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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
Scholarships and grants are awarded to post-secondary students based on academic or extracurricular achievements. Offered by the school, government or other organizations, scholarships and grants don’t need to be repaid by the recipient.
Bursaries
Bursaries are provided to post-secondary students based on their financial need alone. Students that meet certain thresholds for economic need based on different factors, such as personal or parental income, may receive financial support from their schools that they do not need to repay. In many cases, bursary applicants must undergo assessments to verify a level of financial need that warrants receiving this type of financial assistance.
Loans
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.
For more information, visit crestimmigration.ca or contact David Akinmoluwa on WhatsApp at +1(587)-974-8942 or info@crestimmigration.ca
