Canada Universities that Offer Financial Aid to International Students: Generally, higher education in Canada tends to be less expensive than in the United States. However, that doesn’t necessarily mean that earning a degree as an international student in Canada is easily affordable for all.
In order to pay for tuition, fees and the cost of living, you will likely need to access various financial aid options.
We’re going to take you through Canada Universities that Offer Financial Aid to International Students and the options you have for financial aid in Canada. But first, let’s look at the minimum financial requirements for obtaining a Canada study permit.
Read also: 5 Fastest Ways to Immigrate to Canada
Canada Study Permit Eligibility Requirements
Before you can obtain your Canada study permit, you must be able to show proof of finances. These are the minimum requirements in every province except for Quebec:
- Single student: Tuition plus $10,000 for a 12-month period (or $833/month)
- For one accompanying family member add: $4,000 for a 12-month period (or $333/month)
- For each additional family member: $3,000 for a 12-month period per dependent child of any age (or $255/month)
In Quebec, you must show that you have the following funds in addition to tuition fees:
- One person under age 18: $6,171
- One person age 18 or older: $12,341
- Two persons age 18 or older: $18,098
- One person over age 18 and one under age 18: $16,584
- Two persons over age 18 and one under age 18: $20,274
- Two persons over age 18 and two under age 18: $21,881
Along with having to show proof of finances, we also recommend ensuring you’re familiar with how much your education in Canada will cost, and plan accordingly through a budget. How do students afford to study in Canada? Having a budget is a great place to start!
Scholarships and Bursaries in Canada
Before exploring options in Canada, we strongly recommend looking for scholarships and bursaries in your home country. Whereas scholarships are typically awarded based on academic merit or a specific ability, bursaries are available for students who meet specific financial criteria.
Chances are you’ll be able to find organizations and companies that are offering awards for students, especially those who will be international students. There’s no need to wait for an acceptance letter to start looking for scholarships or bursaries in your home country. Although some may require you to report that you’ve been accepted into a higher education institution, many don’t have this requirement.
If you have been admitted to a higher education institution, then you’ll also want to visit your school’s website to see what kind of entrance scholarships are offered. Many schools offer scholarships for outstanding academic achievement and many offer aid purely for being an international student. You may also want to consider exploring scholarship and bursary options though Canadian organizations such as the International Council for Canadian Studies.
Canadian Government Aid
Many students ask “can I get financial aid to study in Canada?” and the answer is yes in many cases. The Canadian government offers a few financial aid options for international students including Government of Canada International Scholarships and the Canada Student Loan program. Through the Government of Canada International Scholarships website, you’ll be able to explore awards that are currently being offered for study abroad programs and individual students.
The Canada Student Loan program offers loans with the same terms (including interest rate) as permanent Canadian residents. However, there is a chance that international students may not be eligible for these loans depending on provincial law.
Student Loans for Studying in Canada
A lender is an organization or individual that allows you to borrow money with the expectation of eventual repayment of the amount borrowed plus interest. In terms of student loans, there are two main types of lenders and loans: federal and private.
A federal student loan is one provided by the government such as through the Canada Student Loan program. A private student loan is one provided by a privately funded organization. If you are unable to obtain enough funding to pay for your education, student loans can be a primary or supplementary option.
However, we advise you to only borrow what you absolutely need as you don’t want to end up owing more than you can repay. You should only take out the amount in loans needed to pay for tuition, fees and cost of living. Student loans are not meant to be spent on luxury items.
Canada Universities that Offer Financial Aid to International Students.
University of British Columbia:
Winners receive awards proportional to financial need as determined by tuition, fees and living costs minus the financial contribution you and your family can make annually. To be considered for the International Leader of Tomorrow award you must be admissible to the first choice degree you are applying to, have an excellent academic record, be a non-citizen or permanent resident of Canada, and demonstrate a level of financial need that would prevent you from pursuing a UBC degree.
The Donald A. Wehrung International Student Award is a need-based scholarship that recognizes outstanding international undergraduate students who have achieved academic excellence under difficult circumstances. To be considered for the award you must be neither a citizen nor a permanent resident of Canada; come from a war torn, politically unstable, or economically disadvantaged region of the world; unable to attend university without financial assistance; be graduating, or have recently graduated from secondary school; be applying for your first undergraduate degree; and be able to demonstrate superior academic achievement.
University of Toronto:
Recognizes outstanding international students who demonstrate exceptional academic achievement and creativity and who are recognized as leaders within their school. To become a Pearson Scholar you must be a non-Canadian requiring a study permit, and currently in your final year of secondary school or have graduated no earlier than June of the previous year. The scholarship provides full funding for 4 years for all successful applicants. All applicants must be nominated by their schools.
Awards $80,000 ($20,000 x 4). Scholarship is renewable for three years of full-time undergraduate study, provided high academic standing is maintained in each academic year. To be considered, you must be an international student who is required to have a Study Permit to study in Canada; be applying directly from high school no more than two years after graduation and have no previous university or college studies; have applied to an undergraduate degree program under the following faculties: Arts, Media, Performance & Design; Environmental Studies; Education; Glendon; Health; Lassonde School of Engineering; Liberal Arts & Professional Studies; Science; or the Schulich School of Business; and possess an excellent academic record (“A” average or equivalent) and have demonstrated leadership through community service or excellence in the arts, sports or other areas of individual achievement.
Awards $140,000 ($35,000 x 4). Scholarship is renewable for three years of full-time undergraduate study, provided high academic standing is maintained in each academic year. To be considered, you must be an international student who is required to have a Study Permit to study in Canada; be applying directly from high school no more than two years after graduation and have no previous university or college studies; have applied to an undergraduate degree program under the following faculties: Arts, Media, Performance & Design; Environmental Studies; Education; Glendon; Health; Lassonde School of Engineering; Liberal Arts & Professional Studies; Science; or the Schulich School of Business; and possess an excellent academic record (“A” average or equivalent) and have demonstrated leadership through community service or excellence in the arts, sports or other areas of individual achievement.