Financial Aid for International Students in Canada

adsterra Advertisement
adsterra Advertisement

Canada is a significant destination for international students, with over 300,000 students studying there in 2021. Canadian universities are known for their high-quality education and welcoming environment, making them an ideal place to study.

Advertisement

The country is home to some of the best schools in the world, and international students want to gain world-class education at a reasonable cost compared to English-speaking countries like the United States, United Kingdom, or Australia.

One cannot ignore that studying in Canada as an international student doesn’t come cheap; tuition, living, and other fees are expensive. Therefore having enough funds to support your education is very important.

adsterra Advertisement

The good news is that international students needing financial assistance have various options to explore. In this article, we will be sharing the financial aid for international students in Canada. Before we delve directly into the topic, let’s briefly look at the benefits of studying in Canada as an international student.

Adcash Advertisement

Benefits of Studying in Canada as an international student

1. Affordable study programs compared to other countries:

One of the main benefits of studying in Canada as an international student is that tuition and fees are relatively affordable compared to other English-speaking countries. This means that you can save money while still receiving a high-quality education.

2. Wide range of opportunities for study: 

Canada has a wide range of options for study, from large urban universities to small colleges and universities. This means you can find the right program and environment for you, no matter your interests or goals.

adsterra Advertisement

3. Strong network of international students: 

Advertisement

Another benefit of studying in Canada is the strong network of international students that you will be joining. Having a support system while learning can make a huge difference, and Canadian universities are always happy to welcome new students worldwide.

4. Better quality of life and lower cost of living in Canada:

One of the most significant benefits of studying in Canada is the lower cost of living. The country has a low average cost of living, making it possible to live comfortably while still attending school. This means you can save money while still having enough to enjoy your time in Canada.

Based on a recent cost of living comparison, the cost of living and rent indices for Canada, the United States, the United Kingdom, and Australia are 54.62, 57.60, 53.24, and 61.51, respectively (these indices are relative to New York City). This implies that living in the United States and Australia is more expensive than in Canada.

5. Multicultural classrooms and workforce:

Advertisement

Another benefit of studying in Canada is the multicultural environment that you will be joining. Canada is a country with a diverse population, which means that you will be able to find classmates from all over the world. Additionally, the government has a strong workforce that can offer you various career opportunities. This means you can find a job after your studies, giving you a good quality of life.

See also  University of Manitoba Graduate Fellowships in Canada

6. Easier path to becoming a permanent resident: 

Another benefit of studying in Canada is that becoming a permanent resident will be easier. This is because the country has a robust immigration system that can welcome students worldwide. Additionally, the government has a good quality of education that will help you to achieve your goals. This means you can find a job after your studies, giving you a good quality of life.

7. Good quality of life: 

Another benefit of studying in Canada is that the country has a good quality of life. This means you can find a job after your studies, giving you a good quality of life. Additionally, the country’s strong economy can provide a good quality of life. This means that you will be able to live in a comfortable home, have access to good health care, and enjoy a high level of safety.

8. Live in a bilingual environment: 

Another benefit of studying in Canada is living in a bilingual environment. This means that you will be able to learn English and French, making it easier to integrate into the local community.

9. Gain work experience in Canada after you graduate: 

International students studying in Canada often gain work experience in the country after they graduate. This means that you will be able to learn about Canadian culture and get experience in a professional setting. This can help you land a job after your studies, giving you a good quality of life.

10. Study in a safe and secure environment: 

Canada is a safe country to study in. This means that you will be able to enjoy a high level of safety while you are studying here. You will also learn in a secure environment, which will help protect your identity and data.

How to Fund Your Education as a Newcomer Student in Canada (Financial Aid for international students in Canada)

The first thing to do as a newcomer or prospective international student seeking to study in Canada is to estimate the cost of your education. You must figure out how much money you will need throughout the year. Also, you can check the Canadian government website for the proof of financial support required as part of your student permit application. Below are ways to provide financial aid for international students in Canada:

1. Bank student Loans:

One way to finance your education as a newcomer student in Canada is to take out bank student loans. You will need good credit and should know that interest rates can be high. However, bank loans can be an excellent way to get started in your studies, and you will have the security of knowing that you will be able to pay back your loans.

Student loans from banks must be paid over a fixed period, and they most times require a guarantor to guarantee the loan. Note that most Canadian banks only offer loans to citizens or students already Canadian permanent residents. The Canadian Student Financial Assistance Program is an example of a student loan.

See also  York University International Scholarships for International Students in Canada

Canadian Student Financial Assistance Program: Another option for financing your education as a newcomer student in Canada is to apply for the Canadian Student Financial Assistance Program. This program provides financial assistance to students who have low incomes, and it can be an excellent way to help you cover the costs of your tuition and other expenses. You will need to complete an application form, and you will need to provide proof of your income and assets. The program may also be able to give you a loan to help you cover your tuition costs. You should contact the Canadian Student Financial Assistance Program for more information about how to apply.

2. Bursaries for international students:

Several bursaries are available to international students, and you can find information about these awards on the websites of various Canadian universities. These awards can give you a financial advantage when applying to universities and help you cover your tuition costs.

Bursaries are one-time payments not requiring you to pay them back and are provided by nonprofit or private organizations. You should contact a Canadian university’s admissions office to learn more about these awards.

Things to know about Bursaries: 

  • Students are expected to apply for a needs assessment and submit information about their or sponsors’ income to verify their financial situation.
  • Bursaries do not require you to pay them back.
  • You can get information about bursaries on the individual school websites
  • To be eligible, you must register as an international student in the school to apply for bursaries, as the primary intention of a bursary program is to aid students’ primary funding sources.

3. Scholarship and grants for international students:

There are several scholarship and grant programs available to international students. These awards can give you a financial advantage when applying to universities and help you cover your tuition costs.

Scholarships and grants are often associated with academic merit or accomplishments in sports, philanthropy, or the arts. Scholarships and grants come from various sources, including tertiary institutions, nonprofit foundations, and government and private organizations. Resources to find these scholarships are studentawards.ca and scholarshipscanada.com.

You can find information about these awards on the websites of various Canadian universities. You should contact a Canadian university’s admissions office to learn more about these awards.

Things to know about scholarships or grants

  • Scholarships or grants are generally awarded to exceptional academic or extracurricular achievements, volunteer experience, and professional accomplishments and may additionally be offered by certain research areas, especially to graduate students.
  • Similar to bursaries, scholarships, and grants are not meant to be repaid.
  • Most scholarships require you to apply. However, with some specific criteria, it may be automatically offered to eligible students; this type of scholarship is called an entrance scholarship. Many Canadian universities are known to provide entrance scholarships for international students, so check the websites of the institution you are interested in.
  • Note that the application process for any scholarship or grant differs. Sometimes you may be required to submit an essay or reference from teachers/professors, or employers.
See also  Lester B. Pearson Scholarship in Canada for International Students

4. Student lines of credit in Canada:

There are several student lines of credit available in Canada. These loans can help you cover the costs of your tuition and living expenses while you’re studying in Canada. You can borrow money from a line of credit, pay some of the money back and still borrow it again if you wish.

A student line of credit is designed mainly to help pay for tertiary institution education expenses such as tuition fees, books, and living expenses. With a line of credit, you are only required to pay the interest on the borrowed money. Student lines of credit are ideal for students who need financial flexibility but aren’t sure if they will need a large loan. The student line of credit ensures you don’t have to pay interest on a large you didn’t fully use.

Financial institutions provide student lines of credit; however, most banks only offer student lines of credit to citizens or students enrolled in specific professional programs. Note that you might need a guarantor to guarantee your line of credit, and you will also need to provide proof that you are a full or part-time student at a recognized tertiary institution.

5. Government student aid: 

Government student aid is available to students from all walks of life, including those not citizens or permanent residents of Canada. The federal and provincial governments provide this form of student aid, and they include:

  • Grants: This type of government student aid is typically awarded to students as an outright grant, which is then subtracted from the student’s tuition costs.
  • Loans: This type of government student aid is offered as a loan, which the student must repay over time.
  • Bursaries: This type of government student aid is awarded to students as a financial assistance award, which helps cover the costs of tuition and other school-related expenses.
  • Scholarships: This type of government student aid is awarded to students as a financial assistance award, which helps cover the costs of tuition and other school-related expenses.

6. Working While studying in Canada:

Working while studying in Canada is not only permissible, but it can be a beneficial experience. Many students choose to work while they are learning in Canada to offset the cost of tuition and living expenses. Note that international students must ensure they are eligible to work on or off campus before they apply.

adsterra Advertisement

Author: Obot

Leave a Reply

Your email address will not be published. Required fields are marked *