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Financial Aid Options for Intl Students in Canada

Dreams do not have boundaries nor do talent. In an ideal world, things may align as per our choices but in the real world, there are always some or other limitations acting as barriers between our dreams and opportunities. One such barrier sometimes students face is high education fees. While it is not unaffordable for everyone, a significant chunk still can not afford it. But don’t worry, there are financial aid options out there to support talented and determined pupils to pursue higher education. Some institutes and policies provide financial aid to deserving students to help them pursue higher education. Canada is a popular destination across the globe for its high standard of life and plethora of opportunities. The maple nation is home to friendly people who respect multicultural society. If you want to study in Canada but are short on money? Don’t worry there are s a wide range of financial aid options available to help you get your dream life.  

International students in Canada have access to a wide spectrum of financial aid options. Some of them are

Student loans. 

Many Canadian banks offer private student loans to help students pursue higher education. The best thing about a student loan is its flexibility. The loan agreement involves a specific interest rate and repayment schedule. The interest rates are not high and students get enough time to repay the loan post their degree completion avoiding unnecessary debts.

Scholarships or Grants. 

These are financial aid a student gets on the back of excellent academics or extracurricular achievement. Students do not have to pay back the money. Things to remember are that different scholarships have different eligibility criteria. You should do thorough research before applying to avoid rejection. 

Bursaries.

Bursaries are financial aid given by universities or colleges for international students. Students get bursaries based on financial assistance rather than merits and accomplishments. Students do not need to pay back the money. 

Government student aid.

The Canadian government offers a wide range of financial aid to international students. The government aims to attract international talents to run its robust economy. The government offers both scholarships and student loan programs. You should apply for whichever you are eligible for. 

Working while studying. 

The Canadian government is pretty generous to international students. Students can work part-time up to 20 hours a week during semesters. The time cap is removed during breaks. The payment they receive will help them to cope with their education finances.

Loan Repayment.

While students are exempted from repaying the scholarships or bursaries but they need to repay the loan. Whether it’s a federal loan or a private loan, students need to repay that. 

The loan repayment period for students varies depending on the lander. The federal loan, given by the Canadian government has a six-month non-repayment period post-completion of studies. After that students need to repay the loan in installments. For private loans, the repayment period depends on the lending organization. It’s essential to do thorough research and find the lender that suits your capabilities. 

 

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