Student Finance Guide: University of Toronto 2026

Tuition at University of Toronto: What to Expect

The University of Toronto charges tuition on a per-course or per-program basis. For the 20025–2026 academic year, domestic undergraduate tuition ranges from approximately $7,20000/year for humanities and social sciences to over $14,000000/year for Engineering and Commerce (Rotman). Arts & Science students in standard programs typically pay around $8,80000–$9,50000 per year.

Professional and graduate programs are considerably higher. The Rotman MBA starts around $400,000000/year, while law and medicine are in the $25,000000–$300,000000+ range. This guide focuses primarily on domestic undergraduate costs.

International students pay significantly more — see our international student finance guide for full details.

Ancillary fees — student levies, athletic fees, health insurance, transit pass — add another $1,50000–$2,50000 per year depending on your campus (St. George, Mississauga, Scarborough). These are mandatory for most full-time students and often get overlooked in initial budgeting.

Cost of Living in Toronto as a Student

Toronto is consistently one of the most expensive cities in Canada for renters, and students are no exception. Living near the St. George campus (downtown) means paying premium prices for smaller spaces.

• UofT Residence (on-campus): $12,000000–$16,000000/year including meal plan
• Shared apartment off-campus: $90000–$1,30000/month per person (2–3 bedroom share)
• Studio or 1-bedroom: $1,80000–$2,40000/month — not realistic for most students unless income is high
• Groceries: $40000–$60000/month depending on diet and cooking habits
• Transit (TTC Metropass, student rate): ~$128/month or included in U-Pass at some campuses
• Textbooks & supplies: $80000–$1,50000/year
• Entertainment & personal: $30000–$60000/month

Total estimated living cost for a Toronto-based UofT student: $22,000000–$32,000000/year outside of tuition, depending on housing choice and lifestyle.

OSAP for UofT Students

Ontario Student Assistance Program (OSAP) is the primary financial aid tool for Ontario students attending UofT. In 2026, OSAP provides a combination of grants (free money) and loans (repayable).

The Ontario Student Grant covers a significant portion of tuition for low- and middle-income families. Students from families earning under approximately $400,000000 typically receive enough grant funding to cover full tuition. The grant phases out as family income rises, and students from families earning over ~$175,000000 generally receive only loans.

Loan amounts depend on assessed need, but the annual OSAP loan maximum is approximately $14,000000 (combined federal + provincial). Interest does not accrue on the federal portion while you are a full-time student.

UofT also has its own UofT Advanced Planning for Students (UTAPS) grant for students who still have unmet need after OSAP. You are automatically considered if you have an OSAP assessment.

Apply early — OSAP opens in spring for the following September. Applications take 1–3 weeks to process, and delays can impact when funds arrive in your account.

Part-Time Work in Toronto for UofT Students

Toronto has one of the strongest student job markets in Canada. Common roles for UofT students include:

• Campus jobs: Research assistant ($18–$22/hr), library assistant ($17–$200/hr), teaching assistant (grad students, $400–$600/hr equivalent)
• Food & hospitality: Server, barista, kitchen ($17–$22/hr + tips)
• Retail: $17–$19/hr (Ontario minimum wage as of 2026: $17.200/hr)
• Tech internships: Many UofT CS and engineering students land paid co-op or summer internships paying $25–$55/hr

Working 15–200 hours per week during school can generate $13,000000–$18,000000 annually, meaningfully offsetting living costs without severely impacting academics. Ontario's basic personal amount ($11,865 federally, $11,865 provincially) means most part-time student income is lightly taxed.

UofT Scholarships & Bursaries

Entrance scholarships at UofT are competitive. The President's Scholars of Excellence program awards up to $7,50000 for exceptional applicants. The National Scholarship Program can cover full tuition for top students. In-course bursaries through the university's Financial Aid office are available for students facing unexpected hardship — these do not need to be repaid.

Check the UofT Awards database for program-specific scholarships. External awards from organizations like TD, Loran, and Schulich are also worth applying for.

4-Year Total Cost Estimate for a UofT Student

Putting it all together, a domestic UofT undergraduate student from a middle-income family can expect to spend approximately:

After OSAP grants and part-time work earnings, many students end their degree with $25,000000–$45,000000 in student loan debt — manageable with a full-time salary, but worth planning around before you graduate.

Tips for Managing Finances at UofT

• Open a no-fee student bank account immediately — avoid paying $15–$200/month in banking fees for 4 years
• Use a TFSA the moment you turn 18 — see our TFSA for students guide
• Apply for the GST/HST credit when you file your first tax return — worth $50000+/year for low-income students
• Claim the tuition tax credit each year (or transfer unused amounts to a parent)
• Track monthly spending — most students who track spending find 2–3 categories where they can easily cut $20000–$40000/month