If you are an international student preparing to study in Canada, this guide might be of help to the various funding possibilities for your education in Canada and other foreign nation.
Every year, more than 90,000 international students travel to Canada. This great nation offers an incredible opportunity to study and live in a multicultural and artistically pleasing environment.
However, if you do not properly plan your stay, the expense of living in Canada might become very exorbitant. The financial alternatives will save you at that point.
Before making any decisions, you must be aware of the many options to pay for your studies in Canada.
In this article, we’ll walk you through several common and practical funding choices in Canada to aid with smart money management.
Check out the suggestions that will enable you to live within a reasonable budget while studying abroad in Canada.
When Should I Begin Considering Funding?
Your letter of acceptance to a Canadian university will come with a breakdown of your anticipated expenditures. It’s never too early to consider your degree financing possibilities.
This is especially true for Canada, where you will be asked to prove that you have at least C$10,000 (£6,129) per year in additional funds to your tuition costs when you first apply for your study permit.
Your total cost of living is typically higher than what is necessary to apply for a study visa. So be sure to estimate expenditures for yourself, taking into consideration your specific circumstances.
Suggests Andy Moonsammy, international recruitment officer at McMaster University. It’s best to have your financial plan in a place far in advance because students are frequently recommended to apply for their study permit as soon as they receive official confirmation that they have been accepted by a Canadian university.
What Expenses Must You Take into Account, and How Can You Minimize Them?
It is important to know what you may likely face when it comes to studying in Canada as an international student. In that regard, we will walk you through some of these expectations.
Variations in Tuition Fees or Costs
It is important to confirm if your tuition charge is fixed or subject to inflation annually when looking into tuition costs for courses lasting more than a year.
Canada has a wide range of undergraduate tuition fees for international students. Depending on what you want to study and the university you choose.
They might range from C$2,000 to C$63,000 per year. In comparison to universities in the US, Australia, or the UK, the average yearly cost for international students is C$6,800.
Province-Specific Differences
The best course of action is to confirm with your specific university as some Canadian universities incorporate health insurance policies in their tuition costs. For instance, the University Health Insurance Plan is accepted by a large number of institutions in Ontario.
Differentiations between Canada’s provinces should be taken into account by international students. Health insurance is a significant distinction.
While Ontario has a provincial healthcare plan and insurance frequently costs between C$600 and C$900, Alberta, British Columbia, and New Brunswick all have comprehensive healthcare plans.
Variations in the cost of living are another thing to think about. The cost of living is typically substantially greater in urban than rural locations in Canada, particularly in bigger cities like Vancouver, Toronto, and Montreal.
Unexpected Expenses
The first is travel, both domestically and to your native nation. Local transportation passes are provided by some institutions, but prices vary by location.
To reduce costs, you should also look into any specialty course books you might need, how much they cost, and whether you can get them used or at a student discount.
There are additional unforeseeable charges that overseas students frequently forget about in addition to tuition fees, living expenses, and health insurance.
How Can a Foreign Student Afford Their Studies in Canada?
In order to assist you in making sensible financial decisions, we walk you through some common and practical funding choices in Canada.
Check out the suggestions that will enable you to live within a reasonable budget while studying abroad in Canada.
4 Options for Funding Your Education in Canada
From the moment you apply for a study permit in Canada, you must have a sizeable financial cushion. All international students are expected by IRCC (Immigration, Refugees and Citizenship Canada) to be able to pay for their own studies in Canada.
International students who wish to study in Canada must demonstrate that they have the resources to sustain themselves while there as well as any family members who may travel with them.
This is a requirement for receiving a Canadian study permit. As evidence of financial stability, this may include documented confirmation of scholarships, bursaries, loans, or awards.
A student must deposit 10,000 CAD (604211.60 INR) as a Guaranteed Investment Certificate (GIC) in banks like CIBC or SBI Canada in addition to the tuition expenses.
You must prove as a student that you have the money to pay your tuition fees plus an extra 10,000 CAD (604211.60 INR) per year.
As a result, financing your education in Canada involves much planning and research. The following is a list of funding possibilities for foreign students in Canada:
Part-Time Jobs in Canada
A great option to pay for your studies in Canada is to take on part-time work. For Canadian students looking for financial assistance, there are numerous part-time occupations available.
The ability to work various part-time jobs on campus is permitted by the student visa. You can also apply for an off-campus employment permit once you’ve finished six months of education.
However, you must meet the following conditions if you want to work off-campus in Canada without a work permit:
====> Enrolled in a post-secondary program at an approved educational institution in Quebec or undertaking a secondary-level vocational program there.
====> He or she (International Student) has a current study permit and is enrolled full-time.
====> Enrolled in an academic, vocational, or professional training program lasting at least six months.
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Federal Student Loans
Both full-time and part-time students are eligible for a variety of student grants and loans under the Canada Student Financial Assistance Program.
For foreign students who require a repayable loan, the Canadian government offers this federal loan program.
The amount of federal student loans you are eligible for in Canada will vary depending on your province or territory of residency, your family’s income, your cost of living, and other costs, among other things.
The majority of international students who qualify for them are refugees or other people with protected status.
Student Lines of Credit in Canada
In Canada, student lines of credit allow for unlimited borrowing up to a predetermined cap. It provides freedom while providing financial aid for post-secondary tuition, living expenses, and books.
The most you can borrow will be determined by your institution or university. This sum will also vary depending on the program you select.
The imposed cap for various Canadian student loan schemes is as follows:
Professional Programs
| Program | Benefits |
| Medical | In the first year of study, up to 325,000 and 100,000 CAD, continuing access while residency |
| Dental | Between 325,000 and 100,000 CAD in first year |
| Veterinary | You can access between 140,000 35,000 CAD in your first year of study |
Graduate Programs
| Program | Benefits |
| Pharmacy | Up To 125,000 CAD over four years |
| MBA | Up to 125,000 CAD for the duration of study |
| Naturopathy | Up to 80,000 CAD over four years of study |
| Law | Up to 125,000 CAD over three years of study |
Undergraduate Programs
| Part-Time Students | Full-Time Students |
| Between 20,000 and 80,000 CAD per year | Between 20,000 and 80,000 CAD per year for four years of study |
Private Student Loans
Private loans from specialized education loan companies are the main type of student loan available to overseas students in Canada.
You can apply for student loans in Canada if you are an international student enrolled in a variety of courses at recognized Canadian universities.
A cosigner, or someone who will assume responsibility for your loan payments in the event you are unable to, is required in order to apply for a private student loan.
However, there are companies like MPOWER Financing that provide overseas students with student loans without a cosigner.