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Fees and Financing
The True Cost of an MBA Program
When evaluating the true cost of an MBA program it is important to consider all costs, including tuition, student fees, learning materials, living expenses and lost wages while in the program.
All-Inclusive Program Fee
Recognizing that embarking on an MBA Program is not only a mental and emotional investment but also a financial one, Queen's MBA offers an inclusive Program Fee. The Fee covers enrolment into the program, books, case materials and other instructional supplies, academic events such as case competitions and non-academic events that are career related.
An initial deposit of $2000 CDN is required at the time of enrolment. The balance of the fee is paid in three instalments during the program.
| Payment Type | Due Date | Domestic Students |
International Students |
|---|---|---|---|
| Deposit | Upon Acceptance | $2,000* | $2,000* |
| First Instalment | May 7, 2012 | $21,000 | $23,000 |
| Second Instalment | September 7, 2012 | $23,000 | $25,000 |
| Third Instalment | January 7, 2013 | $23,000 | $25,000 |
| Total | $69,000** |
$75,000**
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*non-refundable
**Additionally, all students are required to pay Student Activity Fees of approximately $1500.00. These fees are assessed to each student in May. International students will also be required to purchase the University Health Insurance Plan (UHIP) if they cannot provide evidence of equivalent coverage.
A person is classified as a Domestic Student if they have Canadian citizenship, landed immigrant status, permanent resident status or dual Canadian citizenship.
Fees are subject to final approval from the Queen's Board of Trustees.
Realize a Faster Return on Your Investment
Unlike most full-time MBA programs, you can earn your Queen’s MBA in only 12 months. This key Queen’s advantage greatly reduces your opportunity cost in lost wages and total expenses.
Reduced costs and improved job prospects make Queen’s MBA an excellent investment in yourself.
Personal Income Tax Treatment of Tuition Fees
Queen’s MBA students who pay all or part of the program fee personally are eligible to claim a tuition tax credit from the Canada Revenue Agency. Typically, tax savings are equivalent to 25% of the eligible tuition fee. For more information, ask a professional income tax advisor to give you an assessment of the full impact of fees on your personal income tax situation.
Ontario Student Assistance Program (OSAP)
Those accepted into the Queen's MBA Program can now apply for OSAP. As stated on the OSAP website, OSAP is a needs-based program and provides eligible Ontario students with financial assistance to help pay for their tuition, books, mandatory fees, living costs and transportation. Please visit OSAP to determine your eligibility and to apply for an OSAP loan.
RBC Royal Credit Line for Students
Canadian citizens and permanent residents of Canada may qualify for a loan with RBC Royal Bank to cover all tuition fees + all applicable living expenses. Queen’s School of Business will pay the interest on your loan while you are in the program.
Note: Acceptance to the Queen’s MBA program does not guarantee or imply qualification for financing from RBC Royal Bank.
Secure Pre-approval Now
It is a good idea to submit your loan application the same time as your Queen’s MBA application. While loan approval does not guarantee acceptance into Queen’s MBA, submitting your loan application early will save you time, and ultimately peace of mind.
Printable loan application forms may be downloaded here.
If you have any questions regarding the loan application or the financing program in general, please contact Michael Vieira at 613-545-5991 or fax: 613-549-4654, e-mail: Michael.vieira@rbc.com or Karyn Rice at Tel: 613-545-5019 or Fax: 613-352-7472 or email karyn.rice@rbc.com
RRSP Withdrawals
You and/or your spouse may be eligible to borrow tax-free from your RRSP, up to CDN$10,000 each per tax year, to help fund your MBA. Please contact your income tax advisor for details.
Academic Scholarships
A limited number of entrance scholarships will be awarded to select applicants whom the MBA Scholarship Committee deem to have the strongest overall combination of GMAT scores, undergraduate academic standing, and work experience. These scholarships vary in amount from $5,000 to $30,000 dollars.
Please note that a separate application for scholarships is not required. All qualified candidates who submit a completed admissions application will be automatically considered for an entrance scholarship.
International Students
You are strongly advised to obtain student loans that have been secured through your home country. You should contact the appropriate student loan processing agency in your country for further information.
We recommend you also investigate third-party agencies such as the International Student Loan Program, Sallie Mae/MBA Loans, Global Student Loans, and US Federal Direct Student Loans and/or PLUS Loans.