International students in Canada can access various financial aid options to help manage the costs of their education. This overview details the types of financial aid available and provides guidance on how to pursue these opportunities.
Overview #
International students may not have the same access to financial aid as Canadian citizens or permanent residents, but they can still benefit from a range of options. These options generally fall into three categories:
Scholarships #
Definition: Scholarships, also known as grants, are financial awards for academic or extracurricular achievements. Recipients do not need to repay scholarship funds. Scholarships may be offered by:
- Institutions
- Organizations
- Governments
- Individuals
Application Process:
- Research individually, as availability, eligibility criteria, and application processes vary widely.
- Some scholarships require essays or references from teachers/employers.
- Others are based solely on grades, sports achievements, or other extracurricular activities.
Recommendation: Prospective international students should contact institutions directly for detailed information about available scholarships.
Bursaries #
Definition: Bursaries are financial aids provided based on economic need. Like scholarships, bursaries do not need to be repaid. They are typically offered by universities and colleges.
Application Process:
- Requires a needs assessment, which may involve providing income information.
- Applications are often reviewed by a committee.
Recommendation: Contact your chosen institution for specific bursary opportunities and application procedures.
Loans #
Definition: Private student loans can be pursued with Canadian banks if scholarships or bursaries are not an option. These loans come with specific interest rates and repayment schedules.
Key Points:
- Offered with student-friendly interest rates and schedules.
- Important to understand the terms to avoid unnecessary debt.
Recommendation: Consult with Canadian banks to explore student loan options and understand the repayment terms.
Further Options #
Institutional Resources: Many institutions offer additional financial advice and resources for international students. Contact your university or college directly for more information.
Working While Studying #
Most international students with a valid study permit can work up to 20 hours per week off-campus during semesters and full-time during scheduled breaks. This can help manage living expenses and reduce reliance on financial aid.
