Are you an international student looking to study in Canada searching for funding or financial aid to support your studies or research abroad? Look no further! This blog is just for you. The Canadian government offers financial aid options for international students. The Canada Student Financial Assistance Program is specifically designed to help out students in post-secondary education. In this blog, we will provide a comprehensive guide to financial aid for international students in Canada.
Table of contents
An Overview: Canada Student Financial Assistance Program
The Canada Student Financial Assistance Program is the best way for international students to avail student grants and loans provided by the government of Canada. This is one of the best financial aid provided to international students studying in Canada.
The best part of Canada’s student financial assistance program is that the loan programs, grants, aids, and scholarships are provided on the same terms and conditions. Even the interest rate of the loan programs is as same as it is for the students of Canada studying in the country. However, international students are not eligible for the federal loans provided by the government of Canada.
Also Read: Interest Rate increased on existing education loan? Check this blog and learn all about Education Loan Refinancing!
What Do Student Grants Offer?
The government of Canada aims to provide student grants to international students to help them out while they are studying in the country. There are several plans and programs under which payment-free and interest-free aids are granted to them.
Full-time students can receive student aid for a maximum of 340 weeks. However, there are a few exceptions to it as well. The students who are enrolled in doctoral studies can receive student aid for up to 400 weeks. Students with disabilities may receive up to 520 weeks of educational assistance.
For the 2023 to 2024 school year, the government of Canada has increased the maximum amount of student grants by 40 percent from pre-pandemic levels. However, the amount of gran received by international students in Canada may depend on several factors like the province or territory you are studying in, family income, tuition fees, and living expenses.
If you are worried about the amount of grants and financial aid you are eligible for, don’t miss to check out the official website of the government of Canada.
Scholarships
There are several scholarships provided by the government of Canada in the form of financial aid. The aim is to provide a helping hand the brilliant students to complete their studies in Canada. There are separate scholarships for students pursuing undergraduate courses, postgraduate courses or post-doctoral studies.
Some of the featured scholarships availed by international students to study in Canada include Canada-ASEAN Scholarships and the Educational Exchanges for Development (SEED) program, the Canada-China Scholars’ Exchange Program, the Emerging Leaders in the Americas Program, and many more.
Note – Be sure to check out the Canadian government’s official website for regular and updated information on the scholarships. The information provided in this blog is as per the data on the official website of the Canadian government which is subject to change.
Also Read: Facing difficulties in managing your education loan repayment? Check this blog and understand all about Education Loan Restructure!
FAQs
Financial aid is provided in the form of grants, work-study, scholarships, and student loans to international students.
The best way to get financial aid in Canada being an international student is to acquire a scholarship provided by the Canadian government.
A grant is money that you don’t have to pay back, so stop worrying about that.
Indeed, international students in Canada have access to student loans and grants provided by the Canadian government. The best part is these financial aids are provided on the same terms and conditions except for federal loans.
No, international students are not eligible to apply for federal loans. Only Canadian students and citizens can apply for federal loans.
Being an international student in Canada, don’t miss the chance to acquire a few scholarships or avail some grants offered by the government of Canada. Happy Studying!
To know more about the scholarships and grants, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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