Canadian international students can access a variety of financial aid alternatives. Reportedly, financial assistance plays a massive role in post-secondary education. As a result, ESDC regularly reveals the initiatives of the Canada Student Financial Assistance program annually.
The annual report’s latest version states that nearly 542,000 students gained significant benefits under the Canada Student Grants (Non-repayable) with $3.2 billion. Besides this, nearly 576,000 students also profited from student loans, with $4.0 billion.
The vital aspect is that Canada witnessed an even distribution of these grants. Of the thirteen provinces and territories, 10 received a valuable grant of $1.6 million. Quebec, Nunavut, and Northwest Territories remained as exceptions.
Canadian international students- their eligibility concerning financial assistance
In 2021, Canada turned host to 621,565 international students across all study levels per the CBIE. However, this is a unique misconception doing the rounds among this specific group of Canadian international students. This implies that this group believes they won’t be able to access financial aid alternatives while pursuing their Canadian studies. Conversely, this belief holds no relevance.
Comparatively, international students might not have similar financial help options, yet they do have bursaries, scholarships, and loans. These three things help them balance their education cost in Canada.
A council that represents Canada’s federal, provincial, and territory governments is the Canadian Information Centre for International Credentials. International students looking for financial aid might utilize it as a reliable resource. For international students from Canada, this CICIC page is a fantastic place to start.
What are the essential financial assistance options for international students?
Financial assistance solutions for international students are usually classified under three chief categories: loans, grants, and bursaries. In most circumstances, financial help will come from schools where these students pursue their Canadian education. However, each school will operate through different processes, procedures, and needs. The needs will depend upon the existing financial assistance alternatives.
Scholarships and Grants
Scholarships and grants form a part of post-secondary education. This kind of financial assistance applies to students with extraordinary accomplishments and academic records. Moreover, this financial aid doesn’t owe the recipients to repay the amount. These usually come from governments, organizations, and schools.
Consider the following scholarship examples for international students:
- Lester B. Pearson International Scholarship program.
- Karen McKellin International Leader of Tomorrow.
Loans
Loans fall under the type of financial assistance that compels the students to repay the amount. Additionally, this repayment amount will largely depend upon the loan agreements as these will determine the repayment schedule and interest rate. Therefore, all students taking up these loans need to gain information on all the above details. Doing so will enable them to avoid any additional debts.
Notably, Canadian international students will need to request banks for private loans. This is because the Canadian government demands they fulfill specific eligibility conditions. This will apply to federal as well as provincial levels. Taking financial help from a bank could take the form of a line of credit, loan, or other sources. Banks also offer unique interest rates to students to make it more convenient for them to repay their loans.
Bursaries
Bursaries are also a form of financial assistance offered to post-secondary students depending upon their financial requirements. Additionally, students who are able to fulfill the minimum criteria for economic needs might receive assistance from schools. Moreover, they will not require to repay the amount. However, this will apply to candidates on the basis of parental or personal income. In several situations, bursary students might have to face assessments. This further indicates the need to verify the financial requirement level under such financial assistance.
