If you are here, you probably looking for how to get Financial Aid for international Students in Canada. Financial aid for international students in Canada is an option to assist them with the costs of studying. Student financial aid statistics indicated that, while 83.8% of college students benefit from some form of financial aid. 36.7% of undergraduates each receive an average of $8,285 in federal loans annually.
42.0% of undergraduates each receive an average of $5,179 in federal grants. In this article, we would be listing out the various ways in which international students receive financial aid in Canada.
Scholarships
When a student is awarded financial aid for his/her academic performance or achievements, it is referred to as a scholarship. Scholarships offered to students are not required to be paid back.
Scholarships are offered by institutions, organizations, governments, or individuals. There are different types of scholarships that students can be offered. Some may require an application process while others might come as a means of references from teachers, institutions, or organizations.
There is a wide range of scholarships in Canada that are available to international students. Each of these scholarships has various criteria for application.
Prospective students are encouraged to refer to the universities for more information about their scholarship opportunities.
Loans
International students in Canada have access to loan services that citizens of the country also have. They pay the same interest rates as the citizens in the country and also according to the same repayment methods.
Although international students may not be eligible for loans from the federal government or other provincial bodies. They are limited to loans from private investors or bank loans.
Bursaries
Monetary help granted on the basis of economic need is known as a bursary. The same as for scholarships, bursaries also don’t require the students to pay back the money given to them. Universities or colleges may offer bursaries to students who meet certain requirements or criteria.
Students can apply for bursaries, but they would be required to undergo some sort of need assessment. The need assessment evaluates their income or their parent’s income to determine if they are eligible to receive bursaries.
Applications are usually reviewed by a committee.
Additional Options
There are lists of other private institutes which offer financial advice and resources for international students. In order to seize these opportunities, international students are encouraged to contact universities and colleges directly to find out more about financial aid being offered.
International students with a valid study permit can work up to 20 hours outside the campus per week during the semester and full-time during school breaks.
How to Apply
There are strict protocols to follow in order to apply for one or more of the above opportunities for financial aid.
Step One: Outline the purpose of your application for financial aid. Knowing this would help you decide what type of financial aid you need. If you are looking for financial aid for your studies, you might decide to apply for a bursary if your prospective universities are offering such.
If they are not, you might decide to go for some other option on the list.
Step Two: Get all documents ready for the application. If you are applying for bursaries, you would need to get your documents ready for the need assessment. Or if you are applying for a loan, you would need to put in place all documents required for the loan.