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Finding affordable housing in major Canadian cities

Comfortable, affordable and convenient housing can make or break your study abroad experience in Canada.  Navigating the housing market in big cities like Toronto and Vancouver can feel especially challenging. But here’s the good news: With the right tools and preparation, you can secure a place that fits your budget and your living preferences! 

Start your search early 

This might sound obvious, but the sooner you can start your housing search the better. Canada is one of the most popular countries for international students, which means student housing in big cities can fill up quickly – particularly near colleges and universities. A great place to start your search is with your school. In most cases, Canadian schools will have dedicated housing resources for students, including housing boards with on- and off-campus rental listings.

Know your budget 

When you start your search for housing in Canada, you need to know how much you can afford to pay every month. It’s a good idea to keep this amount a little lower than what you can actually afford since rent doesn’t typically include utilities and internet – unless you’re living on-campus, of course. It’s also smart to open a Canadian banking account as you’re preparing to move abroad. This will help you set aside money for your rent each month without incurring potentially high foreign exchange and transfer fees. You can learn more about student banking in Canada with TD Bank.*

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Explore on-campus housing options first 

Living on-campus can be the most affordable option for international students, and the cost often includes utilities, internet and meal plans. Plus, when you live on campus, you avoid excessive transportation costs since you won’t have to commute to your classes. Living on-campus is also a great way to meet other students. But remember, on-campus housing is often limited. Apply early to secure an on-campus option such as a dorm room or shared apartment.

Look for off-campus housing with roommates 

Off-campus housing, especially if you have roommates, can be just as affordable as on-campus housing – although it doesn’t usually offer the same convenience. But where on-campus housing offers convenience, off-campus housing offers a more full experience of Canadian culture since you’ll be living like a true local. To start your off-campus search, determine your monthly budget and your location preferences. Then, explore the variety of reputable Canadian housing websites like RentBoard, Casita and other platforms specific to your city. 

Sharing a house or apartment with other students is one of the most cost-effective ways to live in major Canadian cities like Toronto or Vancouver where rent prices can be high. Websites like Kijiji, Facebook Marketplace and Roomster can help you find roommates. Remember to always meet potential roommates and visit the space before committing to anything. If a deal is too good to be true, or if someone is demanding money upfront, it might be a sign of a potential scam. 

Go beyond downtown 

In major cities, the downtown neighborhoods are often the most expensive. The solution? Expand your search to just a few miles outside of downtown to find lower prices. You might be able to research which neighborhoods are popular for students since many take this approach. But keep in mind that the further away from campus you live, the more you’ll have to pay in transportation costs.

Let’s recap 

Finding affordable housing in a major Canadian city might take some extra effort and planning – but as long as you start early, know your budget, and consider all your options, you’ll be able to find options that fit your preferences and your budget. If you’re having trouble finding a place before your academic period starts, look into short-term rentals (Airbnb, VRBO, etc.). While these options are less affordable, they can help you get settled in your new city while continuing your search for longer-term housing. Happy apartment hunting! 

*MPOWER has referral agreements with TD Bank and may earn referral fees from this relationship.

Navigating exchange rates while studying abroad in Canada

Budgeting while studying abroad in Canada is an essential step in managing your money effectively so that you can build financial independence. But for international students, budgeting comes with an additional factor to consider – fluctuating international exchange rates. These changing rates can affect everything from tuition fees to daily expenses like groceries and coffee. 

So let’s talk about exchange rates – what they are, why they matter, and some tips for budgeting while keeping them in mind. 

What are exchange rates and why do they matter? 

Exchange rates represent the value of one country’s currency when converted to another. In your case, exchange rates determine how much your home country’s currency will be worth once it’s converted to Canadian dollars (CAD). These rates fluctuate due to factors like global economic trends, political events and market demand.

So, why do they matter for international students? The fluctuation of exchange rates can have a big impact on your student finances. A slight change in your home currency’s value could mean your tuition costs more (or less) than expected. It’s important to be aware of changes to the exchange rate so you can budget as effectively as possible. 

How to manage exchange rates while studying abroad in Canada 

Monitor the exchange rate frequently

This might seem obvious, but it’s worth stating clearly: Monitor the exchange rate between your country and Canada frequently. It’s a good idea to make it part of your regular budgeting process. Check with your bank to see if you can set up exchange rate alerts or use online tools like XE.com to track rate changes. 

By staying up to date on the current rates, you’ll start to get an idea of typical fluctuations, and you’ll be able to make more informed decisions with your money – like transferring it when the exchange rates are more favorable. 

Add a buffer to your budget

One way to stay on top of any potential unexpected rate changes is to add a buffer amount to your budget. This means you’ll be covered in case the rates worsen. Start by adding a 5%-10% buffer to your estimated expenses – over time, as you get a better idea of how much rates tend to fluctuate, you can adjust this percentage if needed. 

Minimize conversion fees with an in-country bank

One of the best ways to avoid consistently dealing with the exchange rate is to keep most of your money in a Canadian bank account. With an in-country bank account, you can minimize the amount of money you need to convert into CAD and limit conversions when rates are unfavorable. You’ll also be able to avoid foreign transaction fees with an in-country bank account. 

Not sure where to start? Check out the Student Banking package offered by our partners at TD Bank.*

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Building financial confidence*

While exchange rates can seem daunting and unpredictable, these tips will help you manage rate fluctuations with confidence while studying abroad in Canada. That confidence will help you achieve financial independence for years to come! Just remember: monitor the rates, buffer your budget, and use an in-country bank. 

*MPOWER has referral agreements with TD Bank and may earn referral fees from this relationship.

Safety tips for international students living in Canada

Canada is one of the safest countries in the world with a safety index of  8.3 out of 10 from the Organisation for Economic Co-operation and Development (OECD).  But as an international student who’s unfamiliar with the culture and your surroundings, it’s a good idea to take some precautions to stay safe while you’re abroad. As the saying goes, it’s better to be safe than sorry! Whether you’re preparing to go abroad or already living in Canada, these tips will give you the confidence you need to fully – and safely – enjoy your time overseas. 

The basics 

Save emergency contact numbers

Let’s start with the basics – the most important information you need to know in case of emergencies when studying abroad. In Canada, dial 911 for medical emergencies or other high-risk situations that might need the involvement of the police or fire department. Many schools in Canada have their security resources, so be sure to research your school’s emergency contact number in addition to 911.  

Stay aware of your surroundings

This might sound obvious, but always make sure to keep a close eye on your items like laptops, cell phones, wallets, etc. This is especially important for students studying abroad in major Canadian cities where cafes, libraries and public transportation are more congested with people. 

It’s also smart to get to know your local neighborhood as quickly as you can when you arrive abroad. Familiarize yourself with street names, train/bus stops, local police stations and businesses so you can feel more comfortable navigating in stressful or emergency moments. 

Exploring your new home

Use public transportation wisely

One of the most exciting parts of studying abroad is traveling in your new country and learning more about the culture. About 78% of Canadians say they feel safe walking alone at night, more than the OECD average of 74%. But remember – as you explore, it’s important to be smart and stay cautious. If you use public transportation late at night, for example, try to go with a friend so you’re not alone. Rideshare options, like Lyft and Uber, can be a smart alternative to public transportation if it’s late at night. You should also make sure to research the transportation options in a new area before you go so you don’t get stuck in an unknown neighborhood. 

Stay informed

A great way to stay safe is to stay updated on local news and weather forecasts. This is especially important during the winter months since ice, snow and cold temperatures can be hazardous. Check a weather app on your phone,  tune in to local news or radio stations, or check with your school to see if they provide weather alerts. 

Be smart with your money

As with any country, it’s generally best not to walk around with a wallet full of cash. While carrying some cash is a good idea in case of emergencies, keeping the majority of your money in a Canadian bank account is both smart and safe. Connect with a financial advisor at TD Bank* to open a bank account for international students in Canada.

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Stay safe and have fun

Canada is a great place to live and study, and while it’s generally a very safe country, it’s also smart to take basic precautions to ensure your study abroad experience is as fun, safe and enriching as possible. And remember: If a situation or person feels unsafe while you’re abroad, trust your gut. It’s okay to walk away, change your route, or ask for help at any time.

*MPOWER has referral agreements with TD Bank and may earn referral fees from this relationship.

Top 10 reasons to choose Canadian universities for higher education

Canada is a top destination for international students, and it’s easy to see why. With impressive academic institutions, a diverse population, and excellent career opportunities, studying in Canada is truly an investment in your future. Here are our top 10 reasons: 

1. World-class education

Canadian universities consistently rank among the top in the world. Schools like the University of Toronto, McGill University and the University of British Columbia are renowned for their academic excellence. According to QS World University Rankings 2024, 11 Canadian universities are in the global top 250.

2. More affordable tuition

Compared to other popular study abroad destinations like the U.S. and the U.K., Canada offers more affordable tuition rates. International graduate tuition averages CA$20,548 per year, making it a cost-effective choice for quality education.

3. In Canada, it’s easy to work while you study

If you’re planning to work while you study abroad to earn some income, you’re in luck. Canada allows international students to work up to 24 hours per week during semesters and full time during breaks. In other countries like the U.S., working as an international student may have more requirements depending on your visa type. 

4. Postgraduation career options

Canada’s post-graduation work permit (PGWP) allows international students to work in the country for up to three years after graduation. This is a great pathway to gaining Canadian work experience and potentially apply for permanent residency in the future. 

5. Canada is highly diverse

It’s one of the most multicultural countries in the world, with over 200 different ethnicities. This is great news for international students because chances are you’ll be able to find friends and communities in Canada that feel connected to your home country. 

6. Safe and peaceful culture

In 2024, Canada placed 11th on the Global Peace Index, making it one of the safest countries in the world. In general, Canada has very low crime rates and legislation that ensures all people are treated equally – including international students.

7. Cutting-edge research opportunities

Many of the top universities in Canada are also worldwide leaders in research. Canada ranks among the top 10 countries in the world for scientific impact. Students in specific degree programs, like environmental science or engineering, can get the chance to work on these groundbreaking research projects – opening the door to potential career opportunities in the future.

8. Beautiful campuses and nature

As if the academics, culture and career opportunities weren’t enough, Canada is a naturally stunning country full of mountains, lakes and other breathtaking scenery. This means beautiful college campuses and access to outdoor activities year-round.

9. Global recognition

A degree from a Canadian university is highly respected worldwide, just like a degree from the U.S. or U.K. Canadian graduates are often sought after by employers for the reasons we outlined above – impressive academics and cutting-edge research opportunities.

10. Support for international students

Lastly, Canada truly prioritizes its international student population. The government, for example, makes the study abroad visa process more seamless than in similar countries like the U.S. 

Colleges and universities across Canada offer resources for their international student population, helping you feel supported on campus even when you’re thousands of miles away from home. Businesses also offer products, services and discounts specifically for international students. TD Bank,* for example, offers a student banking package designed to help you take the first step toward your financial future in Canada.

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Is Canada right for you?

The numbers don’t lie – Canada is a welcoming and inclusive place for students from all over the world. In 2022, more than 800,000 international students studied in Canada. And with the 10 reasons we outlined above, it’s easy to see why. Overall, if you value a blend of academic excellence, affordability and cultural diversity, Canada might be the country for you. 

*MPOWER has referral agreements with TD Bank and may earn referral fees from this relationship.

5 tips for balancing work and school as an international student in Canada

International students choose to study abroad in Canada for the amazing academic opportunities the country offers – so it makes sense that academics would be your number one priority while studying abroad. But the truth is, many international students find part-time employment when they’re abroad to help cover expenses, gain experience, and build toward their financial future. So, how do you balance your job with your classes? We’ve got five tips.

1. Create a schedule and stay organized

When it comes to balancing work and academics, staying organized is extremely important. Over a week, you’ll be attending multiple classes, managing deadlines and working various shifts with your employer. Tools like Google Calendar can help you plan your week and stay one step ahead of what’s coming next in your schedule. When you do have free time, try to dedicate specific hours for studying and homework. Most days, your schedule will be pretty full, so make sure to keep all your course materials – like your syllabus, notebooks and textbooks – in one place so they’re easy to find when you need them.

2. Communicate with your employer

Most employers in Canada, especially those that employ students, understand the academic demands you’re also balancing. Canada allows international students to work up to 24 hours per week during the semester – but this doesn’t mean you have to work all 24 hours! Consider starting with fewer hours if you know your academic workload is going to be heavy. 

3. Take advantage of available resources

Turn to your campus community first if you need support balancing your work and school responsibilities. A lot of schools offer resources to help, like academic advisors, tutoring and potentially even time management workshops. And here’s a pro tip, in case you didn’t already know: Your school might have an on-campus job board with student-friendly roles. This is a great first place to look for a job. 

Another way to make your work life easier is to sign up for a Canadian bank account. This will make direct payments from your employer simple and help you manage your spending without incurring costly international transfer fees. Connect with financial advisors at TD Bank* to start your financial journey in Canada.

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4. Use your commute wisely

Don’t let your commute time go to waste. If you need to take the train/bus or even take a long walk to your job or classes, use that time productively to review your notes, listen to lectures and plan your day. 

5. Don’t forget self-care

Like we said earlier, balancing a job and a full course load is going to make you feel pretty busy. It sounds cliche, but you need to make time for self-care within your hectic schedule. Sleep well, eat healthy meals, and allow yourself to relax when you have the ability. Taking short breaks while studying is also a great idea – not only will it help you rest, it will help you study more productively.  Remember it’s okay to decline extra work shifts or social invites if you’re feeling overwhelmed. You’re studying abroad to benefit your future, so make sure to protect your time and energy to focus on what matters most. 

Putting it all together

By staying organized, communicating with your employer, taking advantage of campus resources, using your commute wisely and prioritizing self-care, you’ll be on your way to confidently managing your work schedule with your academic course load. And remember, you’re not alone. Many other students find part-time work while they’re in college, so chances are the friends you’ve made or hope to make are also balancing work with their studies. Friends who understand what you’re going through are one of the most important ways to stay connected and feel supported. You’ve got this.

*MPOWER has referral agreements with TD Bank and may earn referral fees from this relationship.

Navigating successful visa approval for Canadian studies with MPOWER Financing

Planning to study in Canada requires a deep understanding of the visa application process. Choosing MPOWER Financing can support your chances of approval, making a substantial difference in your journey to studying abroad.

At MPOWER Financing, we offer visa support through our Path2Success program to assist in your matriculation abroad. Obtaining an MPOWER loan does not negatively impact your Canadian study permit application. On the contrary, demonstrating financial stability through an MPOWER loan can be a valuable asset, showcasing your preparedness and commitment to pursuing education in Canada. Learn the required steps to secure a Canadian study permit and how MPOWER Financing can be a pivotal factor in your educational journey. 

Understanding the Canadian study permit process 

Get accepted by a Designated Learning Institution (DLI) 

Your path to studying in Canada starts by gaining acceptance to a DLI. This first step is essential as it forms the foundation of your study visa application, showcasing your intent to pursue education in a recognized Canadian institution.

Complete the online study permit application 

Processing your study permit application takes place through the Immigration, Refugees and Citizenship Canada (IRCC) website. You’ll be required to provide several documents: 

• • Proof of acceptance: A formal letter of acceptance from your DLI validates your admission and is crucial for the permit.
  • Proof of identity: A valid passport or other travel documents confirm your identity and nationality.
  • Proof of financial support: This includes documents such as scholarship awards, evidence of personal savings or details of your student loans, like those possibly secured from MPOWER Financing. 
  • Provincial attestation letter: This letter from the province where you will study confirms your admission into a regional educational program.
  • Study plan: This should detail your program of study and why you chose this program. 

Attend a biometric appointment and interview 

The visa application process may require recording your biometrics and attending an interview, depending on your individual circumstances. These steps are vital for validating your identity and assessing your application.

How MPOWER Financing can help with your study permit and visa

When approved for an MPOWER loan, you receive a visa support letter to attach to your application. This letter outlines:

• • Loan amount
  • Disbursement process and schedule
  • Repayment plan

BorderPass partnership 

We’ve joined hands with BorderPass to simplify your immigration process and boost your study permit approval chances. Access reliable advice from Canadian lawyers through this partnership. Plus, enjoy our exclusive discounted rate for their services at CAD$350/US$275.

MPOWER’s 500+ eligible schools 

MPOWER works with 500+ eligible schools. MPOWER disburses loan funds directly to these schools once you have your study permit. These schools accept funds for tuition and other invoiced expenses. Here are a few of the current MPOWER-eligible schools in Toronto, Canada.

Ready to begin your education in Canada? Discover MPOWER Financing for your study abroad plans!

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How Afia Fahmida Rahman pursued quantum science at Columbia University

Studying abroad offers both challenges and opportunities. For Afia Fahmida Rahman from Bangladesh, her dream came true through determination and the help of MPOWER Financing. Her journey to a master’s in quantum science and technology at Columbia University* shows the importance of accessible financial support.

Afia’s passion for quantum computing drove her worldwide search for advanced programs. Columbia University, one of MPOWER Financing’s eligible schools, piqued her interest due to its innovative curriculum combining theory and hands-on experience and connections to the quantum industry. Afia’s university choice and major was key to realizing her career goals.

Discovering MPOWER Financing for financial support

Afia’s path to MPOWER began soon after her acceptance to Columbia University. She emailed the school about financial aid services, and Columbia pointed her to MPOWER as a helpful resource for international student loans. “It was very easy to apply, and my entire relationship and journey with MPOWER so far has been very smooth,” Afia says. 

Afia found the process similar to answering personality test questions with minimal documentation requirements. She also says the fast responses from her relationship manager kept her focused on study prep instead of financial stress. Afia wholeheartedly recommends MPOWER to aspiring students. Her empowering advice: pursue your goals with every available resource.

Getting an F-1 visa is essential for international students. During her visa interview, Afia confidently said that her loan through MPOWER Financing would cover most of her expenses, with the remainder through help from her family. The well-recognized reliability of MPOWER loans made the interview smooth and her visa was approved..

Your next step to studying abroad in the U.S. 

Afia’s journey demonstrates the importance of resources like MPOWER Financing in making higher education accessible worldwide. With MPOWER, students manage both financial and educational challenges. Advanced education and exciting careers can be yours, too. With determination and the right support, like Afia, you can bridge the gap between dreams and reality. MPOWER makes quality education accessible by removing financial barriers for students globally. MPOWER is here to support your postgraduate academic aspirations.

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*Columbia University does not endorse MPOWER’s loans, and MPOWER is not affiliated with Columbia University.

4 ways international women can pay for studying abroad

Studying abroad opens endless possibilities, especially for international women in STEM and other specialized fields. Many women face significant challenges in their home countries, including limited access to higher education, societal pressures and underrepresentation in key industries. However, funding an international education remains a major hurdle for many women dreaming of studying abroad in the United States and Canada.

Why do international students want to study abroad? 

Studying abroad offers the chance to gain a world-class education while experiencing new cultures and building a global professional network. It can be a transformative experience for women from countries where access to higher education or specialized fields is limited. Beyond academics, studying abroad fosters personal growth, independence and confidence – making it a powerful stepping stone for women striving to become leaders in their communities and industries.

According to the Institute of International Education’s 2024 Open Doors Report, roughly 1.1 million international students from more than 210 places of origin studied at U.S. higher education institutions for the 2023-24 academic year. The majority of these international students pursued STEM fields, followed by business and management.

Thanks to targeted initiatives encouraging female participation in these traditionally male-dominated areas, women have increased access to academic programs and funding opportunities to help make their dream of studying abroad a reality.

Encouragingly, the National Center for Science and Engineering Statistics (NCSES) report found that women earned nearly half of all science and engineering degrees in 2020, including 50% of bachelor’s, 49% of associate’s, 46% of master’s and 41% of doctoral degrees.  Here are a few ways that international women are funding their study abroad journey.

Funding options for international women studying abroad 

Paying for an international education isn’t cheap. But several options are available to help international women achieve their goals. Here are the most common funding sources for international women in STEM and other popular programs:

Personal and family savings 

Most international students rely on family funds as their primary source of funding. However, this isn’t feasible for everyone, especially long-term programs in high-cost countries.

Fellowships and scholarships for women 

Many universities and organizations offer fellowships or scholarships for international women in STEM fields, business, and other high-demand areas. Here are a few to research:

• • American Association of University Women (AAUW). Provides fellowships for international women pursuing graduate studies in the U.S., with a focus on academic excellence and leadership potential.

• • P.E.O. International Peace Scholarship. Offers financial support to women around the world who wish to pursue higher education, emphasizing peace-building and global connections.

• • Margaret McNamara Education Grants (MMEG). Focuses on women from developing countries who are dedicated to improving the lives of women and children in their home countries.

• • MPOWER International Women in STEM Scholarship. Awards scholarships to women in STEM fields, aiming to empower future leaders in science, technology, engineering and mathematics.

Note that MPOWER also offers a variety of international student scholarships, including unique monthly scholarship opportunities.

Research and teaching assistantships 

Graduate assistantships are a highly sought-after position. They can be a great way to receive a tuition waiver or stipend (or both). However, teaching and research assistantships are awarded by department. So, interested students should make contact with their program and become friendly with faculty members to increase odds of selection.

Study abroad student loans 

Unfortunately, most international students aren’t eligible for federal financial aid, such as federal student loans. It can also be hard to secure private financing if you don’t have a cosigner who’s a U.S. citizen or permanent resident. Fortunately, some private lenders, like MPOWER Financing, offer international graduate student loans without a cosigner or collateral.

MPOWER provides competitive fixed-rate loans from US$2,001 to US$100,000 to cover up to 100% of education expenses, including room and board. Additionally, MPOWER provides visa support and career services to round out a student’s study abroad experience.

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Start planning for study abroad education 

Studying abroad can be a life-changing experience. But it requires careful planning when it comes to funding. With the right financial tools and resources, international women can make a lasting impact in their chosen fields.

That’s where MPOWER Financing can be an invaluable resource. From study abroad student loans to career support, we’re dedicated to empowering international students to achieve their educational dreams.