For Canadian professionals, graduate business education is a valuable investment to boost your career. However, like any investment, it involves some upfront costs. If you're wondering how to manage tuition fees, you’re in the right place. This article breaks down Canada’s funding options — student loans, employer reimbursements, scholarships and more — to help you find the best fit for your journey.
How to get a student loan
Provincial Student Loans are typically available to Canadian students enrolled in an accredited university or college for post-secondary education. If you’re planning on pursuing an MBA, you may be eligible for student loans. The amount of financial assistance you receive will depend on factors like your province or territory of residence, the cost of attendance, and whether you’re a full-time or part-time student.
Start the process early
Due to student loan processing times, it's best to submit your application about three months before your program start date.
How to get a grant for university
You may qualify for a Canada student grant based on your level of financial need.
Eligibility for a Canada student grant is determined when you apply through your province or territory. Here are the available grants:
How to access employer reimbursement
Many employers reimburse tuition and related expenses, helping them build a qualified talent pool for leadership roles. For employees, this is an opportunity to advance their careers, earn higher salaries, and qualify for promotions and management positions.
Be prepared as part of the process to pull together a brief presentation for your employer outlining details such as:
How your request fits into the company tuition reimbursement policy
Outline how your education will be a good investment for the company and how your request fits into your current assignment or future career aspirations.
Information on how much assistance you may need and over what length of time
It may also be a good idea to showcase your program or university's high standing to add credibility to your request. For example, UFred is an accredited university recognized and recommended by organizations like Maclean's, and has received a 5-star rating for online education from QS World University Rankings.
When using employer reimbursement, be aware of any repayment terms that may accompany the tuition assistance. And remember: earning your MBA/EMBA delivers a return on investment for your employer. It helps them as much as it helps you!
How to use a student line of credit
A student line of credit works similarly to a student loan but is provided by a financial institution and considers your credit score — better credit often means more borrowing power. This option allows you to access funds for various education-related expenses, up to a predetermined limit, with the flexibility to borrow only what you need.
Repayment is required only on the amount you use, but interest starts accruing as soon as you access the funds. Terms can vary by bank, so be sure to review your financial institution’s specific requirements. Some banks even have MBA-specific offerings.
How to get a scholarship in Canada
One of the most common ways you can pay for education in Canada is through scholarships. Scholarships are financial awards typically based on academic merit or other achievements. There are a variety of scholarships available to students in Canada, from national programs to those offered by individual schools or organizations. Here are a few of the options available:
How to use the Lifelong Learning Plan
For career professionals upskilling with an MBA, the Lifelong Learning Plan is a great way to save for your future education. It allows contributions from existing Registered Retirement Savings Plans (RRSPs) to be used to help pay for tuition, books, and living expenses for those enrolled as full-time students at an educational institution. In situations where the student has a disability, attending school part-time may be a possibility.
Amounts withdrawn under the LLP do not count toward income, and the RRSP issuer does not withhold taxes on these amounts. Withdrawals must be repaid over no more than ten years. .
For more information on requirements, visit the Canada Customs and Revenue Agency.
How to find Indigenous funding options
As an Indigenous student, you may have access to educational financing through First Nations. This means you may get the money you need to pay for school without worrying about loans. Community support is an excellent way for Indigenous students to get the education they need and deserve. If you are interested in pursuing higher education, check with your band’s office to see if you qualify for financial assistance.
Learn more about the Post-Secondary Student Support Program offered by Indigenous Services Canada.
How to access Canadian Forces' financial support
If you’re a member of the Canadian Forces, you are eligible for Continuing Education Funding. This military support can help cover tuition costs, books, and other materials. It can also assist with living expenses while you complete your studies in preparation for a leadership roles in the military.
Workers’ Compensation Boards (WCB)
If you’ve been injured on the job and need some form of retraining, don’t hesitate to apply for financial aid from your province’s Workplace Compensation Board. They review each claim individually and determine the applicable options. These options are available for programs in the University of Fredericton’s Occupational Health and Safety cluster.
Looking for more information? We are here to help.
We would be happy to connect you with one of our helpful Program Advisors if you require further information on paying for your education. Get in touch by email at information@ufred.ca or by phone at 1-877-454-6232 to start the conversation.