College · Thoughts

University of Toronto Cost for Americans

My oldest child is looking at colleges and said they would like to attend school in Canada. They enjoy the weather and the politics. Unfortunately, the school has become increasingly unaffordable for international students. Tuition is $45,000+, and you should expect to spend another $20,000 in living expenses.

Financial aid for Americans is nonexistent.

You can use your 529 plan to pay for the school but still pay full price. Pell Grants are not available.

Your only hope to avoid spending over a quarter of a million dollars in tuition is to be one of 37 International students to receive the Lester B. Pearson Scholarship. Around five of these students are from the U.S.A.

This is a highly sought-after scholarship as students from all over the globe want to attend a Global top 25 university. The acceptance rate is 1.68%, less than half of the total acceptance rate of the most difficult-to-attend school, Harvard. But that also means that only about 2200 students are applying, and it makes you believe that if you can get your school to nominate you.

School nomination is crucial to the scholarship, as the high school must work to participate in the program. Each school can only nominate one student each year. Make sure you have a good relationship with your guidance counselor, and they are willing to put in the extra effort to ensure you even have a chance to make it past the first significant hurdle.

If you need financial aid and don’t get the Pearson scholarship, your last gasp is to explore possible awards. There were only 257 awards available to International students, 25 to international only, and none of those provide a full-ride besides Pearson.

If going to the best college Canada offers is your dream, do everything you can to earn a Lester B. Pearson Scholarship.

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