Canada welcomes more than 90,000 students every year from across the world. It offers an amazing experience of studying and living in a multicultural and aesthetically beautiful setting. However, the cost of living in Canada can be high if you do not plan your stay well. That is when the funding options come to your rescue. It is crucial that you are aware of the various ways to finance your studies in Canada before finalising anything.
Yocket Premium, a complete end-to-end assistance system, is here to help. If you’re wondering how to get hold of the finances that can help you finish your studies in Canada, Yocket offers unbiased counselling and loan services. Besides that, Yocket Premium connects you with a thriving community of 1 million+ global aspirants who’ve been there and done that.
Read ahead to get through some popular and useful funding options in Canada to help manage your finances wisely. Also, check out the tips that will help you live on a standard budget as an international student in Canada.
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4 Ways to Finance Your Studies in Canada
You need to have a good sum of money by the time you apply for a study permit in Canada. IRCC (Immigration, Refugees and Citizenship Canada) expects all international students to be able to finance their studies in Canada themselves. To be eligible for a Canadian study permit, an international student needs to provide proof of having the necessary finances to support him/herself and any family members accompanying them in Canada.
This could include written confirmation of scholarships, bursaries, loans, or awards as proof of financial security. Other than the tuition fees, a student also needs to deposit 10,000 CAD (INR 6,17,000) as a Guaranteed Investment Certificate (GIC) in banks like CIBC or SBI Canada.
As a student, you need to demonstrate that you have enough funding to cover your tuition fees with the addition of 10,000 CAD (INR 6,17,000) for a year.
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Hence, funding your studies in Canada requires a lot of research and planning. Here is a list of funding options for international students in Canada:
Scholarships to Study in Canada
One of the best ways to finance your studies in Canada is by acquiring a scholarship. There are plenty of government-funded scholarships, as well as scholarships from universities for international students in Canada. Scholarships in Canada are highly sought-after by students. Some types of scholarships for international students in Canada include:
- University Scholarships
- Financial Scholarships
- Merit Scholarships
- Country-Based Scholarships
- Government- Funded Scholarships
- Privately- Funded Scholarships
To get well-funded scholarships in Canada, one must research the opportunities and plan. Do check the deadline for the scholarships in Canada and start your application process ahead of time to avoid any hurdles later on.
Here are some of the top scholarships for international students in Canada:
- Canada -ASEAN Scholarships and Educational Exchanges for Development (SEED)
- Lester B. Pearson International Scholarships
- Vanier Canada Graduate Scholarships
- Banting Postdoctoral Fellowship
- Carleton Prestige Scholarships
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Student Loans to Study in Canada
Another way to finance your studies in Canada is by opting for a student loan. There are mostly two types of student loans for international students in Canada. Let us know more about them:
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, living expenses, etc. They are mostly available to international students with protected status, such as refugees.
2. Private Student Loans
Student loans 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 organisations like MPOWER Financing that offer student loans to international students without a cosigner.
Do check your loan eligibility, requirements, and benefits before finalising a student loan for international students in Canada.
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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. But if you wish to work off-campus without a work permit in Canada, you must fulfil the following requirements:
- He/she is a full-time student with a valid study permit.
- Enrolled at a designated learning institution for post-secondary studies or pursuing a secondary-level vocational program in Quebec.
- Enrolled in a six-month (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.
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Student Lines of Credit in Canada
The Student Lines of Credit in Canada let 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 on the program that you choose.
The set limits for different programs under Student Lines of Credit in Canada are:
1. Undergraduate Programs
Up to CAD 20,000 to CAD 80,000 (INR 12,35,000 - INR 49,40,000) per year for four years of study
Up to CAD 20,000 to CAD 80,000 per year
(INR 12,35,000 - INR 49,40,000)
2. Graduate Programs
Up to CAD 125,000 (INR 77,18,000) for the duration of the study
Up to CAD 125,000 (INR 77,18,000) over three years of study
Up To CAD 125,000 (INR 77,18,000) over four years
Up to CAD 80,000 (INR 49,40,000) over four years of study
3. Professional Programs
Up to CAD 325,000 - CAD 100,000 in the first year
(INR 20069,000 - INR 61,75,000)
Up to CAD 325,000 - CAD 100,000 CAD (INR 20069,000 - INR 61,75,000) in the first year of study; continued access during residency
Up to CAD 140,000; access up to CAD 35,000 in your first year of study (INR 86,45,000 - INR 21,61,000)
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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:
- 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 more healthy and hygienic too.
- The flight fares to and fro Canada to your home country surely costs high. Plan your trips ahead and book your flights in advance to avoid extra charges.
- 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.
- 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.
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From the Desk of Yocket
Living and studying in a new country gives rise to a lot of challenges and requires adjustments. But overall, it is a lifetime experience of growth and learning. Apart from studying in Canada, you also master the art of managing finances and living self-sufficiently. All these take you a long way in life. To know more about living expenses in Canada as an international student, check out our blog on the cost of living in Canada.
Okay, you now have the checklist handy. Now, you will be guided through the next door - the admission process, scholarship process, etc., Yocket Premium will do it for you - and much more! Explore to get personalised, end-to-end counselling, sailing you smoothly through the rough waters of the Admission Process.