Canada’s research-based and hands-on knowledge-oriented academic approach is a hit among international students. The country is also known to have a very safe environment to pursue your overseas student education. This makes students extremely curious and interested in getting qualified from top colleges in Canada.
Canada also offers an exhaustive range of academic courses to choose from, which means there is something for everyone. The country has overseas-student-friendly policies, but there are still a few aspects that need to be considered. One is the cost of studying and living in Canada. This is where many students feel the need for financial assistance as they are unable to bear these costs. Let us fill you in with the details about student loans in Canada.
Details About Student Loans in Canada
The Average Academic Cost in Canada
Thankfully, Canada isn’t among the most expensive countries to study in. The average cost of studying in Canada depends on the university you are enrolled in, the program, its duration, and the cost of living. It also changes based on whether your college is a public college or a private one.
Universities there extend help in the form of scholarships to meritorious and talented students aspiring to study in Canada. On average, an overseas student will have to spend around CAD 65,000 per year. The tuition fee for undergraduate programs is close to CAD 30,000 each year and as high as CAD 45,000 for the master’s programs.
Division of Costs
Let us start with the first step towards starting your education journey to Canada; your visa application. According to the Student Direct Stream (SDS), every international student must establish their financial competence to sustain their studies for at least a year in Canada. The Guaranteed Investment Certificate or the GIC ensures this by having the candidates deposit a sum of CAD 10,000 plus service charges.
Average academic expenses per year for an undergraduate degree in Canada are close to CAD 30,000. The University of British Columbia, University of Toronto, York University, etc., are some of the most expensive universities in Canada, with CAD 20,000-25,000. The most inexpensive university is the Université de Sherbrooke, Quebec. The cost is around CAD 12,000 per annum.
Students coming to Canada need to furnish a minimum of CAD 10,000 to cover their tuition and living expenses for a year according to the Citizenship and Immigration guidelines. This amount needs to be deposited with the Scotia Bank, and you can also check with your bank for the same. You can establish the proof of funds by two methods:
- Paying the GIC (Guaranteed Investment Certificate) plus service charges
- Another way of establishing that you have enough funds is to show your liquid assessment volume worth CAD 10,000 in your bank account.
Funding your education in Canada is a lot easier than in other countries because the student loan procedure is more straightforward. International private student loan providers also offer loans to American students, which gives you another avenue to choose from. These are some mandatory details about students loans in Canada you will need to know and fulfill:
- You must be a minimum of 18 years to obtain a student loan and then study in Canada.
- A Certificat acceptation du Québec (CAQ) is mandatory for pursuing a course in Quebec and the subsequent loan.
- Canadian banks offer student loans via a Standby Letter of Credit (SBLC), which works like third-party collateral.
- The IELTS score is an uncompromisable criterion to get a student loan in Canada with a score above 6.0 in all sections.
About Loan Providers
Many financial institutions offer student loans for pursuing your education in Canada. Loans could either be secured or unsecured. An unsecured student loan is one without a cosigner. It is worth noting that Canada doesn’t allow obtaining student loans for undergraduate courses. There are ways like the International Funds also that you can take a look at.
Once you are admitted to a top institute in Canada, managing your finances is the next step to pay careful attention to. It requires meticulous planning and thinking in advance. Student loans have the upper hand over self-financing as the students also create an international credit history for themselves. If you feel expert guidance would help your case, go ahead. Do your research well on the details about student loans in Canada, and the rest will be all good! Best of luck!