Higher education in Canada is usually cheaper than it is in the United States. But that doesn’t mean that getting a degree in Canada as an international student is easy or cheap for everyone. You may need to use different types of financial aid to pay for tuition, fees, and the cost of living. We’re going to talk about the different ways you can get money in Canada. But first, let’s look at how much money you need to have in order to get a Canada study permit.
*Canada Study Permit Eligibility Requirements
You must be able to show proof of money before you can get a study permit for Canada. Except for Quebec, these are the minimum requirements in every province:
- For a single student, the cost of tuition plus $10,000 for a year, or $833 per month.
- Add $4,000 for a year (or $333 per month) for each family member who comes along.
- For each additional family member, you’ll get $3,000 for a year for each dependent child of any age, or $255 per month.
In Quebec, you must show that, in addition to tuition fees, you have the following funds:
- One person under age 18: $6,171
- One person age 18 or older: $12,341
- Two adults over age 18: $18,098
- One person over age 18 and one under age 18: $16,584
- $20,274 for two people over 18 and one under 18
- $21,881 for two adults and two children under 18
In addition to having to show proof of money, you should also know how much your education in Canada will cost and make a budget to help you plan for it. How do people pay for school in Canada? A good place to start is by making a budget.
Scholarships and grants in Canada
Before looking at options in Canada, we strongly suggest that you look for scholarships and bursaries in your home country. Scholarships are usually given to students who have done well in school or have a special skill. Bursaries, on the other hand, are given to students who meet certain financial criteria.
Chances are, you’ll be able to find organizations and companies that give money to students, especially international students. You don’t need to wait for an acceptance letter to start looking for scholarships or bursaries in your home country. Some may ask you to report that you’ve been accepted to a college or university, but most don’t.
If you have been accepted to a college or university, you should also check out the school’s website to see what kind of entrance scholarships are available. Many schools give scholarships to students who do well in school, and many others give aid just to international students. You might also want to look into scholarship and bursary options through Canadian organizations like the International Council for Canadian Studies.
Canadian Government Aid
A lot of students want to know, “How to get financial aid to study in Canada?” Most of the time, the answer is yes. There are a few ways for international students to get money from the Canadian government, like the Government of Canada International Scholarships and the Canada Student Loan program. On the website for Government of Canada International Scholarships, you can look at the grants that are currently available for study abroad programs and individual students.
The Canada Student Loan program gives loans with the same terms (including interest rate) as permanent Canadian residents. However, depending on provincial law, international students might not be able to get these loans.
A lender is an organization or person who gives you money on the condition that you will pay back the amount you borrowed plus interest. There are two main types of student loans and loan providers: federal and private. A federal student loan is one that comes from the government. For example, the Canada Student Loan program is a federal student loan. A private student loan is one that comes from an organization that is privately funded.
Student loans can be your main or only way to pay for school if you can’t get enough money from other sources. But we recommend that you only borrow what you really need because you don’t want to end up with more debt than you can pay back. You should only borrow as much as you need for tuition, fees, and living expenses. Student loans aren’t meant to be used to buy things you don’t need.