Government Assistance
Information on government assistance, including loans such as OSAP, Registered Education Savings Plans, and other relevant topics, is available at Government Assistance.
Rotman Interest Subsidy Program (RISP)
Please note that effective immediately Rotman is no longer offering loan interest subsidies to incoming students. Only students who were enrolled in Rotman’s MMA, MFRM, M/E MBA, or MFin Program as of December 2022 remain eligible for interest subsidies under the Professional Student Loan Program (PSLP) or the Rotman Interest Subsidy Program (RISP).
Loans or line of credit obtained for the purposes of funding the Morning and Evening MBA; Master of Finance (MFin); Master of Financial Risk Management (MFRM); and Master of Management Analytics (MMA) program fees from an accredited financial institution (foreign or Canadian, other than the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC)) will be considered for the Rotman Interest Subsidy Program (RISP). The Rotman School will provide a subsidy to assist students with the interest incurred on such a loan. The following terms and conditions apply.
Terms and Conditions
Students who meet the terms and conditions of the RISP and are subsequently approved will be eligible to receive an interest subsidy for the duration of their program.
Student Eligibility
Students in these programs are eligible to apply for an interest subsidy:
- Morning MBA, Class of 2024 and 2025 only
- Evening MBA, Class of 2024 and 2025 only
- Master of Finance, Class of 2024 only
To be eligible for the RISP, students must maintain continuous registration in an Eligible Program.
Coverage Period
The interest subsidy will be calculated from 1 September of the first year of the program, or the date the loan was disbursed—whichever is later—up to the end of RISP eligibility.
| RISP Coverage Starts | Degree Requirements Fulfilled | RISP Coverage Ends |
|---|---|---|
| 1 September of first year | 31 December | 28/29 February |
| 1 September of first year | 30 April | 30 June |
| 1 September of first year | 31 August | 31 October |
In the event a student leaves the program before the standard time (withdraws or is granted a Leave of Absence), interest subsidy calculations will end immediately. Once a student on a Leave of Absence resumes studies, the Rotman School will resume interest subsidy calculations until the student fulfills all degree requirements.
Eligible Loans
Conditions for Obtaining an Eligible Loan
Loans or lines of credit obtained for the purposes of funding educational costs in an Eligible Program from an accredited financial institution (foreign or Canadian other than BMO or RBC) will be considered for the following reasons:
- Ineligible for Professional Student Loan Program (PSLP) Loans: All students are eligible to apply for the Professional Student Loan Plans (PSLP) through specified branches of the Bank of Montreal (BMO) or the Royal Bank of Canada (RBC) and should do so before considering other student loan options. Domestic students who choose to use another bank must provide confirmation from the PSLP banks that they are ineligible for their loans.
- PSLP Loan Limit Less than Full Tuition Fees: Should the loan limit from the PSLP be less than the full tuition fees, students may be eligible to receive further interest subsidy through the Rotman Interest Subsidy Program (RISP) for additional loans up to the maximum basic amount (comprised of the annual academic program fee, and all University incidental and Rotman ancillary fees).
- Extenuating Circumstances: There may be extenuating circumstances for domestic students to use loans from banks other than our PSLP partners. Examples include being able to negotiate better rates/terms, or a requirement by employer. Students must provide the Registrar’s Office with a detailed explanation for consideration.
Eligible Loan Requirements
Loans or lines of credit must:
- be held in the student’s name;
- be arranged through a recognized financial institution;
- accrue interest charges during the duration of the program; and
- be used only to pay tuition fees (transactions must clearly match ACORN fees payments).
The student will be responsible for paying the interest as assessed by the loan provider.
Interest Subsidy Calculation
The student will be responsible for paying the interest as assessed by the loan provider, following the terms of the loan. The interest subsidy calculation will be based:
- On the Maximum Basic Amount, as reflected in the tuition fee payments on the ACORN tuition fee invoice;
- The Maximum Basic Amount is the highest amount of loans for which the Rotman School will provide an interest subsidy. It covers the mandatory tuition fees (sum of annual program fee, University compulsory incidental and Rotman specific ancillary fees). Amounts borrowed in excess of the maximum basic amount, other products other than the education loan, or loans used for non-education purposes are not eligible for the interest subsidy
- Any other payments reflected on the tuition fee invoice (e.g. for student housing or service charges) are not eligible for an interest subsidy.
- On the principal balance of the loan, should it be less than the Maximum Basic Amount; and
- Payments toward the loan or line of credit account that reduces the principal balance will affect the interest subsidy calculation.
- Upon the prime interest rate (in Canada) on an amount not to exceed the Maximum Basic Amount.
- The subsidy (for which students are reimbursed on a term basis) is equivalent to the actual interest rate paid for the educational loan OR the Canadian prime interest rate, whichever is lower.
Interest Subsidy Payment
At the end of each term (no more than 45 days following the last day of the applicable term), the student must submit the following documentation to the Office of the Registrar:
- A statement of account that details the loan amount (or outstanding principal balance) and interest charges assessed and payments made for the period in question (e.g. Fall, Spring, or Summer term).
- Receipt(s) or statement(s) indicating the amount of interest that the student/borrower paid to the loan provider/lender for this period.
Interest subsidy payments will be issued to students following the Fall, Spring, and Summer terms, and upon submission of the documentation listed above. Students will be notified via email when their payments are available. Payments will be applied first to outstanding fees, if any. If there are no outstanding fees, the subsidy will be issued in the form of direct deposit in Canadian funds to student bank accounts as entered by students on their ACORN accounts.
Rotman Interest Subsidy Program Payment Schedule
| Term | Application and Supporting Documentation Submission Deadline | Interest Subsidy Payments Made |
|---|---|---|
| Fall (Sept–Dec) | By 15 February | March |
| Winter (Jan–Apr) | By 15 June | July |
| Summer (May–Aug) | By 15 October | November |
| Graduating Students (May and June) | By 15 July | August |
Application Process
Once the loan has been confirmed and fees paid, the student may apply for RISP as follows:
- Complete the Rotman Interest Subsidy Program (RISP) Application Form (PDF) according to the schedule laid out in Interest Subsidy Payment.
- Attach documentation to the Office of the Registrar clearly stating:
- the name of the borrower;
- the name and address of the financial institution as loan provider;
- the principal amount of the loan;
- the date the loan begins; and
- the current account activity including interest charges, payments, and outstanding balance.
- Documents must be in English, or must be accompanied by English translations if not originally in English. For lines of credit, the principal amount must reflect educational fees paid to the University of Toronto. Applications will not be considered until this documentation is received by the Office of the Registrar.
Student Conference and Case Competition Subsidy
The Rotman School recognizes the importance of students taking part in extracurricular activities that are designed to enhance the learning experience in the MBA, Master of Finance (MFin), Master of Financial Risk Management (MFRM), and MAster of Management Analytics (MMA) programs.
Competitions and conferences provide students with experience in preparing and writing case analyses and business plans; allow for students to be evaluated and receive feedback in a broader competitive field; and provide an excellent opportunity for networking and future career development. Attendance at these events not only enhances students’ individual learning but also reflects positively on the Rotman School.
Students are advised to consider the impact on their academic obligations/schedule that their participation in these events may have, as accommodations are not granted for such extra-curricular activities.
The Office of the Registrar maintains a limited amount of funding to help support students participating in these events. This subsidy is not intended to cover the full cost of participation, but rather to partner with the student participant to help offset some of the expenses associated with the event. The subsidy is issued on a reimbursement basis only.
In order to be considered for a subsidy, students must be able to demonstrate how their attendance or participation in the event will positively impact their individual learning and the image of Rotman, or how they will make a significant contribution to the event.
Please note that activities relating to internships and/or employment and Rotman events are not considered for this subsidy.
How to Apply
Students must:
- Complete the Student Conferences/Competitions Subsidy Form (PDF) at least three weeks in advance of the conference/competition date. Students are advised to plan ahead as approvals can take up to two weeks. Late applications may not be accepted.
- Attach supporting documentation demonstrating expenses (e.g. copies of conference/competition registration fee; quotes for travel and accommodations) to participate at the conference/competition.
- Post-Event: Submit required documentation by deadline date noted on subsidy approval email after conference/competition in order to receive subsidy. Students who do not attend the conference/competition for which they have been approved are not eligible to receive funding.
Registrar’s Office will:
- Review subsidy request and supporting documentation.
- Provide preliminary subsidy decision within two weeks after receiving the application and all required supporting documentation.
- Process subsidy after student has submitted required documentation as indicated in the approval email, after the conference/competition.
NOTE: All subsidies are processed to student’s ACORN account and applied to outstanding tuition balance first.
Expenses
- Travel and accommodation expenses will only be considered for the dates of the conference/competition, plus one day before and one day after. For example, if the conference is on November 11, traveling on November 10 & 12 and accommodations on November 10 & 11 are acceptable expenses.
- Meal, entertainment, local travel, and other expenses will not be considered.
Eligible Expenses
| Expense Type | Expense Standards | Documentation Required |
|---|---|---|
| Airfare | Least expensive economy-class fare available for all domestic and international flights to and from event location and Toronto. | Ticket confirmation which notes full itinerary; total cost and payment; and passenger boarding passes |
| Rail/bus travel | Least expensive coach/comfort class fare to and from event location and Toronto. | Ticket confirmation which notes full itinerary; total cost and payment; and passenger ticket stubs |
| Airport transportation | Least expensive means of transport for the most convenient, direct and timely route, to and from home/hotel. Includes shuttle, public transportation, or taxi. | Original receipt |
| Accommodation | Accommodation expenses for the day(s) of the event, plus, if necessary, one day before and one day after the event. Single occupancy room with a private bath. Use of luxury accommodation will not be considered. | Detailed statement of hotel charges (room rental and room taxes only) and payment |
| Vehicle rental | Normally used for round trip journeys not exceeding 500 km. If trip is > 500 km, the maximum claimable expense is equivalent to economy air travel rate by the most direct route or standard rail fare, whichever is less. Standard is a mid-size car. Gasoline is eligible for this category of expenses. | Copy of rental agreement showing final total cost and payment Original receipts for gasoline purchases |
| Mileage for use of own vehicle | Normally used for short trips up to 500 km in round trip length. For longer trips, a traveler may use his or her own vehicle, but subsidy consideration will be equivalent to the least expensive mode of transportation to and from that destination. The rate allowed (i.e. kilometerage allowance) is 54 cents per kilometer ($0.54/km). Note: Multiply miles by 1.66 to convert to kilometers. This allowance is intended to cover all automobile operating costs such as gasoline, insurance, repairs and maintenance. Persons traveling to the same event should limit the use of a personal vehicle to one automobile, to the extent possible. Gasoline is ineligible for this category of expenses. | Indicate starting point and destination |
| Parking | If using rented or own vehicle, at hotel or airport only. | Original receipts |
| Registration fees | Copy of registration which shows total cost and payment |
- Original receipts/documentation are required; credit card receipts or statements alone are not acceptable.
- All original documents must show the amount claimed and how it was paid.
- For receipts paid in a currency other than Canadian dollars, provide credit card statement showing Canadian dollar equivalent. Otherwise, Bank of Canada exchange rates from date the expense was incurred will be used.
Ineligible Expenses
- Meals
- Transportation to and from hotel and event location
- Personal entertainment expenses (e.g. movies, fitness facilities, sporting events, magazines, books, sight-seeing trips)
- Miscellaneous hotel expenses (e.g. laundry service, internet, fax and photocopying services, minibar charges, room services)
- Miscellaneous travel expenses (e.g. personal travel insurance; items lost or stolen in transit; fees for travel stopovers, or missed flights; Visa and passport costs; excess baggage charges; upgrade fees; parking, speeding and other traffic fines; telephone, internet, facsimile and photocopy charges)
- Airfare, if the flight was booked using personal airline rewards.
Emergency Financial Assistance
The Rotman School retains a small budget for acute, unanticipated situations causing financial hardship, and is not intended to cover a shortfall in general living expenses. Students who find themselves in financial difficulty due to unforeseen or unexpected circumstances are advised to consult the Registrar’s Office as soon as the situation arises.
Tax Implications
All subsidies, grants, awards and bursaries paid by the Rotman School, including the interest subsidy is considered a bursary/grant and falls under Other Income for tax purposes. Bursaries/grants are no longer taxable and are no longer reported as income on the tax return when accompanied by a corresponding T2202A Enrolment Certificate. The University is required to report bursary/grant amounts issued to students for information purposes. This amount will be reflected on a T4A form each year in February.