Education funding options for international students in Canada
Canada is an appealing country for international students looking to study abroad. It has many prestigious schools, including the University of Toronto, which was in the top 20 in U.S. News’ ranking of the best global universities.
The cost of studying in Canada can be expensive. Tuition rates vary, but it typically costs between CAD$7,000 and CAD$22,000, and living expenses cost about CAD$15,000 per year.
That cost may sound steep, so you may be wondering, “How will I fund my education as an international student in Canada?” Luckily, there are several options to help you finance your education.
Studying in Canada: 5 ways to fund your international education
If you plan on studying in Canada, there are several financial aid opportunities, including:
- Scholarships and bursaries: These are forms of gift aid and don’t need to be repaid. They can be awarded for a single term or for several academic years.
- Student loans: Student loans cover the cost of your education expenses upfront, but they have to be repaid with interest.
Depending on your country of origin and your program of study, you may be able to use one or more of the following financing options:
Scholarships, fellowships and grants
If you aren’t eligible for financial aid from your home country to study in Canada – or if you need additional financial support – you may be eligible for international scholarships, fellowships or grants from the Canadian government.
For example, Global Affairs Canada offers the Study in Canada scholarship to citizens of select countries, including Taiwan, Ukraine, Egypt and Kenya. The scholarship provides up to CAD$12,700 in funding to international students.
Scholarships, fellowships and grants are excellent financial aid options because, unlike student loans, they don’t have to be repaid though there may be conditions or requirements to be met. Search for scholarships that fit your profile through EduCanada.
Financial aid from your home country
Many countries recognize the importance of studying abroad and offer financial aid to their citizens to make the cost more manageable. For example:
- Saudi Arabia: Saudi Arabia recently updated its Custodian of the Two Holy Mosques Scholarship Program with the goal of sending 70,000 Saudi students to schools worldwide by 2030.
- Sweden: Swedish citizens can qualify for government-issued grants and loans to study abroad.
- United Arab Emirates (UAE): The UAE offers scholarships to UAE nationals and children of UAE national mothers to study abroad under the sponsorship of the Ministry of Education.
These programs can provide invaluable financial aid and reduce the need for student loans, but not all countries offer these options. Contact your country’s department or ministry of education to see if similar programs are available to you.
Work-study programs
Many schools operate work-study programs for international students. If your selected college has a work-study program, you can work part time and earn money to cover some of your education expenses.
Work-study programs always pay minimum wage or higher, but there are often income restrictions. Contact your school’s registrar or financial aid office to find out what options are available.
Independent employment
If your school doesn’t have a work-study program, you can cover some of your education expenses by getting a part-time job on your own. Canada allows international students to work on campus or off while they study. Depending on the province and territory, minimum wage can range from CAD$13-16 per hour.
International students can only work 20 hours per week. In September 2024, that number will increase to 24 hours per week. And you can work full time during official school breaks, such as winter and summer holidays, and after you finish your studies if you’ve applied for a nonstudent work permit.
To find potential part-time job opportunities, search on databases like Part-Time.ca or GrabJobs.co.
Private student loans
If you still need help paying for your program in Canada, you can use international private student loans to cover the rest of the bill. Private student loans are specifically designed to cover education expenses, and they’re repaid in monthly installments over the course of 10 years or more.
With MPOWER Financing, you can borrow up to US$100,000 to pay for undergraduate, graduate or doctoral programs at eligible Canadian schools. There’s no prepayment penalty, and you don’t need a cosigner to qualify for a loan.
You can check your eligibility and apply for an international student loan to study in Canada; the initial online application process takes just a few minutes.
Funding your study abroad program
Studying in Canada can be an excellent way to get an outstanding education and experience with another culture, so don’t let the cost keep you from pursuing your dreams. There are several financial aid opportunities and funding options that can help you pay for your education.
Once you’re ready to go abroad, you’ll want to find a Canadian bank to help manage your finances. TD Bank* offers an exclusive International Student Package with no transfer fees and unlimited monthly transactions – plus more benefits designed specifically for international students! Learn more and get ahead with your finances here.
* TD Bank is a partner with MPOWER Financing, and MPOWER may receive compensation for successful referrals.
