How to pay for your MBA
As you’re investing in your MBA, DeGroote is investing in you, offering a variety of financial support options to help you be successful as an MBA student at DeGroote and a future business leader. Financial assistance to students is available in the form of:
- scholarships (which reward academic achievement)
- bursaries (issued to students demonstrating financial need)
- loans (intended to supplement students’ contributions towards their education)
- work terms (which provide experience and income during your MBA)
Thinking about how to pay for your MBA and managing your money can be overwhelming. The Student Financial Aid and Scholarships’ helps you design a budget and provides hints and tips for creating a reasonable spending plan.
We offer MBA Entrance Scholarships valued between $2,000 and $10,000 based on your admission average and GMAT score. You are automatically assessed for these scholarships and will be notified in your admission offer letter if you receive one. Payment is made to your student account in late September and will be used toward paying your tuition.
*Tip: GMAT scores of 640 and higher will significantly increase your Entrance Scholarship amount.
(Unfortunately, part-time students are not eligible for Entrance Scholarships.)
MBA Admission Awards are granted to incoming full-time, co-op, part-time and accelerated students who have achieved a score of 700 or higher on the Graduate Management Admission Test (GMAT). You are automatically assessed for these awards and will be notified in your admission offer letter if you receive one. If you are in receipt of an MBA Entrance Scholarship, you have already been rewarded for your GMAT achievement and thus will not receive an MBA Admission Award. Payment is made to your student account in late September and will be used toward paying your tuition. (Approximate value $2,000 – $3,000)
Named scholarships and bursaries
Applications for other scholarships and bursaries are accepted from mid-September to mid-October. Scholarships amounts are in the range of $500 to $15,000. Recipients are announced in December. A full list of scholarships can be found in the academic calendar.
(Unfortunately, international and part-time students are not eligible for bursaries.)
Adam Felesky MBA Scholarship
The Adam Felesky MBA Scholarship is an invitation only competition that awards a full-tuition scholarship to an incoming full-time or co-op MBA student. Qualified candidates invited to participate must demonstrate both outstanding academic achievement and a 640+ GMAT score. Value: $30,000 ($15,000 annually for two years provided the recipient achieves a minimum B+ average at the conclusion of the first year of their studies.) It is supported by the generous donation from McMaster Alumnus and philanthropist, Adam Felesky, President and Managing Partner of PFC Ventures.
Ontario Student Assistance Program (OSAP)
OSAP assistance in the form of loans is available to Canadian citizens or landed immigrants who are residents of Ontario. These loans help pay for education-related expenses such as tuition, books, transportation and other living expenses. You should apply for OSAP on the program’s website as soon as application forms are made available in late May. More information can be found on the OSAP website.
If you are a part-time student you may still be eligible for OSAP funding under certain conditions.
Visa students are ineligible to apply for the OSAP program. Out-of-province and out-of-country student loan programs can provide similar assistance. The office of Student Financial Aid and Scholarships (SFAS) administers these other programs.
Student line of credit
The majority of DeGroote MBA students require some level of private financing to assist them with their MBA expenses. As the financial institution chosen by McMaster University to offer student lines of credit, TD Canada Trust can help you finance your studies.
The TD Canada Trust student line of credit is designed to provide the flexibility required by students in professional and graduate schools. Benefits include an available credit line that you can use to cover all or part of your expenses at a competitive variable interest rate. Payment options are flexible, with no pre-payment penalties and no set-up, monthly or annual fees. To discuss your options or learn more about the TD Canada Trust student line of credit, visit any TD Canada Trust branch, call 1-888-660-5958 or visit www.tdcanadatrust.com/student.
Co-op work terms
Students in 2015-2016 earned an average of $3,700 to $4,100 per month during a work term. Salaries vary depending on the type of position, market competition, student qualifications and the company.
Teaching assistant positions
Students who are on a full-time study term can apply for TA positions. Applications are accepted before each term. The application process is administered by the dean’s office.