On this page:
Understand Your Costs | Know Your Resources | Understanding Consequences | Building a Financial Plan | Maintaining Financial Health
Your Financial Wellness - Getting Started!
McGill's Scholarships and Student Aid Office (SSAO) shares the concerns of students who worry about managing their finances successfully over the course of their degree. SSAO has worked directly with students for students to create "The Frugal Scholar" - a comprehensive service designed to provide financial life skills.
The Scholarships and Student Aid Office can help you find the resources to pay for university - but that’s only the first step. We can also help you maximize your money by learning how to budget effectively. Find the peace of mind that comes with having a sound financial plan!
Understand Your Costs
The first step is to understand how much a school year will cost you and what the related expenses are. Knowing your costs will provide the foundation to build your financial plan.
You can start by finding out the costs for tuition and fees.
Next, consider how much it will cost to live in Montreal. If you are staying on campus, you’ll need to cover residence fees and a meal plan. If you’re off-campus, you’ll also want to think about rent, groceries, utilities and possibly transportation. Make sure that you also allow for personal expenses such as cell phone bill and entertainment. If it will be in your budget, you won’t be caught off-guard.
Not sure how to estimate your costs for your first year in university? Follow The Frugal Scholar's Path to Financial Wellness and Toolkit to help you think about all the possible elements.
Know Your Resources
Once you know what your educational costs are, you will need to find resources to cover those costs. Many students will have some savings or help from their families/RESPs, but there are also a range of financial assistance programs in place at McGill.
McGill also administers Government Student Loans & Bursaries, designed to supplement your resources. We can help you determine which federal/provincial program applies to you.
Check out McGill’s Undergraduate Scholarships. Graduate Students should consult their academic departments for fellowships information.
Some students may need to work part-time to help finance their education. McGill has on-campus work programs for both domestic and international students. Find out more on the Work Study Program.
Making sure you have the resources to cover your costs is just as important to McGill as it is to you. Our valued alumni, donor and University support make our Financial Aid programs possible, ensuring all qualified full-time students in a degree program, regardless of geographic origin, will not be prevented from starting or continuing their studies for financial reasons alone. See information on McGill Loans & Bursaries and Tuition Payment Deferrals.
To apply for McGill bursaries and loans:
- submit a financial profile and application via the Financial Aid Menu on Minerva, then
- call the Student Aid Office to make a one-on-one appointment with a Financial Aid Counselor (Downtown: 514-398-6013; Mac Campus: 514-398-7992)
Understanding Consequences - Deadlines & Requirements
The Student Aid Office is committed to helping you, but it is your responsibility to meet important deadlines and requirements. Government aid applications should be submitted by June 15th to ensure assessment in time for start of term. Ensure all required supporting documentation is sent on a timely basis to avoid delays.
Building a Financial Plan
Every student needs a financial plan, and once you’ve gathered the information above, you’ll be in a position to make one. We have resources to help you work out a plan that makes sense to you. Check out our Financial Wellness Toolkit for information on budgeting and credit management, as well as helpful (student-driven!) tips to Live for Less and Find Extra Money .
Need help? Start by completing as best you can your Financial Profile in Minerva to identify your debt, resources and costs for the current year. student [dot] aid [at] mcgill [dot] ca (Schedule a Budget & Debt Management) appointment with one of our Financial Aid Counselors to help you refine a personalized plan and stay on track.
Have a shortfall? Apply for in-course McGill bursaries and loans by:
- submitting a Financial Profile and Application via the Financial Aid Menu on Minerva, then
- calling the Student Aid Office to make a one-on-one appointment with a Financial Aid Counselor (Downtown: 514-398-6013; Mac Campus: 514-398-7992)
We can also assist with unanticipated financial emergencies using the same process.
Maintaining Your Financial Health
Once you have a plan, it's important to use it. We know sometimes this is easier said than done. If it's not working, it's okay to make adjustments as needed. Keep on track and follow The Frugal Scholar's Path to Financial Wellness and Toolkit. Managing debt and maintaining a good credit rating are essential. Stay on top of your obligations with your previous loans, and be prepared for your loan repayment.
