Canada is known to be a major destination for international students because they have some of the best schools and universities on the planet. A lot of international students see studying in Canada as an opportunity to secure top-class education at a fair cost compared to countries like the United States, the United Kingdom or Australia.
Aside from its world-class education, international students want to study in Canada because of its growing multicultural environment and the opportunity to apply for permanent residence after completing their studies.
The tuition fee, accommodation and other fees to study in Canada as an international student can be quite expensive. Therefore, one must be prepared and have the necessary finances to support their studies abroad. However, the good news is that international students seeking to fund their studies in Canada have various options to explore. In this article, we will go directly and discuss the procedures to fund your Canadian education.
Before we proceed, you will need to estimate the cost of your education in Canada. You can use the RBC Student Budget Calculator, this will aid you in figuring how much money will be required to get you through the school year. Secondly, it is also advisable to check the government of Canada website for the proof of financial support needed as part of your student permit application.
How to Fund Your Canada Education
Below are financial assistance for international students seeking to fund their studies abroad in Canada.
1. Scholarship or Grants
This is one of the popular methods international students use to finance their studies abroad in Canada. Scholarships or grants can be defined as a form of monetary support provided by organizations, institutions, governments or even individuals to aid international students to finance their education.
There are various scholarships and grants available for international students seeking to study in Canada. Scholarships or grants don’t have a payback clause, they can be a one-time payment, partial apartment or recurring yearly payments for the duration of your studies.
Scholarships and grants are often awarded based on academic merit or accomplishments in sport, arts etc. Sometimes, specific requirements such as grades points must be met to renew the scholarship every year.
There are lots of resources on the web available to aid your search for Canadian scholarships such as scholarshipscanada.com and educanada.ca. These available resources will match you to the scholarships that you are eligible for and this makes the job easy.
2. Student Loans
Before you could receive a study permit to Canada, applicants are required to show and demonstrate that they have funds that can cover the cost of education and cost of living as well in Canada.
Student loans are quite different from a normal loan, student loans are a type of loan designed mainly to aid students to pay for their education cost, which includes tuition fees, books, accommodation and many more. The money borrowed will be repaid back with little interest at some point in the future, which is mostly after studies.
3. Financial aid from institutions
Lots of Canadian universities and colleges offer financial aid to international students, the financial aid options are uploaded directly on the school website. You can visit various schools websites or you can even contact the institution directly for more information and how to apply.
Bursaries are a form of financial assistance provided by universities and colleges for international students. Bursaries are awarded to a particular set of students based on financial need and not academic merits or any form of accomplishments. Bursaries are not to be repaid, there are one-time payments and are provided by nonprofit organizations. To get this form of educational support, students are required to research properly ahead of their start date to provide them enough time to apply.
Applicants are to submit an application, they will undergo a need assessment and may be required to provide information about their parents’ income or their own income to verify their financial claim.
Similar to scholarships and grants, you are not required to pay back a bursary.
5. Combine Studying and Working
Working while studying is another way to fund your Canadian education. This will save you from applying for student loans and repaying them back. International students in Canada have the ability to work part-time while they study. For new students, ensure that you are legally authorized to work on or off-campus before you apply for a job.