host of other awards that make a students life easier.
Students can register to win the scholarship here: http://canadasluckieststudent.com/ref/q
Many organizations are available for international student loans, scholarships, and fellowships for students of various countries to study in Canada.
Here is a sampling to get you started.