When it comes to financial aid options for international students in Canada, they have scholarships, bursaries, and loans to pay for their education at a Canadian institute.
It is safe to say that financial aid is a significant part of post-secondary education in Canada.
The fact that Employment and Social Development Canada (ESDC) issues a report to highlight the outcomes of the Canada Student Financial Assistance (CFSA) program every year confirms the significance of financial assistance for international students pursuing post-secondary education.
Considering the annual report of 2020-21, nearly 542,000 students were provided with $3.2 billion in non-repayable Canada Student Grants. Plus, 576,000 students benefitted from $4 billion in student loans.
10 participating provinces and territories of Canada were given grants of at least $1.6 million each, with the exception of the Northwest Territories, Nunavut, and Quebec.
Regardless, there is still one misconception that causes hindrances in the educational journey of several international students in Canada.
What Are The Financial Aid Options Available For International Students In Canada?
For those who are wondering, here are the three financial aid options offered to international students in Canada.
- Scholarships or grants
- Loans
- Bursaries
In most cases, financial aid options vary from one school to another since every institute has a different application process and requirements for the available financial assistance options.
It should be noted that international students are sometimes required to apply for private loans through banks because of the eligibility criteria imposed by the government of Canada at the provincial and federal levels. In case you are wondering, banks provide financial assistance in the form of loans, a line of credit, and other mediums. Moreover, banks may also apply student-specific interest rates to make loan repayment easier for international students.
We hope you found this information helpful. Follow our blogs for the latest updates and informative content on Canadian immigration.
One thought on “Financial Aid Options For International Students In Canada”
Canada