Financial Need Assessment (Online)

Who should complete the U of T Financial Aid Estimator?

This estimator is currently available for use by graduate students within the Faculty of Arts and Science who would like to receive a financial need estimate in order to:

  • apply for an award, grant or bursary that requires the demonstration of financial need
  • be considered for funding or awards from OSOTF/OTSS funds (requires demonstration of financial need and verification of Ontario residency)
  • learn about potential OSAP and UTAPS funding availability

Students will be asked to enter their expected expenses and resources (funding and income) for their current study period (e.g. 8 or 12 months). Should income and funding levels change throughout the academic year, students may complete the form again at any time and receive a revised assessment based on the new amounts.

OSOTF/OTSS Funds: If students believe they may be eligible to receive OSOTF/OTSS funds, they will need indicate their interest when prompted on the form. “OSOTF” (Ontario Student Opportunity Trust Fund) and OTSS (Ontario Trust for Student Support) are awards restricted to Canadian citizens, permanent residents of Canada or protected persons who also meet the following criteria at the time of application:

  1. Demonstrate financial need for the upcoming academic year; AND
  2. Meet the Ontario residency requirements in accordance with OSAP (Ontario Student Assistance Program) at the time of application (see Residence History section)

Financial Aid Estimator Report: Once the online form has been completed, students will instantly receive a Financial Aid Estimator Report that can be printed or saved as a PDF with the following information:

  1. Estimated Financial Need amount;
  2. Estimated OSAP amount and, if selected on the form;
  3. Verification of Ontario residency for OSOTF/OTSS purposes.

If the stated Estimated Financial Need amount is greater than zero, students may use the Estimator report to be considered for need based and OSOTF/OTSS awards and bursaries. Students are encouraged to inquire with their graduate unit about being considered for need based awards and if a copy of their Financial Aid Estimator Report is required.

If the Estimated OSAP amount is greater than zero, students are encouraged to complete an OSAP application in order that they be considered for government student loans and non-repayable grants. This is an important step in the financial assessment process as many need based awards and bursary opportunities at the University of Toronto require that students first access government student aid options (e.g. OSAP recipients will automatically be considered for UTAPS based on their OSAP application).  To find out more about UTAPS program visit Enrolment Services webpage

Before you begin the Financial Aid Estimator

This tool will provide you with an estimate of financial need and estimate of funding you could receive based on the value of estimated resources and expenses in a given academic year

  1. The Financial Aid/ UTAPS estimator provides an estimate only. It does not provide a guarantee of funding by the University of Toronto.
  2. The estimator is based on current OSAP policies and University of Toronto expenses. It was designed to assist you with planning for your university expenses. The actual amount of government-funded student aid (e.g., OSAP) may vary from the estimate provided.
  3. All income-related questions must be completed. If you have no income to report for a specific question, enter 0. Blank fields will not be accepted.
  4. It’s important that you accurately report the income amounts as they appear on your tax information. Estimates are acceptable if the tax returns have not been completed.
Access the Financial Aid Estimator

Tips for completing the Financial Aid Estimator

Academic Information: When selecting your program of study, please note that domestic tuition is automatically added as an expense based on this selection. International students completing the assessment for non-OSOTF/OTSS funds will need to have their final estimate adjusted by their Graduate Administrator.

  • Research-Stream Doctoral students should select “PHD studies”, and
  • Research-Stream Master’s students should select “All other Master’s Programs (Doctoral Stream)”.
  • Professional Program students should select their specific program.

Group Category and Residence History: Depending on your situation, you may fall under more than one category. In this case, select the top most category on the list. If you do not fall under any category, select “None of the above statements applies to me”.

High School Studies: Select the month that you last attended high school class (not necessarily graduation date).

Previous Post-Secondary Studies: This date would be the last month of the last session that you were a registered student at a university or college (e.g. April 2022)

Student Income:

  • In the first field, include all income you’ve earned in the previous 2021 tax year (January 1, 2021 – December 31, 2021). If you were in the funded cohort or receiving funding, include Winter 2021, Summer 2021, and Fall 2021 amounts in your total 2021 income. This includes taxable and non-taxable income such as Teaching Assistantships, Research Assistantships, UTF, major scholarships, restricted awards, or other departmental funding.
  • In the second field, if you had foreign income or other sources of income that you did not declare on your 2021 tax return, include them here.
  • The third field, should only be filled if you were not a registered student in the summer 2022 session, and were receiving income. If so, enter the amount or an estimate.

Projected Income:

  • In the first field, only include a value if you are receiving income from employment insurance, WSIB, Ontario Disability Support Program, Ontario Works, Canada Pension Plan, Second Career Program, or a Canada-Ontario Job Grant. This does not include OSAP or Government funded awards.
  • If you have a tuition waiver or holding a scholarship in the 2022-2023 academic year, enter this amount in the second field (e.g. Vanier CGS, $50,000).
  • In the third field, enter any income you are planning on receiving in the 2022-23 academic year (September 1, 2022 – August 2023 or last registration date). If you will be in the funded cohort or receiving a funding package for the 2022-23 academic year, enter the total amount as listed on your annual funding letter (i.e. stipend support and tuition support) and any additional income from personal employment or additional TAships.