Note: Not all information on this page is relevant for Executive MBA (EMBA), Global Executive MBA (GEMBA), and Global Executive MBA for Healthcare and the Life Sciences (GEMBA-HLS) programs. Students in these programs should visit PSLP – EMBA, GEMBA, and GEMBA-HLS Programs.
The Rotman School is pleased to partner with the Bank of Montreal (BMO) and Royal Bank of Canada (RBC) to offer Rotman students the Professional Student Loan Plans. These plans are specifically aimed at helping students meet the educational costs of their degree.
Students approved for the plans may borrow an amount to cover the tuition fees (the sum of annual program fee as well as University mandatory incidental and Rotman ancillary fees) and administrative fees assessed by BMO (for students accessing the BMO loan using a Standby Letter of Credit) for their program. In addition to the loan for education costs, the banks offer other products students may use for living expenses. For more information about these additional products, students should speak with their bank representatives.
Students admitted to the Rotman School may seek pre-approval for a loan up to 12 months prior to the start of the program. Disbursement of funds is contingent upon enrollment confirmation from the Rotman School which is done through the Declaration of Need form.
Benefits of the PSLP
- Favourable interest rates (as low as prime)
- Higher loan limits (to cover tuition fees)
- Integration between the Rotman School and the bank for annual loan disbursements and student registration
- Although the PSLPs have been designed for Rotman students, the loans are governed by the banks and all decisions regarding approval and eligibility are made by the banks.
- The University of Toronto Enrolment Services provides information about loans and lines of credit from Scotiabank. While Rotman students are free to pursue funding options at the financial institution of their choice, they are encouraged to consider our partners at BMO and RBC in order to take advantage of the above benefits.
Terms and Conditions
For information on the terms and conditions of the Professional Student Loan Program, see PSLP – Terms and Conditions.
Students are encouraged to apply as soon as possible in order to avoid delays in processing, and to allow time to schedule an appointment with the loan representative for documents to be reviewed and signed.
As students may apply for loans up to 12 months prior to the start of their program, the Declaration of Need is not required for pre-approval of loans. This document is required, however, for the disbursement of the loans and to pay fees and can be submitted once it is available. Refer to PSLP – Terms and Conditions for dates.
Specific Bank Loan Information
The Professionals Student Loan Plans are specialized plans available ONLY through the specified banks and branches. For details on branch locations, please see PSLP – Terms and Conditions.
Below are feature sheets and application forms / instructions for each bank.
Royal Bank of Canada (RBC)
- Royal Bank of Canada Banking Information Sheet for Rotman Students (PDF)
- Royal Bank of Canada Professional Student Loan Plan (PSLP) Application Form (PDF)
Bank of Montreal (BMO)
- Bank of Montreal Banking Information Sheet for Domestic Rotman Students (PDF)
- Bank of Montreal Banking Information Sheet for International Rotman Students (PDF)
- Bank of Montreal Professional Student Loan Program (PSLP) Application Information and Keying Guide (PDF)
How to Apply
Once students have reviewed the features of each bank and decided which bank to proceed with, the application process is simple.
- Apply for the loan directly to the bank. This is required only once, at the beginning of the program. Students should apply to only one bank at a time, keeping in mind that each application will appear on your Canadian credit bureau report(s). Applicants will require the admission offer letter in order to apply.
- A meeting at the bank is required only once, at the beginning of the program. Once the loan is approved, students will need to schedule an appointment at the branch to sign loan documents with bank representative
- Submit the Declaration of Need to Rotman. This is required each year of the program. This online form is available June of each year and requires only a few minutes to complete. The Office of the Registrar will provide fees invoice information and confirm enrollment to each bank on behalf of students. For interest-subsidized students, the bank can then disburse loan funds directly to the University to pay fees beginning in September.
Frequently Asked Questions (FAQs)
For information on frequently asked questions about the Professional Student Loan Program, see PSLP – Frequently Asked Questions (FAQs).