5 Ways International Students in Canada Can Fund Their Studies

August 3, 2022
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Image by Yinan Chen from Pixabay

Many students from around the world dream of studying in Canada because Canada has the best universities in the world. All the universities provide top-class education at a pretty economical cost, making Canada the best country for students who can’t afford to pay tons of money to study. Another thing that makes Canada attractive for students is that students can apply for permanent residency after finishing their studies. The fact that Canada gets more than 90.000 international students from across the world shows how desired the country is among students.

The reality is that international education can be really expensive. You have to pay for the tuition, rent, other living costs, and fees, so that it can be overwhelming on the budget. Luckily, international students have many benefits and opportunities to fund their studies without breaking the bank. If you’re interested in how you can fund your studies, you can check the MPower financing review for international students from Canada and get more valuable information.

5 Ways to Fund Your Studies in Canada If You’re an International Student

Before you find the best way to find your studies, you need to have a decent sum of money when you apply for a study permit. All international students interested in studying in Canada need to provide a piece of evidence that they have all the necessary finances to support themselves during their studies in Canada. The student also has to deposit 10.000 CAD in banks as a guaranteed investment certificate. Once the paperwork is done, you’ll be able to focus on finding ways to fund your studies.

Here’s a list of the five best ways to fund your studies as an international student.

Scholarships

Getting a scholarship is the best way to finance your studies. There are many scholarships available in Canada; some are funded by the government, and some by the university. Some of the most common types of scholarships include:

  • Financial scholarships
  • University scholarships
  • Country-based scholarships
  • Government-funded scholarships

To get a scholarship, the most important thing is to apply for them before the deadline. Prepare your application form ahead of time, and always check the deadline.

Student Loans

Getting a student loan is a good way to fund your studies in Canada if you’re an international student. There are two types of student loans for international students: federal and private student loans.

Federal Student Loans

These loans are provided by the Canada Student Financial Assitance Program and are given to full-time and part-time students. The federal loan is offered through the Canadian government, and the fund’s amount depends on the family’s income, place of residency, living expenses, etc.

Private Student Loans

Education loan providers provide private student loans. To get this type of loan, you first need to get a cosigner, a person who will take responsibility for paying your loan in case you’re unable to.

Student Lines of Credit in Canada

The Student Line of Credit allows students to lend money repeatedly up to a pre-set limit. This type of credit is flexible and can help students finance their tuition fees, living expenses, etc. With a line of credit, students only pay interest on the money they borrow. They’re great options for students who don’t need a huge loan but need some extra finances. The university sets the maximum borrowing limit. The Students Lines of Credit has different programs, such as undergraduate, graduate, and professional programs.

Bursaries

Bursaries are financial assistance that Canadian universities offer to international students. The funds are given to students who need financial aid, not only those who have achieved great accomplishments. The bursaries are commonly one-time payments that don’t need to be played. Private companies and non-profit organizations fund these “loans.” You first need to apply to get bursaries, so prepare your paperwork in time, so you don’t miss the deadline.

Financial Aid from Individual Educational Institutions

Canadian universities are so great that they offer separate financial aid options for international students. This type of help is offered directly through the university’s website to get all the information you need to apply.

Extra Tips For Creating a Budget While Studying

No matter what funding method you choose, you need to learn how to make your budget and stick to it. Here is some advice that may come in handy:

  • Calculate your income to know exactly how much money you have.
  • Grab a piece of paper and write down all your monthly costs
  • Properly organize your expenses
  • Once you make a list of all your expenses, determine the average monthly cost of each expense
  • Calculate all your expenses and compare them with your income
  • If your costs are bigger than your income, it’s time to make serious adjustments

Conclusion

Studying in another country has a lot of challenges and demands a lot of adjustments. Overall, moving to another country and learning a new culture is an experience for a lifetime. Canada is an excellent country with some of the best universities, and it’s not that expensive to be a student, as it is in some universities in the USA. No matter what funding options you choose for your studies, be wise with your money and always follow your budget.

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