Securing a Canadian study permit requires proof of sufficient funds (without working) to cover tuition fees, living expenses for the duration of your stay, and travel costs.
But following the September 1, 2025, fund increase (+$2,260) to get a study permit, international students may benefit from financial assistance to further support their education and day-to-day life in Canada.
Discover your options to study in Canada
This article will discuss the three primary forms of financial aid available to foreign nationals pursuing studies in Canada, as well as common pitfalls to avoid when seeking monetary support.
A scholarship, also known as a grant, is a form of financial aid that you can receive to help you cover the cost of your education in Canada
These awards, which do not have to be repaid, can be granted by educational institutions, governments, foundations or organizations, and even individuals.
Scholarship eligibility varies depending on the specific award, but most are issued based on one or more of the following factors.
While some are awarded automatically, others require you to submit an application to be considered.
If an application is required, you will generally need to include documents such as transcripts, letters of recommendation/references, and a resumé or CV. Often, the main part of an application will be an essay.
Be sure to read any terms and conditions carefully, if provided. Some awards require you to maintain a minimum GPA, stay in a specific program, or participate in certain activities.
Among other resources, you can use EduCanada’s search tool to find which scholarships you may be eligible for. Answer the three prompts that come up pertaining to your citizenship, profile, and country/territory and press “View scholarships.”
EduCanada also has a webpage dedicated to scholarship options for international applicants; these are typically available for international students from select countries.
To maximize your chances of securing financial assistance, consider applying to a wide range of scholarships aligned with your qualifications.
While scholarships are based on merit, bursaries are almost always need-based—meaning they are granted solely on financial need.
Just like in the case of scholarships, you do not need to pay back a bursary.
Canadian universities and colleges may offer you a bursary if you meet certain requirements, while in other cases, you may be required to apply for them.
A financial needs assessment is typically required to establish eligibility for financial assistance. This process may include submitting income information for both the applicant and their parents.
You can begin your search by reaching out to the financial aid office of your chosen university or college and seeing if you qualify for a bursary.
Aside from Canadian universities or colleges, you may be eligible for a bursary from a foundation, organization, or governmental body—Canadian and international.
Bursary amounts can range from hundreds to thousands of dollars.
Before applying, make sure to carefully review the
Keep in mind that bursaries can be revoked if you fail to meet certain requirements, in which case you will be required to pay back the amount given to you.
As an international student, you may be eligible for a private student loan from a Canadian bank or private lender.
Many Canadian banks offer loans specifically designed for students, often with student-friendly interest rates and repayment schedules that are easier to manage.
There is also commonly a grace period (usually about six to nine months) for students; terms vary—generally payments can be deferred until the end of the grace period, but interest will continue to accrue during this time.
Before accepting a loan or financial offer, take time to carefully review and evaluate all details, including the
These loan factors can vary significantly depending on the lender. Be sure to review and compare the terms and interest rates from multiple lenders before agreeing to a loan.
You may need a cosigner or collateral in order to qualify for a loan, as international students generally won’t have an established credit history. To qualify, most lenders require your cosigner to be a Canadian citizen or permanent resident who has reliable income and a strong credit history. If they have very good credit, you may be able to get a lower interest rate.
Discover your options to study in Canada
Missing application deadlines: Deadlines often open and close months before the academic term, and missing them can eliminate your eligibility for the entire year. Many awards also cap the number of applications they accept, so applying in advance is recommended. Use a clear deadline tracker that includes not just the final due date, but also internal deadlines for things such as gathering transcripts, reference letters, and financial documents—which can take weeks or months to gather.
Not verifying eligibility requirements: Applying to awards you don’t fully qualify for wastes time and lowers your success rate. Eligibility requirements are typically strict and non-negotiable, so review each award’s eligibility section line by line to ensure your effort translates into real chances of funding. Checking if they accept individuals that aren’t citizens or permanent residents is an important part of this.
Writing a generic personal essay: Some scholarships and bursaries have an essay component (and sometimes several). In such cases, reviewers look over a large number of essays to find the best one(s). If you want to stand out, writing a general essay or even simply copying and pasting one you’ve already written and tweaking it to align with the scholarship prompt is not recommended. Scholarships and bursaries may also have strict rules about the use of AI, so check if it is permitted.
Failing to maintain eligibility after receiving aid: Many scholarships or bursaries require recipients to maintain the conditions that made them eligible for the aid in the first place, such as keeping up a certain GPA or being enrolled in a specific program. Failing to meet these conditions could result in losing the award or needing to repay it.
Ignoring instructions for formatting and file types: Some applications require specific file types, naming conventions, or page limits, and failing to follow them can result in disqualification. Convert files to the requested formats and double check that everything opens properly before submitting an application.
Missing or submitting incomplete documents: Overlooking required documents such as transcripts, reference letters, or financial statements can result in your application being automatically rejected. Create a checklist for every application to confirm all required items are included, and double check that all information included is correct.
Failing to compare different loan offers: If seeking one, students may accept the first loan they are offered without comparing it to other options, simply because they are relieved to be approved. Even a small difference in interest rates, fees, or repayment terms can significantly increase the total amount to be repaid over time. Before agreeing to a loan, it’s best to weigh your options.
Overlooking smaller or lesser-known awards: Large scholarships are highly competitive, but smaller awards—especially those under $2,000—often have far fewer applicants. Applying for and securing several scholarships and/or bursaries can add up to a significant amount of financial support.
Underestimating competition: Some awards receive hundreds or thousands of applications, and strong candidates often apply to dozens of opportunities. Even outstanding candidates get rejected simply because of volume, not due to a weak application. Create a layered strategy that includes program-specific awards, local community grants, professional association funding, and smaller bursaries with fewer applicants. This will increase your overall success rate.
Failing to maintain required immigration status: Failing to maintain full-time student status, meet study permit conditions, or switching programs without notifying Immigration, Refugees, and Citizenship Canada (IRCC) can result in losing valid temporary resident status in Canada—and thereby make awards invalid. Financial aid typically requires continuous valid status, so staying compliant with immigration rules protects ongoing eligibility.
Discover your options to study in Canada
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