Federal and provincial governments offer financial aid to students in the form of loans, grants, bursaries, scholarships, fellowships and repayment assistance programs. The McMaster Office of Student Financial Aid and Scholarships (SFAS) administer these programs on behalf of the various levels of government.
In Ontario, the Ministry of Training, Colleges and Universities (MTCU) and Canada Student Loans (CSL) offer an integrated Ontario Student Assistance Program (OSAP). OSAP provides eligible Ontario students with financial aid to help pay for education-related costs such as tuition, books, compulsory fees, transportation and associated living costs. OSAP is intended to supplement a student’s (and family’s) financial resources and contributions towards their education.
In addition, Student Financial Aid and Scholarships and the MD Program provide bursary assistance to students. A bursary is a non-repayable grant for students who demonstrate financial need. It is necessary for students to apply for and receive government loan funding (i.e. OSAP) in order to be considered for bursary assistance.