Financial Aid for International Students in Canada

Financial Aid for International Students in Canada

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

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

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

The good news is that international student that needs 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.

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 when 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 opportunities for study, from large urban universities to small colleges and universities. This means that you can find the right program and environment for you, no matter what your interests or goals are.

3. Strong network of international students: 

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

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

One of the biggest 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 that you can save money while still having enough money to enjoy your time in Canada.

Based on a recent cost of living comparison, the cost of living coupled with 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.

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5. Multicultural classrooms and workforce:

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 country has a strong workforce that can offer you a variety of career opportunities. This means that you will be able to find a job after you finish your studies, which will give you a good quality of life.

6. Easier path to becoming a permanent resident: 

Another benefit of studying in Canada is that it will be easier for you to become a permanent resident. This is because the country has a strong immigration system that can welcome students from all over the world. Additionally, the country has a good quality of education that will help you to achieve your goals. This means that you will be able to find a job after you finish your studies, which will give 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 that you will be able to find a job after you finish your studies, which will give you a good quality of life. Additionally, the country has a strong economy that can provide you with 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 that you will be able to live in a bilingual environment. This means that you will be able to learn both English and French, which will make it easier for you 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 to land a job after you finish your studies, which will give 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 be able to study in a secure environment, which will help to 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 student or as a prospective international student seeking to study in Canada is to estimate the cost of your education. You will need to figure out how much money you will need throughout the whole year. Also, you can check the Canadian government website for the proof of financial support needed as part of your student permit application. Below are ways to 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 to have good credit, and you should be aware that interest rates can be high. However, bank loans can be a good 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.

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Student loans from banks are required to 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 who are already Canadian permanent residents. The Canadian Student Financial Assistance Program is an example of a student loan.

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 a good 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 provide you with a loan to help you cover the costs of your tuition. You should contact the Canadian Student Financial Assistance Program for more information about how to apply.

2. Bursaries for international students:

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

Bursaries are one-time payments that don’t require you to pay back and are provided by nonprofit or private organizations. You should contact the admissions office at a Canadian university to find out more about these awards.

Things to know about Bursaries: 

  • Students are expected to apply, go for a needs assessment, and submit information about their income or their 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 are required to register as an international student in the school to apply for bursaries as the main intention of a bursary program is to aid students’ primary sources of funding.

3. Scholarship and grants for international students:

There are several scholarship and grant programs available to international students. These awards can provide you with a financial advantage when you are applying to universities, and they can also help you cover the costs of your tuition.

Scholarship and grants are most time associated with academic merit or accomplishments in sport, philanthropy, or the arts. Scholarship and grants do come from various sources, including tertiary institutions themselves, nonprofit foundations, and government and private organisations. 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 the admissions office at a Canadian university to find out more about these awards.

Things to know about scholarships or grants

  • Scholarships or grants are normally 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, some specific criteria, it may be automatically offered to those who are eligible, this type of scholarship is called an entrance scholarship. Lots of Canadian universities are known to offer entrance scholarships for international students, so ensure to 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.
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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 money that you borrow. Student lines of credit are an ideal option for students who need financial flexibility but aren’t sure if they will need a large loan. The student line of credit ensures that you don’t have to pay interest on a large you didn’t fully use.

Student lines of credit are provided by financial institutions, however, the majority of the banks only offer students lines of credit to students who are citizens or to 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 who are not citizens or permanent residents of Canada. This form of student aid is provided by the federal and provincial governments 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 in the form of a loan, which the student must then 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 studying in Canada to offset the cost of tuition and living expenses. Note that international students are required to make sure that they are eligible to work on or off-campus before they apply.

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