A scholarship or grant is a form of financial aid awarded for academic or extracurricular accomplishment. Scholarship recipients are not required to repay their awards. Governments, corporations, educational institutions, and private persons may all provide scholarships.
There is often an application process for scholarships. Due to the wide range of scholarships available in Canada or in a prospective international student’s home country, it is important to research scholarships individually. Eligibility criteria and application process may differ widely — for example, some scholarships may require an essay or references from teachers or employers. Other scholarships may be based solely on grades, sporting achievements, or other extracurricular activities.
Bursaries are financial aid awards made on the basis of financial necessity. Bursaries are similar to scholarships in that recipients are not required to pay them back. Students who meet certain criteria may be eligible for bursaries from universities and institutions. When a student applies for a bursary, they are typically expected to complete a needs assessment and may also be asked for information regarding their own or their parents' income. Applications may also be reviewed by a committee.
In Canada, foreign students have the same access to student loans as citizens or permanent residents do. The same interest rates and repayment terms apply to international students in Canada as they do to Canadian citizens and permanent residents.
International students may need to look into private loans with banks since they might not be qualified for loans from the provincial or federal governments. Numerous banks provide special student loans, credit lines, and interest rates.
Individual institutions may offer further financial advice and resources for international students. Prospective international students are encouraged to contact universities and colleges directly to find out more about available options.
Most international students with a valid study permit may also work up to 20 hours off-campus per week during the semester, and full-time during scheduled breaks. Find out more about working in Canada while studying.