Every year, Canada welcomes over 90,000 international students. This incredible country provides a great opportunity to study and live in a multicultural and aesthetically pleasing atmosphere.
However, if you do not plan your stay carefully, the expense of living in Canada can be extremely excessive.
That is when your financial choices come in handy. Before making any decisions, you should be aware of the many options for financing your studies in Canada.
This blog will walk you through several ways to get your education funded in Canada sensibly.
Before going through how to get your education funded in Canada, let’s get to know what scholarships and grants are.
Scholarships and grants are among the most sought-after methods of paying for education in Canada. Scholarships are often awarded based on merit, whereas grants are frequently awarded based on need.
Here’s a comparison of the two:
Merit-Based Scholarships: These are given to students who have demonstrated exceptional academic success, leadership abilities, or particular capabilities.
Many Canadian universities and colleges provide scholarships to both native and international students. External organizations, such as the Canada Scholarships Program, can provide financing opportunities.
Need-based Scholarships: These are given to students who demonstrate financial necessity. The Canada Student Grant for Full-Time Students and the Canada Student Grant for Part-Time Students are two awards offered by the Canadian government.
A financial assistance assessment form is often required to apply for need-based grants.
When you apply for a study permit in Canada, you must have substantial money. IRCC (Immigration, Refugees, and Citizenship Canada) anticipates that all international students will be able to fund their education in Canada.
To be qualified for a Canadian study permit, an overseas student must demonstrate that he or she has sufficient funds to sustain himself or herself and any family members joining them in Canada.
As proof of financial security, this could include written confirmation of scholarships, bursaries, loans, or awards.
Aside from tuition, students must deposit 10,000 CAD (604211.60 INR) as a Guaranteed Investment Certificate (GIC) at banks such as CIBC or SBI Canada.
As a student, you must demonstrate that you have the funds to cover your tuition expenses plus 10,000 CAD (604211.60 INR) per year. As a result, funding your studies in Canada necessitates much research and planning. The following are some funding sources for international students in Canada:
Obtaining a scholarship is one of the best ways to finance your studies in Canada.
There are numerous government-funded scholarships available, as well as university scholarships for international students in Canada.
Scholarships in Canada are in high demand.
Some of the scholarships available for international students in Canada include the following:
● University Scholarships
● Financial Scholarships
● Merit Scholarships
● Country-Based Scholarships
● Government- Funded Scholarships
● Privately- Funded Scholarships
To obtain well-funded scholarships in Canada, one must conduct a study and plan ahead of time. Check the deadlines for scholarships in Canada and begin your application procedure early to avoid any delays.
Here are some of the best scholarships in Canada for overseas students:
● ASEAN Scholarships and Educational Exchanges for Development (SEED)- Canada
● Lester B. Pearson International Scholarships
● Vanier Canada Graduate Scholarships
● Banting Postdoctoral Fellowship
● Carleton Prestige Scholarships.
A student loan is another option for financing your studies in Canada. In Canada, there are primarily two types of student loans available to overseas students. Let’s talk about them:
The Canada Student Financial Assistance Program provides both full-time and part-time students with a variety of student grants and loans.
The Canadian government offers this federal loan program to international students who require a repayable loan. The amount of federal student loans you receive in Canada is determined by factors such as your province or territory of residency, family income, tuition and living expenses, and so on.
They are usually only available to international students with protected status, such as refugees.
International student loans in Canada are generally private loans provided by specialized education loan providers.
International students pursuing various courses at accredited Canadian universities are eligible to apply for student loans in Canada.
To obtain a private student loan, you must have a cosigner–someone who will take responsibility for debt payments if you fail to do so.
However, organizations such as MPOWER Financing provide student loans to international students who do not have a cosigner.
Check your loan eligibility, conditions, and benefits before deciding on an international student loan in Canada.
A Canadian student visa allows international students to work in Canada for up to 20 hours per week in part-time jobs.
Working part-time while studying is another way to fund your education in Canada. During the academic year, international students may work up to 20 hours per week and full-time during specified breaks. Consider the following crucial points:
● On-Campus Employment: Many Canadian universities and colleges provide students with on-campus employment options. These jobs can be found in libraries, cafeterias, administrative offices, and other places.
● Off-Campus Employment: International students may work off-campus if they have the proper work permits. Graduates can work in Canada for up to three years after finishing their education under the Post-Graduation Work Permit Program (PGWPP).
● Co-op Programs: Some Canadian schools offer co-op education programs, which combine classroom learning with paid work terms in your field of study. These programs not only help you obtain significant experience, but they also pay you.
Student Lines of Credit in Canada allow you to borrow money repeatedly up to a certain amount.
It provides freedom while also providing financial aid for postsecondary education tuition, living expenses, and books.
Your college or university will determine the maximum amount you can borrow.
This amount will also be determined by the program you select.
The following are the established limits for several programs under Student Lines of Credit in Canada:
Now that we’ve covered a lot regarding financing your education in Canada, let’s move on to some helpful hints for managing your finances as an international student:
● Living on campus is surely a unique experience, but there are also acceptable and secure off-campus options for overseas students in Canada.
● You might also contact other student groups and live in a shared apartment. Because rent, food, and other expenses are shared, many of your extra costs will be eliminated.
● Cooking your meals or enjoying a full-time cook will help you save a lot of money over eating out. Furthermore, home-cooked meals are more nutritious and sanitary.
● Flights from Canada to your native nation are undoubtedly expensive. To avoid extra charges, plan your excursions ahead of time and book your flights in advance.
● Student discounts are extremely beneficial to international students in Canada. Once you have your I-Card, you can use it to obtain great deals at a variety of retailers and restaurants.
● Finally, to live on a budget, you must establish a budget plan and keep track of your weekly/monthly costs. If you are on a tight budget, it is best not to overspend.
Living and studying in a foreign country has numerous challenges and adaptations. However, it is a once-in-a-lifetime opportunity for growth and learning.
Aside from studying in Canada, you will also learn the art of managing funds and living independently. All of these things will go you far in life.
While working part-time can assist in financing your school, it is critical to establish a balance between job and studies:
Time Management: Make a timetable that permits you to devote enough time to both your coursework and your work obligations. Make academics a priority to keep decent grades.
Select Relevant Work: If possible, look for part-time work in your subject of study. This can help you improve your résumé and gain useful experience for your future profession.
Permits to Work: Check that you have all of the essential work permits. To avoid legal complications, become acquainted with the regulations governing overseas students’ employment.
Use Campus Resources: Many educational institutions provide career services that might assist you in finding on-campus job opportunities. Make use of these resources.
Student loans are another way to fund your education in Canada. Student loan programs are available from both the federal and provincial governments. Here’s what you should know:
● Student loans: These are offered by the federal government to Canadian citizens and permanent residents. The amount you can borrow is determined by criteria such as your family’s income, tuition costs, and the cost of living in your area.
● Provincial loan: In addition to federal loans, most Canadian provinces have their student loan systems. These loans may have varied eligibility criteria and application processes, so it’s critical to investigate your province’s possibilities.
Student debt is a substantial financial commitment. Here are some pointers for good loan management:
Borrow Wisely: Borrow only what is necessary to cover your educational expenses. Loans for non-essential expenses should be avoided.
Understand payback Terms: Learn about the terms and conditions of your student loans, such as interest rates and payback schedules. After graduation, federal loans have a six-month grace period before repayment begins.
Plan your budget carefully: Make a budget that accounts for loan repayments. Ascertain that you can comfortably meet your monthly expenses while meeting your loan commitments.
Investigate Loan Forgiveness: Some occupations, such as teaching or nursing, provide loan forgiveness if you work in underprivileged areas or under particular conditions. Investigate whether your field is eligible for such initiatives.
Obtaining a scholarship is one of the most effective ways to fund your studies in Canada. Aside from that, you might apply for a student loan in Canada for international students or work part-time to supplement your income.
Scholarships in Canada are awarded either on merit or on your region or place of residence. Having any relevant extracurricular experiences may also help you receive a scholarship in Canada.
Yes. Many overseas students in Canada work part-time to help finance their studies and manage their expenses. International students with a Canadian student visa are permitted to work 20 hours per week in part-time occupations in Canada.
The IRCC requests an official letter from the appropriate bank that provides account details, liabilities, and the average monthly balance for the previous six months.
To obtain student loans in Canada, you must meet one of the following requirements:
● A valid proof of citizenship in a country.
● You must be enrolled in a professional program at a recognized foreign university/institution.
● You must be over the age of 18, or your parents must apply for the loan on your behalf.
Yes, although overseas students’ financial options are more limited than those of domestic students, private student loans are available. Eligible students must be enrolled in a university that offers a private lender-backed student loan program.
Tuition fee exemptions are not generally available at Canadian universities. As a result, free education is not possible in Canada. Some Canadian universities, on the other hand, provide fully paid scholarships to international students. Universities such as the University of Toronto and the University of Alberta are examples of such institutions.
Yes, several banks and other financial institutions offer education loans to students who wish to further their studies in Canada. In Canada, how much money is required for an education loan? Lenders offer unsecured education loans of up to Rs. 75 lakhs for studying in Canada.
Funding your education in Canada is a huge commitment, but with proper planning and study, you can fulfill your academic ambitions without putting yourself in too much debt. Scholarships, grants, part-time jobs, and student loans are all feasible possibilities; the key is to investigate and employ them properly. Keep in mind that every student’s financial position is different, so it’s critical to examine your personal needs and make informed selections. You can have a great educational experience in Canada if you take advantage of the available possibilities and manage your expenses wisely.