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Fees & Financing

Any significant investment – buying a home, purchasing a car, or investing in your education – requires having all the necessary information to ensure you are making an informed decision. Indeed, Smith's Master of International Business program is a significant investment of your time and money. We are pleased to provide you a detailed overview of what exactly you are paying for and the various ways you can finance your studies.

How much does the program cost?

You must budget accordingly for the following expenses:

  • Program Fee, which includes: Tuition; Non-Tuition (This fee includes textbooks/course material fees for first term at Smith only.)
  • Textbook/Course Materials while abroad
    In addition to the non-Tuition fee, students are also responsible for all costs associated with textbooks/course materials that are incurred during the exchange and/or double degree portion(s) of the program
  • Student Fees
  • Accommodations
  • Travel
  • Living Expenses (both in Kingston and abroad)
  • Health Insurance

Program Fee

You will pay a program fee only to Smith School of Business at Queen's University for the duration of the program – even when you are studying at the partner university(ies). You will not be required to pay fees to your host university(ies).

Program fees vary depending on whether you are considered a domestic or international applicant. To be considered a domestic applicant, you must be a Canadian citizen or have permanent residency status in Canada.

Program fees will be assessed in equal installments.

Included in the program fee are the fees for textbooks and other course materials that you will incur during your time at Smith. Conversely, you will pay out of pocket for any textbook/course materials that you must purchase while on your exchange and/or double degree.

Payment Schedule

Single Degree (2023-2024)

Payment Type Domestic Students International Students
Upon Acceptance $2,500* $2,500*
Winter Term (Sept 1, 2023) $7,493 $15,716
Summer Term (Jan 1, 2024) $9,994 $18,217
Fall Term (May 1, 2024) $9,994 $18,217
Student Activity Fee** $1,325 $1,325
Total $31,306 $55,975

16-Month Double Degree (2023-2024)

Maastricht

Payment Type Domestic Students International Students
Upon Acceptance $2,500* $2,500*
Fall Term (Sept 1, 2023) $7,187 $15,335
Winter Term (Jan 1, 2024) $9,687 $17,836
Summer Term (May 1, 2024) $9,687 $17,836
Fall Term (Sept 1, 2024) $9,687 $17,836
Student Activity Fee** $2,330 $2,330
Total $41,078 $73,673

24-Month Double Degree (2023-2025)

Mannheim, Bocconi, BI Norway, WU Vienna, Catolica Lisbon, ESSEC, ESADE, Copenhagen, University of Queensland

Payment Type Domestic Students International Students
Upon Acceptance $2,500* $2,500*
Fall Term (Sept 1, 2023) $5,012 $11,345
Winter Term (Jan 1, 2024) $7,512 $13,846
Summer Term (May 1, 2024) $7,512 $13,846
Fall Term (Sept 1, 2024) $7,512 $13,846
Winter Term (Jan 1, 2025) $7,513 $13,846
Summer Term (May 1, 2025) $7,513 $13,846
Student Activity Fee**
($1,325 Sept 2023 & $1,325 Sept 2024)
$2,650 $2,650
Total $47,724 $85,725

Fees and payment terms are subject to final approval from the Queen's Board of Trustees and Ministry of Training, Colleges & Universities.

Included in the installments is the Queen's University Student Assistance Levy fee of $33.33 each term

*non-refundable

**estimate only

Student Fees

There are two types of student fees that you will be required to pay:

Student Activity Fees (SAF)

The SAF is a fee that is administered at the beginning of each academic year by the Society of Graduate and Professional Students (SGPS). See a detailed list of all items included in the SAF.

Included in the SAF are health and dental insurance fees. If you have existing health/dental/travel insurance and wish to opt out of the health and dental plans, you will have an opportunity to do so during the month of September.

For additional details about the Greenshield benefits in the SGPS plan, please visit the health and dental section of the website.

Student Assistance Levy (SAL)

The SAL is assessed in equal installments according to the schedule laid out in the tables on pages 4 and 5 of this newsletter. Revenue from the Levy supports the Queen's learning environment, various financial assistance programs for students, as well as the Summer Work Experience Program (SWEP).

For those enrolled in 16-month double degree options, you will be assessed only 50% of the regular SAF fee in September of Year 2 due to the fact that these double degree tracks entail just one additional term of study.

 

Accommodations

Accommodation expenses are not included in the program fee, either for the duration of your time at Queen’s University in Kingston, or for the duration of your studies overseas. Experience has shown us that housing costs in Kingston are approximately $1,800 CAD per term. This fee includes utilities.

Important: Accommodation expenses can vary tremendously at our partner universities, depending on the cost of living in each city. Please be sure to review the information found in the fact sheets when planning your budget for Smith's Master of International Business program. The fact sheets for each host university are in the process of being uploaded to the ‘Exchange’ section of the program portal.

 

Travel

Smith's Master of International Business program fee does not include travel to and from the exchange/double degree destination. You will need to factor these costs into your financial plan for the program.

The XE travel expense calculator will assist you in planning your travels throughout your time in Smith's Master of International Business program.

 

Living Expenses

While in Kingston, you may budget for the following expenses:

  • Food: $1,500 (approximately per term)
  • Clothing: $250 (approximately)
  • Miscellaneous (not including travelling): $600 (approximately)

Important: The cost of living will vary tremendously at our partner universities. Please be certain to carefully review the living expenses information found on the partner university’s(ies’) fact sheet(s). Fact sheets can be found on the ‘Exchange’ portion of the portal.

Tip: Compare living expenses among various metropolitan cities in the world.

UHIP (for international students only)

All international students are required by Ontario law to enroll in the University Health Insurance Plan (UHIP) for the duration of their program at Queen’s University.

The UHIP plan includes basic health coverage both in Canada and abroad, and is a prerequisite for enrolling in the Greenshield plan from SGPS (as outlined above in the ‘Student Activity Fee’ section). Extended health and dental coverage through Greenshield applies to those services and supplies that are not covered by provincial health care plans and/or UHIP such as prescription drugs, vision care, dental check-ups, and physiotherapy.

Please note that all international MIB students will have UHIP coverage beginning in early August 10th, regardless of your actual date of arrival in Canada.

Additional details about UHIP

Opting out of UHIP (for single– and double degree students)

UHIP coverage is mandatory for the time you will spend on Queen’s campus. Once you leave Smith to study at your exchange and/or double degree partner university, you may choose to opt out of the UHIP plan provided that:

  • You recognize that you must also opt out of the supplementary health insurance provided by the SGPS plan (the UHIP and SGPS plans are intertwined and it is not possible to opt out of UHIP unless you do so the same for your SGPS coverage)
  • Recognizing point a) above, you are able to demonstrate that you will have sufficient health/dental/travel insurance from a different plan

For these reasons, you are strongly encouraged to continue with the joint UHIP/SGPS coverage for the duration of your studies in the MIB program.

You will be provided with exact dates for the opt-out period upon entering the program.

Financing

RBC

Smith School of Business has partnered with RBC to offer a student line of credit tailored to your needs. We recommend you reach out to one of the contacts below, as they are familiar with our program and your financing needs.

Alternatively, please contact the RBC Advice Centre at 1-800-769-2511 or visit your local RBC branch to speak to an advisor.

Canadian citizens and permanent residents of Canada only. Acceptance to the program does not guarantee or imply qualification for financing.

RBC Contacts

Suzanne Doherty
suzanne.doherty@rbc.com
1.613.544.5640

Afsheen Asif
afsheen.asif@rbc.com
1.613.545.5746

Gillian Reynard
gillian.reynard@rbc.com
1.613.389.4922

MPOWER Financial

MPOWER Financing offers loans to international students. To learn more or to start an application go to the MPOWER Financing website.

Questions? mpower.me@mpowerfinancing.com

Note: Acceptance to a program does not guarantee or imply qualification for financing.

The government of Canada and its provinces offer a variety of loans and programs to help domestic applicants cover the cost of graduate school. If you are an international student, we recommend that you also check with your home country.

Candidates may apply for needs-based government student assistance programs, such as the Ontario Student Assistance Program (OSAP) for Ontario residents.

If you are accepted to Smith's Master of International Business program, you will then have an opportunity to apply for a bursary from the Queen’s Student Awards department for the time you will spend abroad at a partner university. Both single degree and double degree students may apply for a bursary. More details on how to apply for these bursaries will be made available in a subsequent newsletter.

Please note that the Queen’s Student Awards office will take into account the cost of living at each partner university when making their decisions.

Here are two resources that international candidates are eligible to pursue:

International candidates are also encouraged to research student loans in your home country. You should contact the appropriate student loan processing agency in your country for further information.

Participants who pay all or part of the program fees personally are eligible to claim a tuition tax credit on the tuition portion of the fees. For more information, ask a professional income tax advisor to give you an assessment of the impact of your tuition on your personal tax situation.

You and/or your spouse may be eligible to make tax-free withdrawals from your RRSP's to help fund your education. This program is considered full-time and is eligible for withdrawals under the LLP. Please contact your income tax advisor for details.

Scholarships

Entrance scholarships are awarded to candidates – both domestic and international - based on merit.

  • academic excellence throughout a candidate’s academic career
  • strong references
  • excellent performance during the admissions interview
  • exceptional GMAT/GRE or English-proficiency test results (if applicable)

All candidates are automatically considered for an entrance scholarship. If you are selected to receive an entrance scholarship, we will communicate this to you at the time of your acceptance.

There are other potential government-sponsored scholarships that may be available to you. Here are some you may wish to further research:

$10,000 scholarship awarded annually to 1 student entering the MIB program. Given to an equity-deserving candidate who self-identifies as Black and demonstrates academic excellence, community involvement, and proven leadership experience. This scholarship is merit-based and will be awarded on the basis of an applicant’s essay submission, as well as the overall strength of their application profile. Selection will be made by a Smith EDII Scholarship Committee.

Essay submission deadline is June 15th. Please contact our Recruitment & Admissions team for more information.

$10,000 scholarship awarded annually to 1 student entering the MIB program. Given to an equity-deserving candidate who is Indigenous-identified and demonstrates academic excellence, community involvement, and proven leadership experience. This scholarship is merit-based will be awarded on the basis of an applicant’s essay submission, as well as the overall strength of their application profile. Selection will be made by a Smith EDII Scholarship Committee.

Essay submission deadline is June 15th. Please contact our Recruitment & Admissions team for more information.

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