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Ways to fund graduate and professional school


Embarking on graduate or professional studies involves a good dose of financial planning. Understanding the costs involved and identifying funding sources are essential steps in this process.

Many students fund their educational expenses through a mix of personal savings, RESPs, lines of credit, scholarships, grants and employment income.

Here are some ways to manage your finances and position yourself for success while in grad school.


Start with your program of study and your school’s location 


The cost of your education will vary depending on your program of study and the location of your school. If you’re pursuing the following programs, you may be eligible for flexible funding options:

  1. Graduate (Masters, PhD) MBA or MFin

  2. Optometry, pharmacy, naturopathy, chiropractic

  3. Professional degrees in engineering, computer science or law

Students enrolled in medical, dental or veterinary programs may qualify for additional funding to cover the cost of their studies.


How to pay for your graduate or professional program of study

There are a number of different ways to cover the cost of your education, including:

  1. RESPs: Are you the beneficiary of a Registered Education Savings Plan (RESP)? The tax-deferred growth of the plan’s assets can really add up over time.

  2. Student Line of Credit: If you’re enrolled in a graduate or professional program, you could be eligible for flexible financing and competitive rates with a TD Student Line of Credit.

  3. Personal savings: You can also draw on your savings to help cover your education costs.

  1. Student loans: Eligibility for student loans offered by the federal government depends on a number of factors such as family income, your province of residence and tuition fees.

  2. Scholarships & Grants: It pays to look into scholarships and grants designed for students pursuing graduate or professional degrees.

  3. Employment income: If your course load and class schedule allow it, you may want to consider taking on some part-time work to help meet your expenses. Check out opportunities for student employment.


Tips to manage your finances in grad school

Often, it’s the small steps that can make a difference to your financial health during your studies.

Set a budget: Tracking your income and expenses can provide you a good overview of your finances and help you identify and reduce unnecessary expenses.

Build a good credit history: Paying all your bills on time will help you establish a good credit history.

Manage your student lending: If you have a TD Student Line of Credit, no principal payments are due until 24 months after you leave school.

Find affordable housing options: Living with roommates or finding off-campus housing are a few ways to keep the cost of housing down while pursuing your degree.

TD Student Budget Calculator

Understand your expenses and learn about ways to afford school with this interactive budgeting tool.

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