How To Fund Your Canadian Studies As An International Student

Over 90,000 international students study in Canada. Studying and living in this wonderful, diverse country is amazing. If you don’t plan, life in Canada can be expensive. Funding options save you. Before committing, you should know how to fund your Canadian studies.

This blog discusses popular and practical Canadian funding sources for smart financial management. Check out the international student budgeting tips for Canada.

Ways to Finance Your Studies in Canada

Applying for a Canadian study permit requires a substantial amount of money. All international students must fund their education in Canada, according to IRCC. International students must prove they can support themselves and their families in Canada to get a study permit. As financial security, this could include written confirmation of scholarships, bursaries, loans, or awards. In addition to tuition, students must deposit 10,000 CAD (604211.60 INR) in a Guaranteed Investment Certificate (GIC) at CIBC or SBI Canada.

As a student, you must show that you can pay your tuition plus 10,000 CAD (604211.60 INR) per year.

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

Obtaining a scholarship is one of the greatest methods to finance your studies in Canada. There are numerous government-funded scholarships available, as well as university scholarships for international students in Canada. Students in Canada compete fiercely for scholarships. Scholarships for international students in Canada include the following:

• 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 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:

• 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

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 provides grants and loans to full-time and part-time students. International students who require repayable loans can apply for this Canadian government loan program. Federal student loans in Canada vary by province or territory, family income, tuition costs, and living expenses. They are mostly available to international students having protected status such as refugees.

2. Private Student Loans

International students in Canada typically borrow from private education loan companies. Canada offers student loans to international students at authorized universities. Private student loans require a cosigner to guarantee repayment if you default. MPOWER Financing provides international student loans without cosigners.

Before finalizing your international student loan in Canada, examine your eligibility, conditions, and benefits.

Part-Time Jobs in Canada

Part-time work can help pay your Canadian studies. Canadian students can find several part-time jobs. Student visas allow campus part-time work. Apply for an off-campus employment permit after six months of study. However, you must meet the following qualifications to work off-campus without a Canadian work permit:

• 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 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

Canadian Student Lines of Credit allow recurrent borrowing up to a maximum. It provides flexible funding for postsecondary tuition, living expenses, and books. Your college/university limits your borrowing. Your program will also determine this amount.

The set limit for different programs under Student Lines of Credit in Canada are:

Undergraduate Programs

• Full-Time Students – Up to 20,000 to 80,000 CAD ( 1208423.20 – 4833692.80 INR) per year for four years of study
• Part-Time Students – Up to 20,000 to 80,000 CAD per year (1208423.20 – 4833692.80 INR)

Graduate Programs

• 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

• 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’ve covered a lot regarding financing your education in Canada, let’s move on to some helpful hints for managing your finances as an international student:

• Living on campus is surely a unique experience, but there are also acceptable and secure off-campus options for overseas students in Canada. You might also contact other student groups and live in a shared apartment. Because rent, food, and other expenses are shared, many of your extra costs will be eliminated.
• 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.

Living and studying abroad has several problems. It’s a lifelong learning journey. You learn money management and self-sufficiency while studying in Canada. These are life-changing. Check out our blog about international student living costs in Canada. Our Yocket Professionals can also answer your questions concerning international student institutions and colleges in Canada.