You might be wondering if it is possible to get International Student Aid in Canada? The answer is a big YES. There are a lot of financial aid options for international Students in Canada. With the influx of international students in Canada and these students face many financial Challenges.
High tuition fees is one of the biggest challenge of international students in Canada. Most of the universities in Canada are publicly funded, which helps to keep tuition fees lower than in some other countries, while still offering a high-quality education.
Unfortunately, most financial aid options at universities in Canada are primarily intended for Canadian students. International students in Canada may have limited resources available to them. This is why we are going to look at options for international students to get aid in Canada.
Types of International Student Aid Canada
Some types of financial assistance available include scholarships, bursaries, awards, grants, fellowships, and loans. Below are descriptions of the financial aid options available to you as an international student.
- Scholarships
- Bursaries
- Loans
There is a big difference between bursary and Scholarship. Bursaries are offered to students with financial need, so there is usually an application required and you may also need to submit a need assessment of some sort to verify your finances.
While Scholarships are offered to students on the basis of academic excellence, athletics, volunteer experience, and also by specific research areas, especially for graduate students. Many scholarships require an application, especially for high-value awards, but some will be automatically offered to eligible students, such as entrance scholarships.
Scholarships
Financial aid granted for academic or extracurricular achievement is known as a scholarship, or sometimes a grant. Students who receive scholarships do not have to pay the money back. Scholarships may be offered by institutions, organizations, governments, or individuals.
Many scholarships entail an application process. Due to the wide range of scholarships available in Canada or in a prospective international student’s home country, it is important to research scholarships individually. Eligibility criteria and application process may differ widely.
Prospective students interested in the International Student Aid in Canada are encouraged to refer to institutions directly to find out more about available options.
Bursaries
Like aforementioned, Financial aid granted on the basis of economic need is known as a bursary. As with a scholarship, 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.
Student Loan
If traditional financial aid options, such as scholarships and bursaries, are not possible, international students are also able to access traditional student loans, which have similar interest rates and repayment schedules for both international and Canadian students. Because most provincial student aid programs are restricted to Canadian citizens and permanent residents, international students will likely need to borrow from a private lending institution or a bank.
If you want to explore loans, a good place to start is the Canada Student Loan program. While this resource is available to Canadians primarily, some protected status persons, such as refugees, are also eligible.
Final tips
Individual institutions may offer further financial advice and resources for international students. Prospective international students are encouraged to contact universities and colleges directly to find out more about available options.
Most international students with a valid study permit may also work up to 20 hours off-campus per week during the semester, and full-time during scheduled breaks. It is important to find out more about International Student Aid in Canada before applying.