Want to study in Canada? Keep reading to know how you can fund your education.
Some of the best schools and universities are present in Canada. Many International students perceive studying in Canada as an opportunity to gain exceptional education at an affordable cost in comparison to countries like Australia, United States or the United Kingdom.
Coming to Canada as an International Student also offers the opportunity to be a part of a growing multicultural environment and apply for permanent residence after completing your studies.
However, international education can be costly due to tuition, living expenses, and other fees. As a result, having sufficient funds to support your overseas education is critical.
You can begin by using this calculator to calculate how much your education will cost to get a rough idea, RBC Student Budget Calculator and how much money you will need to get through the school year. You can also look on the government of Canada’s website for the proof of financial support required as part of your student permit application. Once you’ve determined how much you’ll need, you’ll be able to narrow down potential sources of funding for your Canadian post-secondary education.
How to Begin Your Hunt for Financial Aid
International students should start looking for funding in their home countries, where there are financial aid programs for students studying abroad, such as an education department or ministry. You can get an overview of the financial aid in Canada by visiting the Government of Canada International Scholarships and the International Council for Canadian Studies websites after you’ve looked into options in your home country. Finally, once you’ve submitted your applications, you should begin looking into financial aid options at the universities to which you’ve applied directly.
Financial Aid Categories
Scholarships, bursaries, grants, and loans are some of the financial aid options available for an international student.
- Scholarships or Grants
Scholarship granted to students based on their academic performance, athletic ability, volunteer experience, and specific research areas for graduate students.
Many scholarships require an application, particularly for high-value grants and a few entrance scholarships to qualified students.
Scholarships and grants are forms of financial assistance provided by institutions, organizations, governments, or individuals to international students to help them finance their education.
Students in Canada can apply for a variety of scholarships and grants which are non-repayable and can be one-time payments or recurring annual payments for the duration of their post-secondary education. A requirement such as an average grade point may be necessary to renew a scholarship or grant each year.
Scholarships and grants can be obtained from a wide range of options, including nonprofit foundations, community organizations, government agencies, and private businesses. It’s crucial to research all of these options well ahead of your intended start date to determine which scholarships and grants you’ll be eligible for and to give yourself enough time to prepare your application.
The application process for each scholarship or grant may differ. You may be asked to submit an essay or letters of recommendation from teachers/professors or employers at times.
- Student loans
A student loan is to help students pay for their post-secondary education, including tuition, books and supplies, and housing expenses. After completing the course, money borrowed as a student loan must be repaid-with interest.
A Student loan issued by the bank must be repaid over a set period, and a mortgage is required to guarantee the loan.
- Bursaries
Bursaries are offered to international students who have financial needs by universities and colleges. An application is required to be submitted along with documents about their income or their parents’ income to verify your financial situation.
It is a one-time payment that does not have to be repaid and is made available by nonprofit foundations or private businesses. They frequently consider your work and volunteer experience, which may be advantageous to any international student with extensive professional experience. Again, it’s essential to do your research well in advance before you apply for them.
Government Aid
The Canadian government is generous in its support for international students attending Canadian universities.
Global Affairs Canada (GAC) manages international student scholarships. This institution provides independent scholarships and encourages international collaboration with other organizations.
Enter your country of origin on the GAC website, then browse scholarships available from the government, foundations, and non-governmental organizations (NGOs).
The Canadian government provides scholarships at all educational levels, including bachelor’s, master’s, and doctoral degrees. It also supports independent research and contributes significantly to financial honors for academic accomplishments.
- Why choose Wsfx?
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WSFx is here to assist you in obtaining the best forex card for students, the best rates, and safe outward remittance from India in a jiffy. Additionally, you can get yourself a free ISIC Card when you transact with WSFx! The International Student Identity Card (ISIC) is specially designed by WSFx for students studying internationally. It’s an Annual Membership card which allows you to save maximum money and avail of amazing discounts on Food, Travel, Accommodation, Entertainment. All you have to do is transact with WSFx to get this complimentary card.
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With trusting WSFx as your secured forex partner, you can leave all your foreign exchange woes to Dr. Forex and trust him to give you the best plan to manage your study abroad financial goals with ease.
