Higher Education in Canada is expensive and its government subsidy given to citizens is forbidden for international students. This is because gaining an admission and obtaining a study permit is contingent upon having a solid financial backing. For international students especially from third-world countries, the financial commitment is often too much to cope with, which is why there are financial aid options available to international students that help fund their education in broad terms, these aid options are in three categories:
GRANTS:
These are financial aids given to students to fund their education, they are granted on the basis of need and a student might have to undergo need assessment test to ascertain their status before getting a grant. Grants are mostly awarded by charitable organizations and government but universities may also offer it to students who meet specific criteria. Unlike loans grant are non – repayable but in the event where a student withdraws from school, such student is liable to refund back the grant. Some grants options available in Canada include Canadian Nurse's foundation and Kin Canada grants (only Canadians are eligible for this aid).
LOANS
Loans are financial aids given to students to help them fund their education without too much distraction as a result of financial constraints. Loans are usually repayable after completion of studies and interests are charged. However, in the case of Federal student’s loans, the government pays the interest for the student, with the loan expected to be repaid within 6 months of graduation, However, there are certain circumstances where student’s loan could be forgiven or discharged.
SCHOLARSHIPS
Scholarships are financial aids awarded to students to enable them easily fund their education. Scholarships are mostly merit-based. Scholarships awarded to students usually cover all expenses from tuition fee, study materials, feeding to maintenance allowance – it is not repayable there are two categories of scholarships:
STUDENT SPECIFIC
These scholarships are usually awarded to students on the basis of certain conditions the most common types are scholarships are minorities and scholarships for women in Canada, there are several scholarships opportunities for all students, some notable ones include:
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