With the requirement of proof of funds for international students (without working) to cover tuition fees, living expenses, and travel costs, the recent increase of (+$2,260) to get a study permit, has made financial assistance favorable for students to accommodate for their education and day-to-day life in Canada.
There are three types of financial aid international students may be able to receive:
Scholarships
This type of financial aid is solely for educational expenses, given by educational institutions, governments, foundations or organizations, and even individuals. Scholarships do not need to be repaid and are usually given based on:
- Academic achievements
- Athletic performance
- Leadership
- Financial need
- Background or identity
- Extracurricular activities
- Special talents or skills
- Research experience or professional experience
- Field of study
Bursaries
Bursaries are for those in-need, wherein evidence needs to be provided to show that the student needs to be financially supported.
Make sure you have reviewed the bursary’s:
- Eligibility criteria
- Terms and conditions
- Application format and method
- Application deadline
Private Student Loans
Many Canadian banks offer loans designed for students with manageable interest rates and repayment schedules.
Make sure you have reviewed the loan’s:
- Total amount permitted to borrow
- Interest rate
- Terms of repayment
- Payment schedule
- Timing and method
