Despite the prevalence of financial aid for Canadian post-secondary students, one misconception continually threatens to impede the educational journey for many students in this country. There is a common notion that international students don’t have access to financial aid options while studying in Canada. However, this is far from the truth!
Are You Eligible For Financial Aid?
While international students do not have as many options as domestic students do, they can still apply for scholarships, bursaries and loans that can help them manage the cost of studying in Canada. Financial aid offerings are usually specific to the institution a student attends.
Scholarships and Grants
Loans are a type of financial aid that requires the recipient to eventually pay back the money based on the terms outlined in the loan agreement. These agreements often involve a specific interest rate and repayment schedule, which all recipients must remain aware of to avoid accumulating unnecessary debt.
It is important to note that international students may be required to seek out private loans with banks due to eligibility requirements set by the Canadian government both at the provincial and federal levels.