The Financial Express
Pursuing education abroad offers a comprehensive and enriching journey. The opportunity to receive higher education from globally esteemed academic institutions attracts students worldwide, immersing them in a diverse multicultural setting that contributes to their personal development.
Canada has been among leading global choices for advanced studies. Its rich cultural heritage, globally acknowledged high educational standards, outstanding infrastructure, renowned teaching methods and excellence in academic research have positioned it as a prime international centre for higher education.
Nonetheless, without proper planning, living expenses in Canada can become significantly burdensome.
IRCC, the department of the Government of Canada, responsible for matters dealing with immigration to Canada, refugees, and Canadian citizenship, requires international students to demonstrate the ability to self-finance their studies in Canada as a prerequisite for obtaining a Canadian study permit.
This proof may encompass written documentation of scholarships, bursaries, loans, or awards serving as evidence of financial capability. This is where financial support options become a critical part of a student’s study abroad journey. Therefore, it is of utmost importance to thoroughly explore the range of available avenues for funding your education in Canada before embarking on your journey to study abroad.
Numerous renowned educational institutions in Canada award scholarships based on academic excellence to ambitious students. Nevertheless, a diverse array of scholarship categories exists, comprising University Scholarships, Financial Scholarships, Merit Scholarships, Country-Specific Scholarships, Government-Backed Scholarships, and Privately-Funded Scholarships.
Among the standout scholarship opportunities for international students in Canada are the Canada-ASEAN Scholarships and Educational Exchanges for Development (SEED), Lester B. Pearson International Scholarships, Vanier Canada Graduate Scholarships, Banting Postdoctoral Fellowship, and Carleton Prestige Scholarships, to name a few.
Funding your educational aspirations can also be achieved through student loans, which come in primarily two forms for international students in Canada. The first, known as the Canada Student Financial Assistance Program, falls under the Federal Student Loans category. It offers a range of student grants and loans, catering to both full-time and part-time students. This federal loan initiative, administered by the Canadian government, is designed to assist international students in need of repayable financial support.
The precise amount you receive through federal student loans in Canada is contingent on various factors like your province or territory of residence, family income, tuition fees, and living expenses. Typically, these loans are accessible to international students with protected status, such as refugees.
Meanwhile, student loans for international students in Canada primarily come from private lenders specializing in educational financing. International students pursuing diverse courses at accredited Canadian universities are eligible to seek such student loans. However, in contrast to government-sponsored loans, acquiring a private student loan necessitates a cosigner—someone who assumes responsibility for loan repayment if the borrower is unable to do so.
Part-time employment ranks as a highly favoured method among international students for funding their higher education. The student visa allows for on-campus part-time employment, and after six months of study, eligibility for an off-campus work permit as well.
To work off-campus in Canada without requiring a separate work permit, a student needs to meet specific criteria, including being a full-time student with a valid study permit, enrolment at a designated learning institution for post-secondary or secondary-level vocational programs in Quebec and participation in a minimum six-month academic, vocational, or professional training program.
Canadian colleges and universities offer students access to lines of credit, enabling them to borrow funds up to a predefined limit set by the institution. This system provides versatility in extending financial support for expenses such as tuition, living costs, and educational materials during post-secondary studies. The amount of line of credit depends upon the program a student chooses.
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