In Canada, financial aid plays a significant role in post-secondary education. Financial aid is so important to post secondary education that Employment and Social Development Canada (ESDC) publishes an annual report on the work and outcomes of the Canada Student Financial Aid (CFSA) program.
According to ESDC, “close to 542,000 students benefited from $3.2 billion in non-repayable Canada Student Grants, while 576,000 students took advantage of $4.0 billion in student loans” in the annual report for 2020–2021.
Financial aid options
financial aid options for international students are divided into three main categories:
- Scholarships/Grants
- Bursaries
- Loans
Scholarships/Grants
Based on their financial need, post-secondary students receive this kind of financial aid. To put it another way, students who meet certain criteria for financial need — based on things like personal income or parental income, among other things — may get aid from their schools that they don’t have to pay back. Bursary applicants frequently need to undergo evaluations to confirm a level of financial need that justifies receiving this kind of financial aid.
Bursaries
Based on their financial need, post-secondary students receive this kind of financial aid. To put it another way, students who fulfil certain criteria for financial need — based on things like personal income or family income, among other things — may get aid from their schools that they don’t have to pay back. Bursary applicants frequently need to undertake evaluations to confirm a level of financial need that justifies receiving this kind of financial aid.
Loans
Loans are a sort of financial aid that requires the borrower to eventually repay the money according to the terms set in the loan agreement. These loan agreements frequently include a specified interest rate and payback schedule that all recipients must be aware of in order to prevent incurring unnecessary debt.
These options may vary depending on the school you are applying to, and each option will have its own application process, guidelines, and prerequisites.
Canada Study Permit Eligibility Requirements
You must meet several requirements to prove eligible for a Canada study permit:
Enrolment at a DLI: You need a letter of acceptance from a designated learning institution for post-secondary education. DLIs are schools approved by the provincial or territorial authorities.
Note that all primary and secondary schools in Canada are automatically designated.
Financial proof: To get a study permit in Canada, you must prove that you can pay for:
- Your tuition fees
- Living expenses of you and your family (if they are moving to Canada with you)
- Expenses of return to your country when you finish your study
You can prove it by showing your bank balance and bank circulation.
Intention to leave Canada: You must prove to an officer that you will leave Canada after you finish your studies. You may show your intent by proving you have close family members back in your country, you have property there, you have work commitments, etc.
Additional documentation: You will probably need to provide some extra documentation such as:
- A valid passport
- Medical exam
- Police certificate to show have no criminal background
Under certain circumstances, you may also be qualified to get your permit faster through the Student Direct Stream (SDS).
To be qualified for SDS, you must be a resident of an SDS-eligible country such as China, Vietnam, Pakistan, Morroco, etc. You need to prove fluent in English with a minimum score of 6 in each skill.
Also, you need to provide proof of a Guaranteed Investment Certificate, of at least 10,000 CAD, from an eligible Canadian financial institution.
Scholarships and Bursaries in Canada
There are various scholarships and bursaries in Canada to help cover tuition fees for Canadian and international students. Here is an overview of the types of scholarships and bursaries you may be qualified to receive:
Merit-based scholarships: These types of scholarships are awarded to students based on their academic achievements, qualities, or leadership.
Vanier Canada Graduate Scholarships are one of the merit-based scholarships aimed at doctoral students.
Another example is the Lester B. Pearson International Scholarship offered by the University of Toronto to international students who show outstanding achievements.
Program-specific scholarships: Some specific programs or faculties such as engineering, business, or art programs offer scholarships to motivate students in those fields.
Need-based scholarships: Some students may not be able to afford their education. Need-based scholarships aim to support these students based on their financial situation. These scholarships are awarded based on the financial need of the applicant.
Government-funded scholarships: These scholarships are offered by federal or provincial governments to talented students to attract them into Canadian institutions. For example, Canada Graduate Scholarships are awarded to master’s and doctoral students engaged in research.
Private scholarships: Some private organizations or foundations may also award scholarships. These scholarships vary widely in terms of amount and eligibility.
Institutional bursaries: Some universities and colleges offer bursaries to students in financial need.
Government bursaries: In addition to universities, provincial governments may also offer financial assistance to students who need financial help.
Community bursaries: Some local organizations and charities may also offer funds to students in need.
Canadian Government Aid
If you are an international student in Canada, there are several scholarships and grants that you may be eligible for.
You can apply for a government scholarship or seek to get a grant from a private institution or even a charity.
Moreover, while studying in Canada, you have permission to work for up to 20 hours a week during your semester, and full-time when you are in scheduled break. Working can cover a part of your tuition fee and living expenses.
Student Loans for Studying in Canada
Student loans are primarily available for Canadian students. So international students have limited access to loans. However, as an international student, you may be eligible to get a loan in some cases.
Some private banks and institutions may offer loans to international students. Also, a few universities may have their own loan programs available for international students.
Moreover, some institutions may offer emergency loans to international students under certain circumstances. However, these loans are usually short-term.
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