General Information
With all methods of payment, please keep in mind:
- All tuition payments and service charges are collected and processed centrally through the University of Toronto Student Accounts Office and not by Rotman.
- The University considers students responsible for planning sufficient time for their payments (regardless of method) to reach the University’s bank account and to be recorded in their student account by the deadlines.
- Once the fees invoice is available on ACORN, students may begin to make payments for only the fees posted on the fees invoice. Large payments in excess of the invoice amounts may result in a delay in processing payments and any refunds. The University student account should not be used as a personal banking account.
- Payments must be made through a financial institution, as the University of Toronto Student Accounts Office, or the Rotman School do not take payments directly from students.
- Students should monitor payments on their student account on ACORN. It takes between three to five business days for payments made at major Canadian financial institutions (a few days longer for payments made from a Canadian credit union or financial institutions outside of Canada) to be reflected or posted to ACORN student accounts. For this reason it is strongly advised that payments should be made at least one week before deadlines, and to retain receipts / payment verification / confirmation number as proof of payment.
- After paying the Minimum Payment to Register Amount (MPRA) by September 1, students will want to ensure that their Fall non-tuition & tuition balance (if any) is cleared on ACORN by September 30 to ensure that service charges will not accrue. A monthly service charge of 1.5% compounded (19.56% per annum) will begin to accrue on any outstanding Fall term fees following the appropriate payment schedule.
- If students have confirmed sources of funding that comprises their entire MPRA, but will not be disbursed by September 1, they should complete and submit a Register Without Payment form online to the RO no later than August 15.
Pay from Within Canada
The following options are available to make a payment from within Canada:
- Bank Machine or Teller
- Telephone or Online
- Online Credit Card Payment
- Aeroplan Miles and TD Travel Rewards Program Points
Bank Machine or Teller
Students with a Canadian bank account at one of the following financial institutions may make a payment at the teller or bank machine with a copy of the fees invoice:
- Bank of Montreal (BMO)
- Canadian Imperial Bank of Commerce (CIBC)
- HSBC Bank Canada
- Royal Bank of Canada (RBC)
- Scotiabank
- TD Canada Trust
- Most credit unions
To make a payment:
- Print a copy of the fees invoice from ACORN and take it to a bank branch. The University of Toronto student account number and the student number printed on the invoice format account are needed to ensure the payment is credited to the appropriate student account.
- Enter the appropriate amount for payment.
- Retain receipt as proof of payment, and monitor the student account through ACORN over the next week for the payment to be reflected
Telephone or Online
Many financial institutions offer these services, in which case payment is made as follows:
- Call the financial institution’s telephone or log into the online banking service and provide them with your account number (listed on your ACORN fees invoice) and the payee name “University of Toronto.”
- Enter the appropriate amount for payment.
- Retain receipt as proof of payment and monitor the student account through ACORN over the next week for the payment to be reflected.
Online Credit Card Payment
Note: A convenience fee will apply to payments made through online credit card payment.
The University of Toronto has partnered with Moneris to provide this service. Online Mastercard and Visa credit card fee payments can be made in Canadian dollars for fees displayed on the ACORN fees invoice. This service is only available on ACORN.
The online credit card fee payments are handled by Moneris and the University does not have access to credit card information at any point in the payment process. The credit card payment option includes a 2.25% convenience fee, which is a fee billed by Moneris, and is non-refundable, even if you cancel courses and registration. On the cardholder’s credit card statement, the convenience fee will be described as “STUD ACCTS-CONVENIENCE FEE” and the University of Toronto fee payment will be described as “STUD ACCTS CC PYMT-UOFT TORONTO.”
Non-Canadian dollar denominated credit card fee payments will be subject to foreign exchange rates and fees as determined by your credit card company and these fees will not be displayed on the online credit card payment service. For this reason, these students are encouraged to use the options outlined below in Making Payment From Outside Canada.
More information and instructions on how to make a credit card payment are available on the ACORN help site’s how-to walkthrough, and Student Accounts page on Making Payments.
Aeroplan Miles and TD Travel Rewards Points
Students, family, and friends can convert Aeroplan Miles and TD Travel Rewards Program points into $250 worth of credits towards student fees through HigherEdPoints. It is important for students to account for extra processing time using this option.
The HigherEdPoints member will receive a confirmation email once the transfer to the University of Toronto is initiated—this may take up to 72 hours. It will then take 3–5 business days for the payment from HigherEdPoints to be transferred to the University of Toronto and posted to the student’s ACORN account.
Pay from Outside Canada
International students are encouraged to set up a Canadian bank account so that payments can be made by domestic bank transactions. The Rotman School’s partnered branches of Bank of Montreal and Royal Bank of Canada can assist with setting up personal bank accounts, and students may even be able to start the process prior to their arrival in Toronto.
- Bank of Montreal Banking Information Sheet for International Rotman Students (PDF)
- Royal Bank of Canada Banking Information Sheet for Rotman Students (PDF)
For students with a Professional Student Loan Program loan from one of these banks, it is a requirement to also open a bank account with that bank. This account may be used for living expenses or other banking needs. The bank can assist with this.
Convera for Students
If making a payment from outside of Canada is necessary, then the University of Toronto has authorized Convera to process incoming international student tuition and residence fee payments for the University of Toronto via Convera. The University does not accept wire transfer payments.
More information on making a fee payment through Convera can be found on the Student Accounts website.
Pay with Professional Student Loan Program (PSLP)
The following information outlines fee payment for students with a Professional Student Loan Program (PSLP). For further information, see Professional Student Loan Program (PSLP).
Note: For students with both PSLP and Ontario Student Assistance Program (OSLP) loans, OSAP loans are first disbursed to the University towards fees owing during the relevant term. If a student’s available PSLP loan amount does not cover their Fall term fees, then the OSAP will first be applied to the balance with the remainder paid to the student’s bank account.
Students in Full-Time MBA Program
Students with a loan from the Bank of Montreal (BMO) or Royal Bank of Canada (RBC) make arrangements for fee payment as follows:
- Loans must be finalized (approved and all required documents signed) by the banks.
- Complete and submit a Declaration of Need, using Rotman credentials to log in). This will be available in May and must be done online each year.
- Fall Term Fees Payment (Minimum Payment to Register Amount (MPRA)): Students in the Full-Time MBA program will make their own fees payments, even when using a PSLP loan. The banks will not disburse this amount from students’ loans automatically; students must make their own payment. BMO clients make payment in person by visiting any BMO branch; RBC clients make payment either online, through telephone banking, or in person at the branch. If a student’s loan limit is less than their fees owing, then they must pay the difference from their own sources by the appropriate deadline.
- Winter Term Fees Payment (Normally equivalent to the Account Balance Up to the End of the Session): Following the appropriate Payment Schedule, students must pay Winter term fees. The banks will not disburse this amount from a student’s loan automatically; students must make their own payment. BMO clients make payment in person by visiting any BMO branch; RBC clients make payment either online, through telephone banking, or in person at the branch. If a student’s loan limit is less than their fees owing, then they must pay the difference from their own sources by the appropriate deadline.
Students in Interest-Subsidized Programs
The following programs are known as “interest-subsidized programs:”
- Morning MBA
- Evening MBA
- Master of Finance
- Master of Financial Risk Management
- Master of Management Analytics
Students with a loan from the Bank of Montreal (BMO) or Royal Bank of Canada (RBC) make arrangements for fee payment as follows:
- Loans must be finalized (approved and all required documents signed) by the banks.
- Complete and submit a Declaration of Need, using Rotman credentials to log in). This will be available in May and must be done online each year.
- The bank will begin disbursing loans in September (after the fees deadline) using a student’s annual loan limit up to full mandatory tuition. Should this disbursement amount be less than the MPRA, the student must pay the difference for their own sources by September 1.
If a student has completed the above steps by September 1, their mandatory tuition will be considered paid on time and their registration confirmed, regardless of when the loan is disbursed.
Do not remit further mandatory tuition payments as this may result in a large credit balance on students’ Student Account, which may require time to refund back. With the submission of a Declaration of Need, the bank and the Rotman School maintain communications regarding enrollment, fees, and loan status in order to confirm registration prior to the actual loan disbursement.
Students in the Graduate Diploma in Professional Accounting (GDipPA) Program
Students with a loan from the Bank of Montreal (BMO) or Royal Bank of Canada (RBC) make arrangements for fee payment as follows:
- Loans must be finalized (approved and all required documents signed) by the banks.
- Complete and submit a Declaration of Need, using Rotman credentials to log in). This will be available in April.
- Students in the GDipPA program will make their own fees payments, even when using a PSLP loan. Banks will not disburse this amount from a student’s loan automatically; students must make their own payment. BMO clients make payment in person by visiting any BMO branch; RBC clients make payment either online, through telephone banking, or in person at the branch. If a student’s loan limit is less than their fees owing, then they must pay the difference from their own sources by the appropriate deadline.
Pay with Prodigy Finance Loans
Prodigy Finance is aware of the University’s payment deadlines and disburses loans directly to the University. The standard process for Prodigy Loans to disburse loans is in two equal instalments, matching the University’s payment schedule. The Rotman School has already provided Prodigy Finance with the necessary wire transfer information in order to facilitate the student fees payments.
Students with a loan from Prodigy Finance make arrangements for fee payment as follows:
- Apply for a loan directly online with Prodigy Finance.
- Upon arrival in Toronto, complete and submit the “Final Loan Contract” electronically. Prodigy Finance will provide instructions.
- Students can connect with their Prodigy representative to ensure the first disbursement will be made by the tuition deadline. If for any reason the disbursement will not be made by the deadline, students should submit a completed Register Without Payment form to the RO in order to register.
- Prodigy Finance will communicate with the Rotman School to confirm payment amount on your behalf.
- Fall Term Fees Payment (Minimum Payment to Register Amount (MPRA):
- Prodigy Finance will disburse half of the annual loan limit (in USD) for the Fall.
- The loan will be exchanged to CAD using the daily exchange rates provided by the bank.
- Students must monitor their student account on ACORN for the actual CAD amount disbursed into their student account.
- Should disbursed amount be less than the MPRA, students must pay the difference from their own sources by the September 1 deadline, or they may contact Prodigy to change their split (i.e. disburse a larger amount for the Fall term).
- If students have completed the above steps by September 1, they will be considered paid on time and their registration confirmed. Remitting further payment will be applied to future fees and/or result in a large credit balance on their Student Account, which may require time to refund back.
- Winter Term Fees Payment (Normally equivalent to the Account Balance Up to the End of the Session):
- Prodigy Finance will disburse the second half of the annual loan limit (in USD).
- The loan will be exchanged to CAD using the daily exchange rates provided by the bank.
- Students must monitor their student account on ACORN for the actual CAD amount disbursed into their student account.
- Should disbursed amount be less than the MPRA, students must pay the difference from their own sources by the 30 November deadline.
Rotman Awards and Deposits Implications
For students who have been allocated a Rotman award, the annual disbursements are paid in late September, and will only appear on their invoice at that time. Awards will be applied to outstanding fees first. Students may subtract the annual award amount from their Minimum Payment to Register Amount (MPRA) when making your Fall term payment.
Deposits paid to accept a student’s admission to the Rotman School will also be applied and reflected in the Payments section of the fees invoice for their first year of studies only.
Students With PSLP / Prodigy Loan Covering Fall Term Fees
Once the bank loan payment has been received by the University (by mid-September), any payments already made, such as a student’s deposit and/or awards, will appear as a payment on their fees invoice and will reduce the balance owing for Winter term fees.
Examples of Applying Rotman Awards and Loans to Fall Term Fees
| Fees and Deductions | Example 1 | Example 2 |
|---|---|---|
| Minimum Payment to Register Amount (MPRA) | $25,000 | $25,000 |
| Annual Rotman Awards Amount | – $10,000 | – $5,000 |
| Fall Loan Amount | – $5,000 | – $5,000 |
| Total Amount Due by September 1 | $10,000 | $5,000 |
Students Without PSLP / Prodigy Loan Covering Fall Term Fees
For students without PSLP / Prodigy loans covering Fall term fees, they may apply Rotman award and deposit amounts towards their payment.
Wire Transfers
The University of Toronto no longer publishes information on these wire transfers, as there is a high risk of incomplete transactions due to inaccurate information. Additionally, wire transfer payments are processed manually, resulting in a much longer time to appear on the student account. There are exceptional cases when fees must be paid by wire transfer, such as foreign bank loan rules. In these cases you must contact the Registrar’s Office for instructions.
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