Loan Programs

Loan Programs

Undergraduate Students

Undergraduate students who require financial assistance or would like to learn more about domestic and international financial aid options should visit York University Student Financial Services website.

Graduate Students

A majority of candidates will require some level of private financing to help fund their graduate level degree. We encourage you to explore various bank and private loan options available.

Listed below are different financing options that domestic and international students can explore.

Loan Programs for Domestic Students

Student Line-of-Credit Program

Students who are Canadian citizens or landed immigrants may apply for a bank loan or professional line-of-credit with any recognized Canadian financial institution. Students are encouraged to apply for a line-of-credit before the academic year begins.

Schulich partners with a number of recognized Canadian banks that offer competitive Student Loan Program for Schulich students. Listed below are bank contact information, credit limit and partnered rates for students admitted to our suite of MBA programs. Interest rates are competitive and the loan resembles a personal line-of-credit where you are charged interest every month.

Repayment terms vary among the institutions with some banks allowing interest-only payment for 1 year following graduation while other may allow interest-only payment up to 2 years after graduation.

Each bank provides one-on-one financial advice to Schulich students. To find out more about this program, please contact one of the following banks or a financial institution of your choice:

Leanne Duval (Schulich campus branch) leanne.duval@bmo.com (416) 665-1301	Angele Benoit-Chafe angele.benoit-chafe@rbc.com (905) 738-3492	Pina Angelucci Pina.Angelucci@td.com (905) 660-6068 ext. 300	Jonathan Fu (Mobile Team) Jonathan.Fu@cibc.com (844) 395-4852 ext. 2234
Up to $135,000 at Prime1	Up to $115,000 at prime2	Up to $125,000 at Prime2	Up to $125,000 at Prime2

^{1 Visit BMO Schulich campus branch for further details.}

^{2 Rates shown are applicable for the MBA/IMBA program.}

^{3 Please contact the bank to get the maximum loan amount and to confirm the interest rate for your program of choice.}

Ontario Student Assistance Program (OSAP) and Out of Province Government Loans

Full-time students may be eligible for government student loan funding through the provincial government from their home province.

OSAP is a need-based program available to Canadian citizens and landed immigrants who are Ontario residents. Information and application forms for assistance programs administered by the Province of Ontario are available at http://ontario.ca/osap. Full-time and Part-time students are eligilbe to apply. The OSAP program is administered through York University. Please visit the Student Financial Services website for more information: http://osap.yorku.ca/.

For information regarding other provincial student loan programs, consult the website of your provincial student assistance office. Out-of-province student assistance information and website links are available at http://sfs.yorku.ca/aid/outofprovince.

Lifelong Learning Plan

The LLP allows you to withdraw up to $10,000 a year (Max $20,000) from your registered retirement savings plan (RRSPs) to finance training or education for you or your spouse or common-law 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 further information on this plan, visit the government’s website at http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/llp-reep/menu-eng.html

Loan Programs for International Students

We encourage international students to investigate all sources of funding within their home country, including government and private loans. Some Canadian banks will consider and offer loans to International students who do not yet have permanent residency status but do have a strong Canadian cosigner. For more information, please contact the Schulich Financial Aid office.

Private Loan Programs

Listed below are private lenders that provide education loans specifically to international students that you may explore. Rates and repayment terms vary among lenders and we encourage our students to compare information among these and other available student loan providers.

MPOWER Financing: Created as a Public Benefit Corporation to help promising students from around the world who struggle to complete their education as a result of being excluded from traditional financing options. MPOWER Financing offers student loans to international students without cosigners, collateral, or credit history to students from 200+ nationalities.

Sasha Ramani sasha@mpowerfinancing.com +1-202-417-3800 (U.S.) or +91-974-099-3115 (India).

Fixed rate loans from US$2,001 – US$50,000 (over 2 academic terms).

U.S. Residents: Schulich students who are citizens of the United States are eligible to apply for the Federal Direct Student Loan Program and the Graduate/Professional PLUS (GRAD PLUS) Loans through the U.S. government. Information about eligibility and application procedures for the loans is available at http://sfs.yorku.ca/aid/usloans

Mexico Residents: Residents of Mexico are able to apply for a loan through the Fund for Development of Human Resources (FIDERH) which is a federal trust managed by the Bank of Mexico. Students can also explore funding options through the Mexican Foundation for Education, Technology and Science (FUNED).

India Residents: Schulich is partnered with Axis Bank and InCred to extend competitive and favorable loan products to our MBA and MBA in India students. In addition, York University has a loan program with Global Education using Credila Indian Student Loan Program. This loan is designed to assist students from India who require funding for educational expenses. Please visit the York Website for more information: http://sfs.yorku.ca/aid/international. Please contact the bank or financial institution of your choice (contact information below) for more information.

Abhiram Sadapalli Relationship Manager Abhiram.Sadapalli@incred.com	Theethu Yemula Theethu.Yemula@axisbank.com Tel: 8886788667	For details, please visit: www.myglobaled.com
Unsecured loan of INR 3,500,000 for a maximum of 180 months @ 12.5% onwards.	Unsecured loan amount up to Rs 25 Lakhs/course fee whichever is lower for a maximum period of 180 months @ 12.75% onwards.	Secured or Unsecured Loan for Total Cost of Education for a maximum of 120 months @ 13.75% onwards.

^{Note: Please contact the Bank or Education Loan provider for the maximum loan amount and to confirm final interest rate.}