🌎 Financial Aid Options for International Students in Canada

Studying in Canada is an exciting opportunity—but it also requires strong financial planning. To obtain a Canadian study permit, international students must prove that they can cover tuition, living expenses (without working), and travel costs.

With the new fund requirement increase (+$2,260 as of September 1, 2025), many students are looking for additional support to manage their educational and daily expenses.

This guide explains the three major financial aid options available to international students in Canada—plus common mistakes to avoid when applying for funding.

🎓 1. Scholarships (Grants)

Scholarships—also known as grants—are financial awards that do not need to be repaid. They may be offered by:

• Educational institutions

• Governments

• Organizations and foundations

• Private individuals

Scholarship eligibility varies, but most are based on one or more of the following:

• Financial need

• Academic achievement

• Athletics

• Extracurricular involvement

• Leadership

• Unique talents or skills

• Field of study

• Research or professional experience

• Background or identity

Some scholarships are awarded automatically, while others require an application.

📝 What you may need for an application:

• Academic transcripts

• Letters of recommendation

• A résumé or CV

• A personal essay (often the most important component)

Always review the terms and conditions carefully—some awards require you to maintain a minimum GPA or stay enrolled in a specific program.

👉 Tip: Use the EduCanada Scholarship Search Tool to find awards you may qualify for.

💰 2. Bursaries (Need-Based Awards)

Bursaries are similar to scholarships in that they do not need to be repaid, but they are typically based solely on financial need.

Canadian colleges and universities may offer bursaries automatically, or you may need to apply. In most cases, you’ll undergo a financial needs assessment, which may require income information for you and your parents.

Bursaries may also be offered by external organizations, foundations, or governments—both inside and outside Canada.

Before applying, check:

• Eligibility criteria

• Terms and conditions

• Application format

• Deadline

⚠️ Note: Some bursaries can be revoked if you do not continue to meet the required conditions, and the funds may need to be repaid.

💳 3. Private Student Loans

International students may qualify for private loans from Canadian banks or lenders. These often feature:

• Student-friendly interest rates

• Flexible repayment terms

• A grace period (usually 6–9 months) after graduation before payments begin However, interest typically continues to accrue.

Key factors to review before accepting a loan:

• Total amount you can borrow

• Interest rate (fixed vs. variable)

• Repayment terms and penalties

• Payment schedule

• How and when funds are released

Because most international students lack Canadian credit history, a cosigner—usually a Canadian citizen or permanent resident—is often required. A cosigner with excellent credit may help secure a lower interest rate.

⚠️ Common Mistakes to Avoid When Seeking Financial Aid

❌ 1. Missing deadlines

Many scholarship deadlines close months before the academic term—some also limit the number of applications. Use a deadline tracker to stay organized.

❌ 2. Not checking eligibility

Applying for awards you don’t fully qualify for wastes time and lowers your success rate. Requirements for citizenship, GPA, program type, or study level are usually non-negotiable.

❌ 3. Submitting generic essays

Reviewers can easily recognize copy-and-paste essays. Tailor each essay to the specific award. Some scholarships also have strict rules about AI usage—check before applying.

❌ 4. Losing eligibility after receiving aid

Failing to maintain GPA requirements, program enrollment, or full-time status can lead to losing your award—or needing to repay it.

❌ 5. Ignoring formatting instructions

Incorrect file types, naming errors, and exceeding page limits can lead to disqualification. Double-check everything before submitting.

❌ 6. Missing or incomplete documents

Missing transcripts, reference letters, or financial forms can lead to automatic rejection. Use a checklist for each application.

❌ 7. Accepting the first loan offer

Compare interest rates and repayment terms from multiple lenders—small differences can cost thousands over time.

❌ 8. Overlooking smaller awards

Smaller scholarships (under $2,000) often receive far fewer applicants. These can add up significantly when combined.

❌ 9. Underestimating competition

Top scholarships can receive hundreds or thousands of applications. Build a layered strategy that includes:

• Program-specific awards

• Local or community grants

• Professional associations

• Small bursaries with fewer applicants

❌ 10. Failing to maintain immigration status

Financial aid usually requires valid student status. Breaking study permit conditions—dropping below full-time status, switching programs without notifying IRCC, etc.—can invalidate your award.

🌟 Final Thoughts

Even with increased financial requirements, international students have multiple avenues to support their education in Canada. By exploring scholarships, bursaries, and private loans—and avoiding common mistakes—you can significantly improve your chances of securing financial assistance. Book a consultation now!

🌎 Financial Aid Options for International Students in Canada