What are the options for financial aid for international students who want to study in Canada? How can one apply for it?
To get well-funded scholarships in Canada one must research the opportunities and plan in advance. Do check the deadline of the scholarships in Canada and start your application process ahead of time to avoid any hurdles later on.
Here are some top scholarships for international students in Canada:
1.Canada -ASEAN Scholarships and Educational Exchanges for Development (SEED)
Lester B. Pearson International Scholarships
Vanier Canada Graduate Scholarships
Banting Postdoctoral Fellowship
Carleton Prestige Scholarships
Student Loans to Study in Canada
1. Federal Student Loans
The Canada Student Financial Assistance Program offers various student grants and loans to both full-time and part-time students. This federal loan program is offered through the Canadian government for international students who need a repayable loan. The amount you receive from federal student loans in Canada depends on factors like your province or territory of residence, family income, tuition fees and living expenses, etc. They are mostly available to international students having protected status such as refugees.
Scholarships to Study in Canada
1.University Scholarships
2.Financial Scholarships
3.Merit Scholarships
4.Country-Based Scholarships
5.Government- Funded Scholarships
6.Privately- Funded Scholarships
2. Private Student Loans
Student loan for international students in Canada are primarily private loans offered by specialist education loan providers. International students pursuing different courses at approved universities in Canada are eligible to apply for student loans in Canada. To acquire a private student loan there must be a cosigner- someone who will take responsibility for the repayment of your loan if you fail to do so. However, there are organizations like MPOWER Financing that offer student loans to international students without a cosigner.
Do check your loan eligibility, requirements and benefits before finalizing on student loan for international students in Canada.
Part-Time Jobs in Canada
Engaging in part-time jobs is an excellent way to fund your studies in Canada. There are many part-time jobs in Canada for students to help them out with finances. The student visa grants permission to take up different on-campus part-time jobs. After completing six months of study, you may also apply for an off-campus employment permit too. But if you wish to work off-campus without a work permit in Canada, you must fulfil the following requirements:
1.He/she is a full-time student with a valid study permit.
2.Enrolled at a designated learning institution for post-secondary studies or pursuing a secondary-level vocational program in Quebec.
3.Enrolled in a six months (minimum) academic, vocational, or professional training program.
A Canadian student visa permits 20 hours per week of part-time jobs in Canada for international students.
Student Lines of Credit in Canada
The Student Lines of Credit in Canada lets one borrow money repeatedly up to a pre-set limit. It offers flexibility while extending financial assistance for tuition fees, living expenses and books for post-secondary education. Your college/university will set the maximum limit for you to borrow money. This amount will also depend upon the program that you choose.
The set limit for different programs under Student Lines of Credit in Canada are:
Undergraduate Programs
Full-Time Students
Part-Time Students
Up to 20,000 to 80,000 CAD ( 1208423.20 – 4833692.80 INR) per year for four years of study
Up to 20,000 to 80,000 CAD per year
(1208423.20 – 4833692.80 INR)
Graduate Programs
Programs
Benefits
MBA
Up to 125,000 CAD (7552645.00 INR) for the duration of study
Law
Up to 125,000 CAD (7552645.00 INR) over three years of study
Pharmacy
Up To 125,000 CAD (7552645.00 INR) over four years
Naturopathy
Up to 80,000 CAD (4833692.80 INR) over four years of study
Professional Programs
Programs
Benefits
Dental
Up to 325,000 and 100,000 CAD in first year
(19636877.00 – 6042116.00 INR)
Medical
Up to 325,000 and 100,000 CAD (19636877.00 – 6042116.00 INR) in first year of study; continued access during residency
Veterinary
Up to 140,000; access up to 35,000 CAD in your first year of study (845896.24- 2114740.60 INR)
Tips to Plan a Student Budget in Canada
Now that we have covered much about financing your studies in Canada, let us move on to some useful tips to manage your finances judiciously as an international student:
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Living on-campus is undoubtedly a different experience altogether, but there are decent and safe off-campus options for international students in Canada too. You may also get in touch with other student groups and live in a shared apartment. As the rent, food and related expenses are shared, much of your additional costs will be cut off.
Cooking your meals or even hiring a full-time cook will help save up a lot of money instead of eating outside. Besides, home-cooked meals are healthier and hygienic too.
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The flight fares to and from Canada to your home country surely costs high. Plan your trips ahead and book your flights in advance to avoid extra charges.
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Student discounts are very useful for international students in Canada. Once you get your I-Card you can use it at many stores and places to avail attractive discounts.
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Lastly, to live on a certain budget you must have a budget plan and a track of your weekly/monthly expenses. It is advisable not to spend lavishly if you are on a tight budget.
