Ways to Finance Your Higher Education in Canada

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Meridean Overseas

Updated On 23 May 2023 & Read Time 7 minutes

1.9k

Overview

Studying abroad is not just a dream; it is a way of living another life. The kind of knowledge and personal growth that one has while studying abroad is inexpressible. One of the major concerns that stops talented prospective students from studying abroad is the financial budget.

 

Don’t let financial concerns stop you from completing your dream of studying abroad. Let’s discuss some of the ways to finance education in Canada.

Sources to Fund Your Studies in Canada

There are five main sources to finance education in Canada. Let’s explore all of them below:

 

Scholarship Opportunities to Study in Canada

 

Scholarships are the most amazing resource to finance education in Canada. You can get scholarships either directly from the academic institution to which you are applying or from other sources like the Canadian government, the Indian government, NGOs, and other private organisations, etc. The most amazing thing about scholarships is that students do not have to spend any extra money to acquire them. A scholarship can be provided either on the basis of academic merit or on the basis of financial need. Before applying to any academic institution in Canada, you should check the scholarships they offer to international students. Apart from this, you should also apply for government-based scholarships.

 

Education or Student Loan

 

Student loans for studying abroad in Canada is another way for you to finance your studies. It is important to understand that the money you borrow must be repaid with interest. In general, the rate of interest on student loans is lower than any other loan. There are various sources of loans for international students in Canada including bank loans, loans from private organisations, etc.

 

If you are planning to take an educational loan, make sure you take it well in advance before applying for your visa. The reason is that you must show you have sufficient funds to cover the cost of education and living expenses to get their visa approved. Before choosing a student loan for international students in Canada, be sure to verify your loan eligibility, conditions, and advantages.

 

Earnings through Part-Time Work

 

As we all know, a Canadian student visa allows international students to work part-time for up to 20 hours per week. The average income that an international student can earn through a part-time job is around 11 CAD to 17 CAD per hour, depending on the province and type of work that you are doing. So, a part-time job is a great source to earn some extra cash. It can help you bear your living expenses as well as the cost of studying in Canada.

 

Bursaries From Educational Institutions

 

Generally, bursaries are offered by universities or colleges with the aim of providing financial assistance to students. Universities offer bursaries on the basis of financial need of a student rather than merit basis. You do not have to repay the amount received as bursaries. Therefore, it is a great source to finance education in Canada without the burden of repayment. To get financial assistance from bursaries, you have to submit an application to the concerned department or university.

 

Student Lines of Credit in Canada

 

In Canada, student lines of credit are a type of loan that can help students pay for their education-related expenses. Unlike a traditional loan, a student line of credit is a revolving credit account that allows the borrower to draw upon the available credit as needed, up to a pre-approved limit. Interest is charged only on the amount of credit used, not the entire credit limit. If you are planning to take a loan to study in Canada, then student lines of credit is a much better option for you than a student loan.

 

Student lines of credit are typically offered by banks and other financial institutions and can be either secured or unsecured. Secured student lines of credit require collateral, such as a savings account or a co-signer, while unsecured lines of credit do not require collateral but may have higher interest rates.

Tips to Manage Your Expenses in Canada

Merely arranging the funds to finance education in Canada is not enough. You must ensure that you utilise your funds in an appropriate manner and avoid any unnecessary expenses. Let’s explore some tips to manage your expenses in Canada below:

 

  • The first step is to plan your budget well in advance and try not to exceed the budget that you have set for that month. Try to avoid spending on an impulse
     
  • Track your spending pattern by using a simple Excel sheet. Maintaining a proper record of your expenses will allow you to understand where unnecessary expenses have been made and where you can cut down. This will help you get a good grip on your spending habits.
     
  • On-campus accommodation is safe and easy. However, you can find various off-campus budget-friendly accommodations. To find off-campus accommodation, try to connect with locals or seniors from your home country as they can help you find one.
     
  • You can get benefits from student discounts as an international student in Canada. Once you receive your I-Card, you can use it to access discounts at a variety of shops and locations.
     
  • During vacations, you are allowed to work for up to 40 hours per week. You can utilise that time to earn some extra cash
     
  • Try to prepare food for yourself. Avoid eating out on a daily basis as it will cost a lot and is also the unhealthier option.

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FAQs

Q: How can I finance my education in Canada?

A: There are several ways to finance your education in Canada:

  • Scholarships and grants

  • Earnings through part-time work

  • Student loan

  • Student lines of credit

  • Bursaries

  • Personal savings

  • Family support

 

Q: Is GIC enough for proof of funds?

A: For most international students, a Guaranteed Investment Certificate (GIC) is not enough to meet the Canadian government's proof of funds requirements. The Canadian government requires that international students provide proof of sufficient funds to cover their tuition fees and living expenses for the duration of their stay in Canada.

 

Q: Who can sponsor a student to study in Canada?

A: In general, you, your parents, or your spouse can sponsor your studies in Canada.

 

Q: What is the minimum bank balance for a Canadian student visa in rupees?

A: The minimum bank balance required for a Canada student visa varies depending on the length of the program and the location of the institution. You will need to demonstrate that you have enough funds to cover your tuition fees and living expenses for the duration of your program. For example, to study in Quebec, international students require around 10,000 CAD (approx 6,00,000- 6,50,000 INR depending on the currency rate ) per year.

 

Moreover, students who wish to study in Canada can contact our expert educational counsellors at any branch of Meridean Overseas Education Consultants (MOEC). Our expert counsellors will provide you with the best guidance and support that you need to get admission in Canada’s top universities and colleges. They will also help you with the visa process. Students can also get free online counselling via our website. For more information or any queries, you can mail us at application02@meridean.org or call us at our toll-free no. 1800-1230-00011.

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