Undergraduate students who require financial assistance or would like to learn more about domestic and international financial aid options should visit the Student Financial Services website.
Line of Credit Programs for Domestic Students
Schulich students who are Canadian citizens or landed immigrants may apply for a 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.
Each bank provides one-on-one financial advice to Schulich students. Interest must be paid on the amount owing each month. To find out more about this program, please contact one of the following banks or a financial institution of your choice:
Royal Bank of Canada
TD Canada Trust
Canadian Imperial Bank of Commerce (Mobile Team)
(905) 660-6068 ext. 300
|up to $115,000 at prime||up to $125,000 at prime||*Please contact the bank for rates|
* Rates shown are applicable for the MBA/IMBA program
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 Amounts withdrawn under the LLP do not count towards income and the RRSP issuer does not withhold taxes on these amounts.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
International Loan Programs
We encourage all 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.
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 see the York Website for more information: http://sfs.yorku.ca/aid/international. Please contact the bank or financial institution of your choice for more information.