Canada’s financial aid possibilities play a significant role in post-secondary education for foreign students.
The Canada Student Financial Assistance (CFSA) program is one of the most significant sources of financial aid in postsecondary education in Canada, according to the annual report published by ESDC – (Employment and Social Development Canada). It was reported that about 542,000 students received non-repayable Canada Student Grants totaling $3.2 billion, and 576,000 students received student loans totaling $4.0 billion in 2020-2021.
Among the 10 participating provinces and territories (apart from Quebec, the Northwest Territories, and Nunavut). These subsidies were evenly distributed, with payments totaling at least $1.6 million to each.
Although financial aid is readily available to Canadian post-secondary students across the country. A persistent myth continues to undermine numerous students’ academic success.
Canada’s financial aid possibilities for foreign students – Who is eligible for this?
The CBIE reported that 621,565 international students came to Canada in 2021, regardless of their study level. It appears that there is a specific misunderstanding circulating among Canadian overseas students. According to these students, financial aid is their only option while studying in Canada. However, this notion has no bearing on reality.
Even though overseas students do not have access to the same financial aid options as domestic students, they are still able to apply for loans, scholarships, and bursaries. It is through these three factors that their Canadian education can be balanced.
Providing trustworthy knowledge about financial assistance for international students in Canada is CICIC, a government agencies. Providing valuable guidance on financial aid options, it is recognized as a reputable center. If you are searching for an international school for your child in Canada. The CICIC website is a great place to begin your search.
What Canada’s financial aid is available for a foreign student?
International students have three primary options for financial assistance: loans, bursaries, and scholarships. However, the availability and specifics of these options can vary depending on the educational institution to which a student applies to. Each school has its own set of application procedures, criteria, and regulations for its financial aid programs.
Scholarships and Grants
Financial aid in the form of scholarships and grants is awarded to post-secondary students who meet specific academic and/or extracurricular criteria. These awards are typically provided by educational institutions, governmental bodies, or other organizations. The selection process for these forms of financial assistance involves a thorough evaluation of a student’s achievements and qualifications. The recipient is not obligated to repay scholarships or grants, in contrast to borrowers of loans.
International students are eligible for several scholarships, including the Lester B. Pearson International Scholarship provided by the University of Toronto in Ontario and the Karen McKellin International Leader of Tomorrow Award awarded by the University of British Columbia.
Bursaries
Financial aid through bursaries is offered to post-secondary students based on their financial needs. Students who meet specific criteria regarding their income, family income, and other relevant factors may receive assistance from their educational institution without any obligation to repay it. Bursary applicants are often required to undergo evaluations to determine their level of financial need. And eligibility for receiving this type of financial aid.
Loan
A loan is a form of financial assistance that is repayable over a specific period according to the terms of the loan agreement. Borrowers need to be aware of the interest rate. And payment schedule is included in these agreements so they don’t accumulate more debt than they can handle. As a result, late fees and penalties may apply if you fail to make your loan payments on time.
The Canadian government has set requirements for both provincial and federal government loans for international students. To fulfill these conditions, a private loan through a bank might be required. An overseas student can receive financial assistance from a bank in the form of a loan. A line of credit, or another form of honor, and the bank may also charge foreign students a lower interest rate than it does for domestic students.
