Three Financing Alternatives
Not all Telfer MBA students can take advantage of awards and scholarships or want to seek financial assistance from federal, provincial or territorial government programs. Those students have at least three alternatives available to them.
Contact a financial advisor at your local bank
Canadian banks, such as Telfer MBA supporter National Bank of Canada, offer financial support to students who enrol in professional programs. Contact a financial advisor at your local bank to find out more about this kind of assistance.
Create a Lifelong Learning Plan
You can make a withdrawal from your Registered Retirement Savings Plan to finance your education or that of your spouse or common-law partner. The annual tax-free amount you can withdraw is $10,000, up to a total of $20,000. The Canada Revenue Agency has all the details on the requirements and benefits of setting up your Lifelong Learning Plan.
Get financial support from your employer
Make your employer your education partner to enhance your learning experience and accelerate your career development. Employer support can range from accommodating your new schedule, to covering a portion of your tuition fees, to taking an active role in helping you create and execute your professional development plan.
The best way to engage your employer in your education in a meaningful way is to create and then present a business case that justifies taking the Telfer MBA. Your business case should promote:
- How the knowledge, skills and experiences you will gain from our program will enable you to improve your performance and that of your employer;
- How our program will make it possible for you to tap into the latest industry thinking and knowledge, and incorporate them into your employer’s operations;
- How supporting your education shows your employer’s commitment to investing in the development of its top performers and its willingness to attract, nurture and retain that talent.
When presenting your business case, be confident. Back up your case with the most relevant data and show your complete commitment to continuing to work for your employer when you complete the Telfer MBA. When you have finished presenting your case, be prepared to negotiate the terms of any deal you put before your employer.
