Sunday, May 15, 2011

About FUNDING for the Ryerson MBA program

Here are some resources that I am familiar with:
  • OSAP (Ontario Student Assistance Program)
  • Bank loans (these usually need a guarantor)
  • Private loans (from family / friends)
  • Personal Savings (from the past)
  • Part Time job (to cover living expenses)
  • TA / GA work on campus (limited positions & hours available)
  • Ted Rogers Scholarship / Award ($20,000 each, 18 available per year)
  • Other scholarships outside Ryerson, offered by other communities (example Italian heritage) & other professional societies
  • Bursary from Ryerson University
  • Emergency funding upto $500 for international students (enquire with Ryerson Students Union office)
Regarding OSAP (link: https://osap.gov.on.ca/OSAPPortal ), the earlier one applies, the better. There are delays in processing. When you apply to Ryerson Financial Aid office, your file goes in a queue and often it may sit there for 30 to 60 days, without being processed! So, it is not wise to submit last minute OSAP applications and expect to get funding instantly. It is necessary to plan much in advance.

Regarding Financial Aid from TRSM, you can access it at the link: http://www.ryerson.ca/mba/financialaid/ . More info at the link: http://www.ryerson.ca/tedrogersschool/tedrogersschoolawards/. Application forms for the Graduate Entrance Awards (G.E.A.) & Graduate Entrance Scholarships (G.E.S.) can be found at the links below:

Ted Rogers G.E.A. application form:
http://www.ryerson.ca/currentstudents/awards/pdfs/schol_ent_private_trsm_grad_ent_award.pdf

Ted Rogers G.E.S. application form (go to the 2nd page. 1st page is blank):
http://www.ryerson.ca/currentstudents/awards/pdfs/schol_ent_private_trsm_grad_ent_schol.pdf

Remember, if you do not fill in the applications and apply, you may not be considered for these Awards / Scholarships. So please do apply ASAP. $20,000 can help you in a big way to get your MBA education. Good luck to you !!! Hope you get $20,000 :) God Bless the late Edward (Ted) Rogers / The Rogers family of Canada for these financial Aid to students. May Ted's soul rest in peace.

Regarding the TA / GA positions (Teaching Assistants / Graduate Assistants), the link is as below.
https://www.taga.ryerson.ca/jobs/index.cfm?fuseaction=apl.jobs

If you find a good fit to your background, do apply. It helps to have TA / GA experience. I hear that these positions pay well, anywhere upto $25 to $35 per hour (limited hours per week). Keep checking the TA/GA website from time to time as these jobs go fast!

Regarding bank Loans, one can apply from the country of origin. For Canadian citizens & PRs (Permanent Residents), there are ofcourse, the Big 5 banks (TD, BMO, CIBC, RBC & Scotiabank) apart from smaller banks. These banks require that you have a good credit history / score and also a guarantor for loans, in case you default and fail to pay back the loan. The problem, though, for a new immigrant to Canada is to find such a guarantor. Personally, I could not find a guarantor and hence, I was unable to secure funding from a bank. 

For international students, they have to enquire from their country of origin for bank loans for international studies. For India (my country of birth and upbringing, before coming to Canada and becoming a Canadian citizen), I know that banks like State Bank of India, ICICI bank, Canara bank etc do offer student loans for international studies.

The limiting factor for most students trying to get into the MBA program is FUNDING. Thus, it is very important to plan ahead and plan well. There are some students blessed with abundant resources from various sources, but the rest of us have to be careful with spending during the program, in order to be able to manage finances until the course is complete. The worst thing that can happen (apart from continuity of studies being affected by lack of money) is studies being disturbed because of constant worries about finances. I wish you smooth sailing during your Ryerson MBA program!

Cheers!
Gerry Som.
Ryerson MBA Full Time student, Class of 2012.

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