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Student Finance Frequently Asked Questions (FAQs)

Home » Student Finances » Student Finance Frequently Asked Questions (FAQs)

Fee Payments

As fee payments are an important aspect of student registration, we recognize that there are many questions you may have around your fees, financial aid, and awards. Below you will find our most common questions and answers. Should your question not be answered here, please do contact the Registrar’s Office.

When are my fees due?

When are my fees due?

Check out the Payment Schedules page to determine when you need to make your payments. Always remember that it takes 3-5 business days for payments to appear on your ACORN invoice, so do try to make payments before the deadlines to avoid service charges.

Why doesn’t my award appear on my invoice?

Why doesn’t my award appear on my invoice?

For students who have been allocated a Rotman award, the annual disbursement will be paid after you are Registered. GEMBA-HLS awards are paid in October, all other programs are paid in late September, and will only appear on your invoice at that time. You may subtract the annual award amount from your Minimum Payment to Register Amount when making your Fall term payment.

How do determine my Fall term balance?

How do I determine my Fall term balance?

Once you have paid to registered, you may still need to clear some Fall fees to avoid service charges. The Student Accounts page How do I Calculate the Amount of Unpaid Fall Term Fees? provides instructions to determine this amount. Remember that should you be expecting a Rotman awards payment you can deduct this amount as well.

How do I read my invoice?

How do I read my invoice?

The Student Account office has provided a View the Guide to Reading Your Invoice. If you need more assistance after viewing that guide, you can visit uoft.me/enrolment-services.

If a student has a BMO/RBC loan through the Professional Student Loan Plans (PSLP), how do they arrange payment of fees?

If a student has a BMO/RBC loan through the Professional Student Loan Plans (PSLP), how do they arrange payment of fees?

Once students have arranged for a PSLP loan (applied and approved for the loan, and signed loan documents), they submit a Declaration of Need. The Declaration of Need form is required for each year of the program. For interest subsidized students, the banks will begin disbursing loans in September. Should the annual loan limit be less than the Minimum Payment to Register Amount (MPRA), they must pay the difference for your own sources by the 1 September deadline.

More details are found on Professional Student Loan Program (PSLP).

I am using a Prodigy loan, how do I arrange payment of my fees?

Upon your arrival in Toronto, complete and submit the Final Loan Contract Electronically. Prodigy Finance will provide instructions. Prodigy Finance will communicate with the Rotman School to confirm payment amount of your behalf. A Register Without Payment request is required if the first disbursement date is after the fee deadline of September 1 and it covers the entire MPRA. Should your annual loan limit be less than the Minimum Payment to Register, you must pay the difference from your own sources by the September 1 deadline.

More details are found under Making Fee Payments.

Do I have to pay my full tuition amount if I am getting a scholarship?

Award payments will be processed at the end of September (or October for GEMBAHLS students) and applied to fees first. If you are paying fees out of pocket, you may deduct amount of award instalment expected in September.

More details are found under Rotman Awards and Deposits.

What happens if I don’t have all of my tuition money ready by the payment deadline?

All students must make arrangements to pay their tuition fees prior to or at the start of each academic year. In order for students to be considered registered in the program, the Minimum Payment to Register Amount (MPRA) as stated on the tuition fee invoice must be paid by the fee deadline listed on the Payment Schedule. Students may be eligible to register without paying the MPRA if all outstanding fees from previous sessions have been paid AND there are confirmed sources of funds that exceeds the MPRA.

A Register Without Payment allows students to be registered in their program without making the MPRA by the September 1 deadline, as the confirmed amount of courses is used to make up the MPRA. It does not defer or waive service charges. Students with an approved Register Without Payment should note that a monthly service charge of 1.5% compounded following the appropriate schedule provided in the Payments Schedules.

There are three categories for a Register Without Payment consideration:

  • Government Loans
  • Third Party Scholarships
  • External Scholarship/Award and Other Loans/Resources (Loans from the Bank of Montreal or Royal Bank of Canada as a part of the PSLP or Prodigy Finance do not require a Register Without Payment request)

More details can be found under Register Without Payment.

My payment is in transit and may not appear on ACORN by the deadline. What should I do?

Students can forward proof of transaction to the Registrar’s Office. Funds must be equal or greater than MPRA. Remember, this is only for confirmed funds.

I’m waiting to hear about the status of my loan/OSAP application which may not come by September 1. What should I do?

Students should forward confirmation of application and proof of other funds available to pay the MPRA to the Registrar’s Office. If the loan is not confirmed, they will need to use those funds to make payment.

I am getting OSAP and plan to use that to pay part of my fees. Can I pay the rest in January?

Please arrange to pay the Minimum Payment to Register Amount (MPRA) by the September 1 deadline, and any Fall term non-tuition fees by September 30. You can pay your Winter term tuition and non-tuition fees by January 31. Students may request to defer the payment of fees if they have confirmation that they are receiving funds in the amount equal to or greater than the MPRA indicated on the fee invoice. Please note that standard government loan entitlements (for Canada and Provincial loans) do not meet the MPRA. Therefore, deferral of payment on the basis of government loans can only be approved in combination with proof of another source of funding. Rotman School students must apply to Register Without Payment through the Rotman Schools as they are unable to apply to Register Without Payment online through ACORN.

Note: Students who have been assessed for a government loan, but ALSO have a PSLP loan covering their full annual tuition will not have to file a Register Without Payment request.

Can I wire transfer my tuition payment like I did with my Rotman deposit?

Although your deposit payment to confirm your acceptance to the Rotman School is applied to your tuition fees, the payment process is different from fees payment. As such, any wire transfer information that may have been provided cannot be used for fees payment. Please do not use this wire transfer payment to make tuition fees payment. Doing so will delay your registration status. To make payment from outside of Canada, please visit this page.

I am an international student. I think that I may only need to pay domestic fees because I have applied for PR status. Can you confirm?

Students need to bring proof of status to the School of Graduate Studies (SGS) to make changes to your legal status or request an international fee exemption. You will be required to present SGS with supporting documentation. Once your legal status has been changed or your international fee exemption has been approved, your tuition fee will be automatically recalculated tor reflect the domestic fee assessment; however the timing of the change will determine if your tuition fee is changed for the entire academic year or for winter term only. More details can be found on this page.

Why do I have to pay incidental fees? I don’t use the health services/athletic facilities/Hart House, etc.

Incidental fees are a compulsory part of your tuition. The campus fees are set on the understanding that all students will contribute to the cost of these services. The student society fees are set by the student members of the society. There are some components of some student society fees that can be refunded upon request, within a specific time period. For more information and links concerning compulsory non-academic incidental fees, visit the Office of the Vice Provost’s website.

My employer will be paying my fees. How do I arrange this?

Complete and submit the Register Without Payment form together with the required supporting documentation to the Registrar’s Office. This process will result in an invoice being sent to your employer showing the amount of tuition fees assessed for the year. Your sponsor can pay tuition fees directly to the University of Toronto upon receipt of this invoice.

More information can be found in our information on Third Party Sponsorship.

Can you let me know if the tuition fee payment I made at my bank yesterday is already showing up on your end?

You have full access to all details of your own student account, including any payments that you have made. You can check your tuition fee invoice on ACORN, where you will find your account balance, payment history, and other account details. Please keep in mind that payments (especially from out of the country) may require up to 10 business days to reflect on the student account. You are responsible for planning sufficient time for payments to reach the University’s bank account and to be recorded in your student account by the appropriate deadlines.

Professional Student Loan Plans (PSLP)

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).

What is the Maximum Basic Amount?

Applicable only to loans that are interest-subsidized by the Rotman School, the “maximum basic amount” refers to the highest amount of loans for which the Rotman School will provide an interest subsidy. More details can be found on this page.

I have a BMO or RBC loan through the Professional Student Loan Plans (PSLP). How do I arrange payment of my fees?

Once you have arranged for your PSLP loan (applied and approved for the loan, and signed loan documents), submit the Declaration of Need (use your Rotman credentials to log in). The Declaration of Need form is required for EACH year of your program. For interest subsidized students, the banks will begin disbursing loans on September 1. Non-interest subsidized students must arrange their own fee payments. Should your annual loan limit be less than the Minimum Payment to Register Amount (MPRA), you must pay the differences from your own sources by the September 1 deadline.

More details can be found on this page.

I have a BMO or RBC loan through the Professional Student Loan Plans (PSLP). How do I get my $5,000 deposit back?

For interest subsidized students with an available loan limit that is equal to or greater than the full tuition fees, the banks have been instructed to pay the full tuition fees to the University, which includes the deposit you’ve already paid, and may not necessarily reflect the balance owing on your invoice. Once the bank loan payment has been received by the University (by mid-September), any payments already made, such as your deposit, will appear as a credit on your ACORN fee statement. Beginning on November 1, Student Accounts will issue the credit back to you. It will then be directly deposited to your own personal bank account listed on ACORN. Please note for clarification, that this is not a refund on your deposit. The credit will be created on your UofT account because there will be a “double” payment caused by your original deposit made to secure your spot in the program, as well as the bank’s payment covering your full tuition fees.

More details can be found on this page.

I have a BMO or RBC loan through the Professional Student Loan Plans (PSLP). Do I need to complete the Rotman Interest Subsidy Program (RISP) application?

Applicable to students in the Morning and Evening MBA, MFin, MFRM, and MMA, the Rotman Interest Subsidy Program (RISP) provides an interest subsidy for loans from banks (domestic or international) other than the specified branches of BMO or RBC. If you have a loan from the specified branches of Bank of Montreal (BMO) or Royal Bank of Canada (RBC) through the Professional Student Loan Plan (PSLP) you do not have apply for the Rotman Interest Subsidy Program (RISP). The interest subsidy for PSLP loans are paid by the Rotman School directly to the bank on a monthly basis on your behalf.

More details can be found on this page.

Rotman Interest Subsidy Program (RISP)

This section is applicable only to the Morning and Evening MBA, MFin, MFRM, and MMA programs.

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).

I have a loan with CIBC (because they were the only bank that would lend to me). Can Rotman pay the interest on this loan too, like the other students get through PSLP?

Students who have obtained student or educational loans from an officially-recognized financial institution (in Canada or another country) can apply to enrol in the Rotman Interest Subsidy Program (RISP). Through the RISP, the Rotman School will provide a subsidy (based on Canada’s prime interest rate) for the interest incurred on the unpaid principal balance of a student loan up to the maximum basic amount. The subsidy (for which students are reimbursed on a term basis) is equivalent to the lower of the actual interest rate paid for the educational loan OR the Canadian prime interest rate.

More details can be found on this page.

I have a loan with BMO or RBC through the Professional Student Loan Plan (PSLP). Do I need to complete the Rotman Interest Subsidy Program (RISP) application?

Students who have obtained student or educational loans from an officially-recognized financial institution (in Canada or another country) can apply to enrol in the Rotman Interest Subsidy Program (RISP). Through the RISP, the Rotman School will provide a subsidy (based on Canada’s prime interest rate) for the interest incurred on the unpaid principal balance of a student loan up to the maximum basic amount. The subsidy (for which students are reimbursed on a term basis) is equivalent to the lower of the actual interest rate paid for the educational loan OR the Canadian prime interest rate.

More details can be found on this page.

I have a loan with BMO or RBC through the Professional Student Loan Plan (PSLP), but the loan limit does not cover my full tuition fees. I am therefore using a loan from another bank as well. Can I receive interest subsidy for that as well?

Yes. Should the loan limit from your PSLP loan be less than the full tuition fees, you may be eligible to receive further interest subsidy through the Rotman Interest Subsidy Program (RISP) for additional loans up to the maximum basic amount.

OSAP / Other Government Loans (Including US Loans)

How can I find out the status of my OSAP loan application?

You can check the status of your OSAP loan application through your online OSAP account. The University of Toronto’s Enrolment Services office administers OSAP for the entire university. To submit appeals or for detailed eligibility questions, please contact them at:

Financial Aid and Awards
Enrolment Services
University of Toronto
172 St. George Street
Toronto, ON M5R 0A3
Email: osap.staff@utoronto.ca
Telephone: 416-978-2190

I have received my OSAP approval. How will I receive the funds?

OSAP funds are disbursed in two installments. Generally, for a regular two-term study period, 60% of the full funding is disbursed in the Fall term and the remaining amount in the Winter term.

More details can be found on this page.

I am a Canadian citizen from another province. Am I eligible for OSAP?

To be eligible for OSAP, a student must be a Canadian citizen or permanent resident AND an Ontario resident. To be an Ontario resident, you must satisfy one of the following conditions:

For single students, you must satisfy ONE of the following criteria:

  • Student has always lived in Ontario
  • Ontario is the last province lived in for 12 months in a row without being a full-time postsecondary student; or
  • Student lives in Ontario now AND have lived in Canada for less than 12 months in a row

For married/common-law students, you must satisfy ONE of the following criteria:

  • Spouse has always lived in Ontario
  • Spouse has lived in Ontario for the last 12 months in a row without being a full-time postsecondary student; or
  • All of the following statements are true:
    • Student now resides in Ontario
    • Student has lived in Canada for less than 12 months in a row
    • Spouse has lived in Canada for less than 12 months in a row

If you reside in another province, you can apply through that province’s student loan program. Please visit the University of Toronto’s Enrolment Services website.

I have previous outstanding OSAP loans. How do I maintain interest-free status on these loans?

For students in the Full-Time MBA, Morning and Evening MBA, MFin, MFRM, and MMA programs, if you have applied and been approved for OSAP this year, there is no need to complete any other forms to maintain interest-free status. The University will confirm your registration to OSAP int he Fall, which will indicate that you are once again enrolled in school. If you are NOT receiving OSAP for the current academic year, you must complete a Continuation of Interest Free Status (CIFS) form through the OSAP website in September so OSAP will be aware that you are continuing your studies and your loan(s) should remain interest-free.

I have not received confirmation of my US loan status. I need a letter to apply for my study permit. Can you provide that to me?

US loan applications are administered by Enrolment Services, and only they can provide such confirmation. Please contact the University of Toronto’s Enrolment Services, who will be able to assist you.

General Financial Aid, Awards, and Services

Can I apply for financial assistance? I didn’t get any scholarship money and I need more to live on.

Rotman’s financial assistance program is concentrated in awards, specifically designed to attract and retain the best students. The Rotman School is pleased to partner with the Bank of Montreal (BMO) and the 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.

These are also external sources that students may explore. Canadian citizens and permanent residents are eligible for OSAP (the government education loans). For further details and applications, please visit the OSAP website. Also, should you have RRSPs, you can consider the Lifelong Learning Plan (LLP), which allows students to withdraw amounts from their RRSPs to finance their own education or that of their spouse/partner. For more information, visit the Canada Revenue Agency website.

I am an incoming student. How do I apply for an entrance award?

Students who have been admitted to the Rotman School are automatically considered for Rotman Entrance Scholarships by the Recruitment and Admissions Office and were notified on the offer of admission letter if they were awarded funding. However, it is important to note that we accept a number of high caliber students into our programs who make the competition for the awards particularly fierce. This past year, there are approximately 8 other awards open to our First-Year MBA students that do require a separate application. In the Fall, there will be a call for applications for these awards. Applications and instructions can be found on this page at that time as well.

I plan to go to an MBA conference in Chicago. Will Rotman sponsor me?

The Rotman School retains a limited amount of funding to help support students participating in case competitions and conferences. This funding is allocated in the form of a subsidy, which, although not intended to cover the full cost of participation, is meant to hep offset some of the associated expenses. Students who wish to be considered for a subsidy must demonstrate how their attendance or participation in the event will enhance their individual learning, the reputation and profile of the Rotman School and/or how their contribution may positively impact the event itself. More details can be found on this page.

If I go on a Study Tour, do I get any financial assistance?

All students who have been accepted to a Study Tour will be eligible for a subsidy (amount TBD) from the Rotman School to offset the cost of the course. All participants will receive a bursary application form in their acceptance package.

I am in first year. How many scholarships are available for second year and what can I expect to get?

Upper-Year Award applications open in the Summer and Fall to students who have completed the first year of the MBA program. Please refer to the list of awards that were available during the previous academic year.

How do I set up direct deposit to receive award/bursary payments and refunds from the University?

You can set up ACORN so that any credits (payments, awards, or bursaries) that are over and above your tuition fees are automatically deposited to your personal bank account. In preparation for these types of transactions, you can ensure that your mailing address (separate from your permanent address) and bank information are current on your ACORN account. Kindly note, your mailing address, not your permanent address, is the address that the system requires to process payments, even by direct deposit. Instructions to update your mailing address and set up direct deposit can be found here.

Where can I access my tax forms?

Tax forms from the previous academic year become available on ACORN each February. Students may view and print tax certificates for the previous calendar year through ACORN at any time.

I didn’t receive a grant or bursary this year. What does the amount of my T4A represent?

Awards, emergency bursaries, and grants (including PSLP interest subsidy) are considered “other income” for tax purposes. The University is required to report these amounts issued to the students for information purposes. More details can be found on this page.


This page was last updated: 2023-03-20 @ 8:39 pm