A variety of financial aid options are available to international students in Canada to help cover the costs of studying and living expenses.
Read On: Scholarships in Canada with Work offers
Financial Aid for international students in Canada
The following are the financial aid options available for international students in Canada:
1. Scholarship
A scholarship or grant is a form of financial aid awarded for academic or extracurricular accomplishments. Scholarship recipients are not required to repay their awards. Scholarships can be provided by universities, organisations, governments, or individuals.
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Many scholarships necessitate the completion of an application process. It is crucial to conduct individual scholarship research due to the great variety of scholarships available in Canada or in a prospective international student’s home country.
The requirements for eligibility and the application process can vary greatly; for instance, some scholarships could ask for an essay or references from previous employers or lecturers. Other scholarships could be awarded simply on the basis of academic performance, athletic prowess, or extracurricular involvement.
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Popular scholarships in Canada for international students include:
- Vanier Canada Graduate Scholarships
- Ontario Trillium Scholarship
- Pierre Elliott Trudeau Foundation Scholarship
- Lester B. Pearson International Student Scholarships
- Karen McKellin International Leader of Tomorrow Award Scholarship
- University of Calgary International Entrance Scholarship
- Margaret McNamara Educational Grants (MMEG) Scholarships 2023
More on scholarships in Canada for international students.
Prospective international students are urged to contact universities directly to learn more about the options that are available.
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2. Bursaries
Bursaries are unrepayable financial aid packages given to students based on their financial circumstances. Students who meet certain criteria can get bursaries from some colleges and institutions.
Typically, students who apply for bursaries have their needs evaluated, which may involve disclosing their own or their parent’s income. As a part of their financial aid systems, the governments of Canada and the UK provide bursary grants.
They are distinct from merit scholarships in that they prioritise monetary needs over academic performance. Academic advisors in the financial aid offices of colleges and universities can assist students in locating the right bursaries. Applications may also be reviewed by a committee.
Read Also: List of Fully Funded Scholarships in the UK For International Students
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3. Graduate Assistantships
Seeking out and applying for student or graduate teaching or research assistant positions is a fantastic way to easily pursue higher education in Canada. This way, you can gain admission to a university in Canada while also earning money as a student assistant
Apply This:
Graduate Assistantship (MS/PhD) at Arkansas State University
Masters Graduate Research Assistantship At Angelo State University, Texas.
Fully Funded Graduate Research Assistantships At Auburn University
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4. Student Loan
International students have the same access to student loans as Canadian citizens and permanent residents do. The interest rates and repayment terms that apply to Canadian citizens and permanent residents also apply to international students.
International students can get special loans, credit lines, and interest rates from a number of institutions, but they might not be qualified for loans from the provincial or federal governments. Students planning to study in Canada may be eligible to apply for financial aid from their home country’s education ministry or department in addition to bank loans.
Through the Canada Student Loans Programme, which was created by the federal government to help students who are struggling financially to access post-secondary education, international students can get financial aid for their post-secondary education.
The Canada Student Grants Programme is a non-repayable grant programme run by the federal government in addition to offering student loans. The federal government collaborates with most provincial or territory governments to organise the disbursement of student loans and grants. The Canada Student Loans Programme is available in all provinces and territories with the exception of Québec, the Northwest Territories, and Nunavut.
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5. Others
For international students, some universities may provide additional financial guidance and resources. International applicants are urged to get in touch with universities and schools directly to learn more about their options.
The majority of international students with a current study permit are also permitted to work up to 20 hours per week off campus during the academic year and full-time during designated breaks.
See Also: Canada Launches a new process to Welcome Skilled Workers as Permanent Residents.
Conclusion
Financial aid is available to international students at Canadian institutions and colleges. You can browse university websites or contact the institution for more information on available alternatives and the application process.
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