Finance Your Participation
There are four main aspects to financial planning for global learning programs:
The earlier you start planning, the better prepared you will be for financing your participation.
Funding Opportunities
Be sure to check out TMU's new central award management system, AwardSpring! All funding at Toronto Metropolitan University is transitioning to a central repository where students will be able to identify the funding opportunities they are eligible for.
For application questions about the following list of funding opportunities administered by TMU Global, please email global.learning@torontomu.ca.
Program |
Due Date |
Amount |
|---|---|---|
(PDF file) Global Learning Award: Virtual Edition supports students participating in virtual international activities, including, work, research, conferences, global learning programs amongst others that are hosted by international universities or organizations. |
TBD |
$200 |
| (PDF file) Global Learning Award: In-Person Edition supports students participating in in-person international activities, including, work, research, conferences, and global learning programs taking place abroad. | TBD | Up to $1000 |
(PDF file) Toronto Met International Exchange Opportunity Scholarships supports student participation in an academic exchange with one of TMU's 75+ partners during a semester or academic year program. |
Applications open! Deadline: February 15, 2023 |
$2000 |
(PDF file) Scotiabank Mobility Scholarship (SMS) has been generously provided by Scotiabank to encourage the participation of students in undergraduate business and economics programs in TMU's Exchange Program. |
Applications open! Deadline: February 15, 2023 |
$2,500 |
While the funding listed below are some of the major programs available there are a lot of other types of grants and awards that are available to students within particular academic programs and schools.
Program |
Faculty |
Due Date |
Amount |
|---|---|---|---|
Global Exchange Award: supports students participating in a learning exchange opportunity. |
Faculty of Arts |
August 2020 (TBD) |
$2,000 |
The Creative School Passport Fund: aims to help students interested in experiential learning opportunities with financial support |
The Creative School |
TBD |
Up to $2,000 |
Student Researchers Support: Check out OVPRI’s list of funding opportunities for students participating in research opportunities locally and abroad. |
University Wide |
Varies by fund |
Varies by fund |
RGSU Career and Academic Support Program (external link, opens in new window) : supports graduate students with travel related expenses who are presenting their research at academic events (e.g., conferences, seminars). |
University Wide |
Rolling basis between May 2019 - April 2020 |
Up to $500 |
Ryerson Graduate Student Travel Funding: is intended to encourage graduate students to present their research at a local or international conference or equivalent academic event. |
University Wide |
No deadline (first come, first serve basis) |
Up to $500 |
Program |
Destination |
Due Date |
Amount |
|---|---|---|---|
SWEA International Toronto Scholarship offer students pursuing an exchange program with a Swedish University. For application details, please email: global.learning@torontomu.ca |
Sweden |
May 2020 (TBD) |
$2,000 CAD |
EduCanada (external link, opens in new window) : offers a wide range of funding opportunities for Canadian undergraduates, graduate students, PHD candidates and professionals |
China, India, New Zealand, Korea, etc. |
Varies |
Varies |
DAAD (external link, opens in new window) : offers funding opportunities for undergraduates, graduate students, PhD candidates, Post Docs, and faculty to help make your plans in Germany a reality. |
Germany |
Varies |
Varies |
BUTEX Scholarship (external link, opens in new window) : Each year BUTEX awards a number of scholarships to students studying abroad for either a semester or for a whole academic year to promote learning abroad in the UK. |
United Kingdom |
June 2020 (TBD) |
£500 |
| Ontario Universities International (OUI) (external link) offers scholarships for successful applicants to its programs in France and Germany (programs in India and China are currently on hold). For further information on their summer language and research programs visit our Summer Programs website. For further information on their semester and year long exchange programs visit our Semester Exchange website. Note that all applications and supporting documents are submitted to the TMU Global office. Email global.learning@torontomu.ca for more details. | Germany and France | Summer Research Programs: January 16th, 2023 Semester Exchange: January 31st, 2023 Summer Language Programs: February 13th, 2023
|
Summer Research Programs (upper year undergraduate and graduate students): $1,500 to $3,500 Summer Language Programs (undergraduate students): $1,200 Semester Exchange: $2,500 to $3,500
|
A good first step in evaluating program costs is determining your total costs here at Toronto Metropolitan University, in Toronto. This is particularly important if you’re going on exchange. Knowing how much you spend during a semester here should give you a good base-line for what your spending and living habits are like. You can then make an informed decision about how much you’re willing to spend on going abroad.
Depending on where you’re going, longer programs can be comparable in cost to shorter programs. Lots of one-time expenses, such as airfare, mean that you can get more value for your money the longer you stay in one location. However, short-term programs may give you more flexibility in returning to work in Toronto and saving up money. Programs in summer may also be more expensive than those in the fall or winter, depending on the location.
Certain destinations can be more expensive relative to other destinations. This is especially true if you’re living there for a while. Making sure you understand the cost of living at a destination is key to successful financial planning. Numbeo (external link, opens in new window) is a great resource to help you determine the cost of living in different cities around the world.
If you’re participating in a program that charges a program fee, it’s important to understand what is and isn’t included. Housing and meals may be included, and may be cheaper than if you had to pay for this on your own. Remember to include all of this when comparing program costs.
It is important to note that going on exchange doesn’t limit your ability to apply for student loans. Check with Student Financial Assistance before applying for more details. Note that the difference in start and end dates can sometimes result in a change in student loans (either reduction or increase).
One of the biggest considerations for going abroad is income - before you leave, during your program, and after you return. Check out the section below for some scholarship and funding opportunities offered by Ryerson International.
Some things to consider:
- How will your participation affect your job? Will you be able to work at the same place when you return?
- What are the rules around working as a student or visitor in your destination?
- Does your program come with funding attached?
- Are there discounts on tuition or fees because of partnerships agreements.
- What scholarships can you apply for?
- Do you have savings you can tap into while you’re abroad? Are you able to get funding from family while you’re abroad?
Create a Budget
Once you’ve selected a program that’s a good fit for you financially, the next step is to create a budget. Check out this comprehensive article on Budgeting for Exchange (opens in new window) written by a past Toronto Metropolitan University exchange student to get you started. Not going on exchange? The principles are still the same!
Start Saving
Now that have a budget, it’s time to start saving for your global learning experience. The sooner you start the better. In this blog post titled RU Debt Free? Tips on Saving and Budgeting for Exchange (opens in new window) , the RU Debt Free program coordinator gives some great advice for financial planning for exchange.
One last tip: If you will be gone for an extended period of time, try to save enough money to cover your costs while you’re away and the living costs for a month or two when you return. You don’t want to get back to Toronto without a way to pay your rent.