Lana Oconnell
Canada is one of the top 5 destination countries for studying abroad due to its high-quality education, open and tolerant culture, and the opportunities available. However, the costs of tuition and living expenses can be high, and international students may have limited access to financial aid. While international students in Canada do not have the same access to scholarships and bursaries as citizens or permanent residents, they still have access to a wide range of financial aid options to help with the costs of studying in Canada. These include scholarships, bursaries, grants, and student loans. The Canadian government offers a few financial aid options for international students, including Government of Canada International Scholarships and the Canada Student Loan program.
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Scholarships and grants
International students in Canada have access to a wide range of financial aid options, including scholarships and grants. Scholarships and grants are a great way to fund your studies as, unlike loans, you do not have to pay back the money.
The Canadian government offers several financial aid options for international students, including the Government of Canada International Scholarships and the Canada Student Loan program. The Government of Canada International Scholarships website provides information on awards currently offered for study abroad programs and individual students. The Canada Student Loan program offers loans with the same terms (including interest rates) as permanent Canadian residents, although international students' eligibility may depend on provincial law.
Scholarships are typically awarded based on academic merit or a specific ability, while bursaries are available for students who meet specific financial criteria. Many scholarships entail an application process, and eligibility criteria and application processes vary widely. For example, some scholarships may require an essay or references from teachers or employers. You can use a scholarship search tool to find contact information for awards and then apply through the scholarship sponsor's website. You can also check with your university about entrance scholarships that may be offered.
Beyond scholarships and bursaries, international students in Canada may also consider private student loans with Canadian banks. These loan agreements involve specific interest rates and repayment schedules, so students should carefully review the terms to avoid accumulating unnecessary debt.
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Bursaries
While international students in Canada do not have the same access to bursaries as Canadian citizens or permanent residents, they are still eligible for some bursaries. Bursaries are financial aid granted on the basis of economic need, and students who receive bursaries do not have to pay the money back.
Universities and colleges may offer bursaries to students who meet certain requirements. Students who apply for bursaries are usually required to undergo a needs assessment and may have to provide information about their income or their parents' income. Applications may also be reviewed by a committee.
International students enrolled in a preparatory or pathway English program at Humber Polytechnic, where LanguageCert tests are recognized as proof of English proficiency, and who have conditional acceptance into a Canadian degree or diploma program are eligible to apply for a $1,000 bursary.
The BCF Scholarships Program provides bursaries to youth of Barbadian heritage pursuing post-secondary education at Canadian universities and colleges. Each award is worth $4,000 per year.
In addition to the bursaries offered by the International Centre, there are other bursaries available to international students from Humber and external, government, corporate, or community organizations.
Canadian banks often offer student loans with student-friendly interest rates and schedules, making them viable choices for international students who cannot pursue bursaries or scholarships.
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Student loans
International students in Canada have access to a range of financial aid options to help with the costs of studying. While scholarships and bursaries are more readily available to Canadian citizens or permanent residents, international students can apply for private student loans.
Private student loans
Private student loans are offered by specialist education loan providers. They are available for international students who are studying at approved universities in Canada. Private loans offer more options but can be more expensive.
Applying for a private student loan
International students can apply for a private student loan without a cosigner if they are enrolled at a Canadian school that is already approved by a lender. The application process is simple and can be completed online. Lenders will look at your academic success and career path, as well as your home country, expected graduation date, and the school you are attending.
Federal loans
The Canadian government provides loans for students in Canada, with favourable interest rates. However, these loans might be limited to Canadian citizens or permanent residents, so researching eligibility is crucial.
Loan types
There are two main types of lenders and loans: federal and private. A federal student loan is provided by the government, such as through the Canada Student Loan program. A private student loan is provided by a privately-funded organisation.
Loan amounts
The amount you can borrow will vary by lender and your situation. As a rough estimate, you might need $20,000 to $30,000 CAD per year for tuition fees, plus an estimated $15,000 CAD for living expenses and other costs.
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Private loans
As an international student in Canada, you may not be eligible for federal loans and may need to apply for a private loan. Private student loans are provided by private organisations or individuals. Banks, credit unions, and other financial institutions provide private loans for international students in Canada.
To apply for a private loan, you will need to research Canadian banks and financial institutions offering international student education loans. You can compare the loan terms, interest rates, repayment options, and eligibility criteria of different lenders to find the best option.
Some lenders will require a good credit score or credit history, while others may take into account the borrower's future potential to repay the loan. A co-signer is not required in Canada, but having one may improve the interest rate offered.
The application process can be completed online and typically takes about six weeks. Once your application has been reviewed, you will receive details on your offer, including your interest rate and how much you can borrow.
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Work permits
International students in Canada have access to a range of financial aid options, including scholarships, bursaries, and loans. However, their access to scholarships and bursaries is not the same as that of Canadian citizens or permanent residents.
One way for international students to fund their studies is by working part-time. Most international students with a valid study permit may work up to 20 hours off-campus per week during the semester and full-time during scheduled breaks. This provides an opportunity for students to earn money to support their living expenses and tuition fees.
In addition to working part-time, international students can also apply for work permits, which allow them to work in Canada for a specified period. There are several types of work permits available for international students in Canada:
- Post-Graduation Work Permit: This permit allows international students who have recently graduated from a Canadian institution to stay and work in Canada temporarily. The duration of the permit can vary, and it provides a pathway for students to gain valuable Canadian work experience and potentially transition to permanent residency.
- Open Work Permit: An open work permit allows international students to work for any employer in Canada without the need for a specific job offer. This type of permit is typically available through the International Mobility Program or the Temporary Foreign Worker Program.
- Temporary Work Permit: This type of permit is usually tied to a specific job offer from a Canadian employer. International students with a valid study permit may be eligible for temporary work permits, allowing them to gain Canadian work experience while studying.
- Spousal Open Work Permit: This permit is available for the spouse or common-law partner of an international student who is working in Canada. It allows the spouse to work full-time during their stay in Canada.
- Other Work Permits: There are also specific work permits available for athletes, staff, charitable or religious workers, and those in the TV and film production industry. These permits cater to unique situations and provide work opportunities for eligible individuals.
It is important to note that the requirements and eligibility criteria for each type of work permit may vary, and international students should refer to the official government sources for detailed information. Work permits can provide a valuable source of financial aid, allowing international students to gain employment and support their studies in Canada.
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Frequently asked questions
There are a few types of financial aid available for international students in Canada. These include scholarships, bursaries, and loans. Scholarships are typically awarded based on academic merit or a specific ability, while bursaries are available for students who meet specific financial criteria. Loans may be federal or private.
Scholarships for international students in Canada are offered by institutions, organizations, governments, or individuals. You can use a free College Scholarship Search tool to find contact information for various scholarships and then apply through the sponsor's website. You can also check your university's financial aid office for scholarship listings.
Students who apply for bursaries are usually required to undergo a needs assessment and may have to provide information about their income or their parents' income. Applications may also be reviewed by a committee.
