Tips | Funding Graduate School

Graduate school can be costly, but if you do your research, you may be surprised by the financial support available to you. This tip sheet outlines sources of funding, factors to consider when applying for funding, and useful websites.

 

1. Where is Funding Available?

Funding may be available through government loan programs, research councils, foundations, university awards offices, academic departments and banks. There are several categories of funding which, depending on your situation, you may be eligible for:

 

Government Loan Programs:

  • Federal and Provincial Student Loans: In Canada, both the federal and provincial governments offer student loan programs to help finance post-secondary education. These loans typically have a grace period after graduation before repayment begins, and interest rates can be variable or fixed. Eligibility criteria and loan amounts vary depending on the province and the student's financial need. For example, the Ontario Student Assistance Program (OSAP) is a well-known provincial program. The Government of Canada also offers Canada Student Loans.
  • Other Government Funding: Depending on your field (e.g., agriculture, technology), various federal and provincial government departments offer grants and loans for specific projects or initiatives. For instance, there are programs supporting innovation, research and development, and environmental sustainability.
  • The School of Graduate Studies and/or financial aid office of your intended program will also have links to such programs and agencies. For an example pertaining to the University of Toronto, check out the University of Toronto’s Financial Aid website.
  • Ontario Graduate Scholarship (OGS) – The value of the OGS is $5,000 per session. Thus, awardees may receive $10,000 for two consecutive sessions or $15,000 for three consecutive sessions. In all instances, the awarding graduate unit will contribute one-third the cost of the total award received by the students.
  • Each scholarship is tenable for one year (i.e., two consecutive or three academic sessions). The value and duration of each OGS award will be determined by the graduate awarding unit and detailed in the offer letter.
  • To be eligible, you must be a Canadian citizen, permanent resident, or protected person. International students intending to study at U of T (with a study permit) are eligible for a select number of awards. Check the website for deadline dates. The award is administered through your institution’s graduate awards office. Read more about the University of Toronto Ontario Graduate Scholarship. 

 

Research Councils: 

In Canada, the primary federal research funding agencies are collectively known as the Tri-Council: 

There are three research councils that provide monetary aid to graduate students and scholars engaged in research. (Note: some undergraduate awards also exist). They focus on three different fields: 

Most programs of study fall within one of these categories and students are typically able to apply to only one research council. If you feel that your field of research falls into more than one category, review the list of eligible research grants within every council and consult with your department. For most research awards, applying students must be either Canadian Citizens or Permanent Residents to qualify by the application due date. 

 

Foundations: 

  • Private Foundations: Many private foundations in Canada offer grants to individuals and organizations in various fields, such as arts, culture, health, education, and social services. The eligibility criteria and focus areas vary significantly between foundations. Examples include the Ontario Trillium Foundation, which supports community projects across Ontario, and the Toronto Foundation, which focuses on issues within the Toronto area.
  • Community Foundations: These foundations pool donations from many individuals and organizations within a specific geographic area and provide grants to local charities and initiatives. They often address a wide range of community needs.
  • Corporate Foundations: Some corporations have their own charitable foundations that support projects aligned with their corporate social responsibility goals. 

They carry a number of directories of foundations that may fund graduate education, including:  

  • Foundation Grants to Individuals Online: An online database of over 8,500 foundation and public charity programs that fund students, artists, researchers, and other individual grant-seekers. Up-to-date information on foundations funding scholarships, fellowships, research, and professional support.
  • Foundation Directory Online: Access to listings of 120,000+ foundations and corporate donor.
  • Other directories based on subjects of interest and geographical locations are available. Please note that many of these resources are available for use within the library only. 

Finding the right foundation requires research into their mandates and past grant recipients. 

 

Academic Departments: 

  • Departmental Scholarships and Grants: Individual academic departments within a university often have their own scholarships, grants, and awards specifically for students in their programs. These may be funded by endowments, alumni donations, or departmental budgets.
  • Research Funding: Faculty members often receive research grants, and they may have funds available to support graduate students or research assistants working on their projects. 

University Awards Office and Academic Departments 

Investigate both the awards office and the academic departments of the university and program you plan to attend for graduate studies. 

  • Universities typically offer awards, fellowships, teaching and research assistantships, bursaries, and scholarships - through the university as a whole, the faculty of graduate studies, and/or the program department.
  • Each source of funding may require separate applications. In some graduate units, eligible students must apply for OGS, SSHRC, CIHR, or NSERC funding in order to qualify for internal funding from their department; please consult your department for its particular funding policies. 

 

Banks: 

  • Student Lines of Credit: Major Canadian banks like RBC, CIBC, and National Bank offer student lines of credit, which are a flexible way to borrow money for post-secondary education. These typically have lower interest rates than regular personal loans, and you only pay interest on the amount you've used. Credit limits are usually based on your program costs.
  • Student Loans: Banks may also offer private student loans to supplement government aid. The terms and interest rates can vary.
  • Scholarships and Bursaries: Some banks also have their own scholarship and bursary programs for students. 

 

Categories of Funding: 

  • Loans: Must be repaid, usually with interest, over a set period.
  • Grants: Typically do not need to be repaid. They are often awarded based on specific criteria, such as merit or need.
  • Bursaries: A type of grant specifically for students who demonstrate financial need.
  • Scholarships: Grants awarded to students based on academic achievement or other forms of merit (e.g., athletic talent, community involvement).
  • Fellowships: Often awarded based on academic merit, particularly at the graduate or postdoctoral level. They can be similar to a salary, providing funding to support living expenses and research.
  • Teaching or Research Assistantships: Employment opportunities within a university where students are paid a salary for assisting faculty with teaching-related tasks (e.g., grading, tutoring) or research activities (e.g., data collection, analysis). 

NOTE: When seeking funding, it's essential to thoroughly research the eligibility criteria, application processes, and deadlines for each potential source. Tailoring your application to the specific requirements of each funding opportunity is also crucial for success. 

 

2. Things to Consider When Applying for Funding

  1. What is the nature of your study? Academically oriented graduate programs (e.g. master's and Ph.D. in a specific academic discipline), have different funding options than professional programs (e.g. law and medicine). Ontario Graduate Scholarships (OGS) and fellowships mainly apply to academic programs. Other options are available to students in professional programs from both within and outside the program/department. 
  1. Keep in mind that accepting one scholarship may exclude you from applying to others. It is important to make informed choices by exploring the potential benefits and consequences before making your decisions. 
  1. When assessing individual awards, look at details such as what period the award covers and whether it is renewable. Read the fine print to make the right choice for you. 
  1. Do you want to conduct research outside of Canada or are you an international student looking to conduct research in Canada? Support is available from the Canadian Government.   

 

Natural Sciences and Engineering Research Council of Canada (NSERC)

  • To be eligible for support, you must be conducting research and be enrolled in a program of study in one of the fields that NSERC supports.
  • If NSERC deems your field of interest to be a better fit with one of the other research councils, your NSERC application will not be accepted.
  • Your application must be submitted to NSERC before 8:00 p.m. (ET) on the deadline date. Deadline dates vary for each program. Check the NSERC website for the exact deadline date for your program.
  • NSERC does not support clinical trials or research related to human health or nutrition.

 

Social Sciences and Humanities Research Council of Canada (SSHRC)

  • Applicants must be pursuing a graduate degree in the social sciences/humanities.
  • Several funding programs are available in addition to priority research areas.
  • The intended outcome of the research must primarily be to add to an understanding and knowledge of individuals, groups, and societies.
  • Deadlines for funding opportunities differ so consult the website above for details.
  • Contact SSHRC for detailed funding information, deadlines and guidelines.

 

Canadian Institutes of Health Research (CIHR)

  • CIHR is committed to ensuring that its programs, funding opportunities, and evaluation systems result in the fair treatment of all participants.
  • Applicants must be affiliated with an eligible Canadian institution or organization.
  • Applicants cannot be employed by Canadian federal government departments or agencies or for-profit organizations unless affiliated with a university.
  • For a detailed list of funding programs, deadlines and information, check the CIHR website above.

 

Please note that this information is subject to change. It is best to refer to the original sources for the most up-to-date information.

 

 

Updated May 2025