If you’re looking for a better life, getting a quality education from one of Canada’s accredited schools is key. Through proper education, you’ll have the knowledge and degrees required to get a high-paying job. Moreover, Canada’s educational system offers many different programs for domestic and international students alike. The only problem is that international students often have to pay higher tuition fees here because our governments only subsidize tuition fees for Canadians.
Don’t worry, there are still ways to finance your education as an international student, including a student loan. Read this for more information about international student loans in Canada.
What Are The Requirements To Study As International Students In Canada?
Studying in Canada as an international student requires more than just an application to your school of choice. As a non-resident of Canada, other documents may be required, depending on your length of stay in Canada.
Do You Need A Study Permit To Study In Canada?
Whether or not you need a study permit depends on how long you’re in Canada:
Less Than Six Months
You do not need a study permit if you are studying in Canada for less than six months, as long as you have valid visitor status. In this case, you’ll need either a visitor/temporary resident visa or an electronic travel authorization (eTA).
More Than Six Months
If you are studying in Canada for more than six months, you will need a study permit.
Extra Quebec Requirements
If you’re studying in Quebec and are staying longer than six months, you’ll need a Quebec Acceptance Certificate (CAQ) and a study permit. If you’re staying less than six months, these documents are not required.
How To Get A Study Permit In Canada
The fastest way to get a study permit in Canada is to apply online. However, you may apply on paper if you are unable to apply online due to a disability or if you have a travel or identity document for non-national residents or refugees.
When applying, you’ll need a letter of acceptance from the educational facility you’re attending, along with any other document as requested. If you’re studying in Quebec, you’ll also need an attestation of issuance of your Quebec Acceptance Certificate (CAQ).
Do You Need A Travel Visa?
Yes, you’ll need a travel visa if you’re staying in Canada for less than six months as an international student.
How Much Does Tuition Cost For International Students In Canada?
According to the latest Statistics Canada study, international undergraduate students will pay an average of $36,123 nationally in tuition fees, while Canadian undergraduate students paid $6,834 during the year. A similar effect can be seen with tuition fees for international students in MBA and graduate programs.
That said, the gap between domestic and international students actually tends to widen over time and differs by level of study. To give you a better idea of what it can cost to study in Canada as an international student, here’s a basic currency conversion chart:
| Undergraduate | MBA | Graduate | |
| Average Cost In Canada (CAD) | $36,123 | $41,767 (regular MBA) $76,687 (executive MBA) | $21,111 |
| In Rupees (INR) | ₹2,207,866,97 | ₹2,552,567,24 ₹4,687,178.68 | ₹1,290,378.75 |
| In Pounds (GBP) | £22,706.50 | £25,495.16 £46,810.10 | £12,896.74 |
| In Yuan (CNY) | ¥181,238.82 | ¥209,596.27 ¥384,806.01 | ¥105,896.90 |
Are International Students Eligible For The Federal Government Student Loan: Canada Student Loan Program (CSLP)?
International students aren’t normally eligible for the CSLP from the Canadian government.
To qualify for a Canada Student Grant and/or Loan, you must:
- Be a citizen, a permanent resident of Canada or a person designated as a protected person.
- Be a permanent resident of the province or territory where the Grant and/or Student Loan is being issued
- Demonstrate your financial need for it
- If you are 22 years of age or older and are applying for your first Canada Student Loan, you’ll also need to pass a credit check.
Unfortunately, as an international student, you won’t have the residency or the credit to qualify for this loan.
Can International Students Apply For Scholarships Or Grants Or Bursaries In Canada?
Yes, international students can help fund their studies in Canada through various scholarships, grants, and bursary opportunities. Canadian colleges and universities typically offer scholarships to students with outstanding grades who have relevant work and volunteer experience.
The Canadian government and various private organizations also offer grants to high-achieving international students from all regions across the globe. EduCanada offers an online tool to help foreign students find scholarships from Canadian and foreign governments and foreign private organizations. Universities Canada can also be accessed to explore both government-backed and private international scholarship programs.
The following are some examples of international scholarships from various post-secondary schools across Canada:
- York University International Student Scholarship
- University of Calgary International Entrance Scholarship
- University of Winnipeg President’s Scholarship for World Leaders
- Karen McKellin International Leader of Tomorrow Award at the University of British Columbia
Can You Get An International Student Loans In Canada From A Bank?
Most Canadian banks only offer student loans to domestic students or students who are Canadian permanent residents or citizens.
Even if they do offer it, they have to be repaid over a fixed term and will often require a cosigner to guarantee the funds.
Although, there are fewer funding options available compared to what domestic students have access to. The following Canadian banks offer student loans for eligible international students:
TD
TD Bank offers a Student Line of Credit to qualifying international students, even without a Canadian credit history. The funds can then be applied to tuition fees. To be eligible, students must have a Canadian co-signer, be at least 18 years old, and plan to study at a post-secondary school in Canada.
Scotiabank
International students enrolled in a Graduate program in Canada may apply for Scotiabank’s Personal Line of Credit with a co-borrower who is either a Canadian citizen or a permanent resident. The funds can be used to finance tuition fees or other school-related expenses, and any credit available can be kept for future needs.
Other big banks also offer various banking products to international students, such as the following:
BMO
International students may open a Performance Chequing Account from BMO with no monthly fees and unlimited transactions. BMO also offers a Guaranteed Investment Certificate (GIC) to help students get their study permits and ensure funds are readily available when they arrive in Canada to pursue their studies.
RBC
The RBC Student Banking Bundle offers up to $300 to international students. This includes $100 when opening a new RBC Advantage Banking Account for students and up to $200 in cash back rewards with a new RBC Cash Back Mastercard.
What Is A Student Line Of Credit?
Issued by banks and credit unions, student lines of credit allow you to borrow from a revolving credit limit that you can access via online banking or at your local branch. Similar to a credit card, you can borrow from this preset limit whenever you need, in exchange for monthly balance payments. This could be a great option because:
- Interest will only be applied to your unpaid balances
- You can make minimum or partial monthly payments to avoid penalties
- You may use the funds to pay for any expense related to your education
- Full-time students can qualify for upwards of $10,000 to $20,000 per year
When you apply for a student line of credit, the bank will assess your level of education, academic institution, living costs, and other factors to determine your credit limit.
Can You Get International Student Loans In Canada From Alternative Lenders?
To qualify for a private student loan in Canada, you generally need to be a Canadian citizen or permanent resident. You’ll also generally need:
- A reliable source of income
- A debt-to-income ratio below 36% (ratios of 37% to 42% may be acceptable too)
- A parent or cosigner to guarantee the loan
With a private lender, you could borrow between $2,000 and $50,000 and have interest rates of 3.00% to 46.00% APR. Terms can last about 1 to 7 years, allowing you to pay for your education upfront but repay your loan over time.
Are There Any Tuition Exemptions For International Students?
International tuition fees in Canada are typically much higher than domestic tuition, which can make it financially difficult for foreign students to study in Canada. That said, some post-secondary educational institutions offer exemptions to these international tuition fees to those who qualify.
McGill University
Citizens of France may be entitled to an exemption from international tuition fees at McGill University. Thanks to an agreement between the governments in France and Quebec, French students enrolled in an undergraduate, visiting, or student program are charged the Canadian rate of tuition. Graduate degree students are charged the Quebec tuition rate.
Humber College
International students may be eligible for an international fee exemption at Humber College if they are one of the following:
- An indigenous person
- A protected person
- A person approved for permanent resident status in Canada
- A foreign worker with a qualifying work permit
- A visitor with diplomatic status
University Of Toronto
International students may qualify for an exemption from international tuition fees at U of T if they are considered one of the following:
- A dependent of a Canadian Citizen
- A dependent of an indigenous person
- A dependent of a permanent resident
- A protected person
- A person approved for permanent resident status in Canada
- A foreign worker with a qualifying work permit
- A visitor with diplomatic status
Seneca College
Seneca College allows exemptions from international tuition fees if the student is classified as one of the following:
- An indigenous person
- A dependent of a Canadian Citizen
- A dependent of a permanent resident
- A protected person
- An official visitor and dependents
- A foreign worker and spouse or dependent
- A foreign clergy member and spouse or dependent
- A foreign military and spouse or dependent
- An institutional exchange student
Concordia University
Canada or Quebec tuition rates may apply to international students attending Concordia University who are considered one of the following:
- A diplomat, consular personnel, accredited representative, or civil servant of a foreign nation
- The spouse of a person with a valid work permit
- An exchange student
- A French citizen
- A Francophone Belgian citizen
- A student enrolled in a Quebec university whose country has an agreement with the Quebec Government
- A student with Convention Refugee status (in some cases)
- A student authorized to submit a request for permanent resident status
Are There Ways To Study In Canada For Free?
All colleges and universities in Canada charge a tuition fee, both to international and domestic students. However, there are ways to waive or reduce these fees, including the following:
Apply For Scholarships From Schools In Canada
Most schools in Canada offer some type of scholarship program for students who have achieved academic excellence. If you meet a certain threshold for grades, consider applying for a scholarship at a college or university in Canada. You may be entitled to a partial or full scholarship depending on your resume and transcript.
Look Into Application Fee Waivers
Universities not only charge tuition to attend the schools, but also an application fee, which can cost at least $150. But you may be able to have this fee waived, depending on the school. In Canada, the following universities offer application fee waivers:
- University of British Columbia
- Quest University
- Tyndale University
- University of New Brunswick
Study Online
A fee is still applicable to students who pursue an online program instead of attending school in person. However, the overall cost is much less, since there are no relocation or residence fees to pay. Textbooks may also not be required, as most resources are often available online.
What If You Are An Immigrant And Want To Get Certified For Canadian Jobs And Industries?
If you’re a landed immigrant or permanent resident, you would not be considered an international student. Instead, you would pay domestic tuition fees at Canadian colleges and universities.
As an immigrant, you may want to obtain certification or licensing to practice a particular profession in Canada. Jobs that are regulated in Canada — such as doctors, nurses, electricians, and teachers — require a certificate or license. For the majority of regulated jobs in Canada, authority rests with provincial and territorial governments.
If you already have the required certification or licensing from your native country, these must first be recognized in Canada before you practice. If you’re looking to get certified or licensed, you’ll need to attend the appropriate educational or training program, which costs money. Fortunately, some organizations provide loans and support services to alleviate the financial burdens of getting accredited for your occupation of choice.
For instance, Windmill Microlending is a registered charity that provides microloans to eligible immigrants and refugees. These small loans are designed to cover the cost of accreditation, training, education, and career development in Canada and come with very low interest to keep financing affordable.
Things To Consider When Studying In Canada As An International Student
Moving to Canada to study is a big step and one that requires a lot of planning. Before you relocate to Canada as an international student, consider the following:
Finding A Place To Live
Unless you have family to stay with while you’re in Canada as an international student, you’ll need to arrange for accommodations:
On-campus housing. Colleges and universities typically offer on-site residences for students, which usually come with a bedroom, kitchen, shared bathroom, and shared laundry. In exchange for the convenience of being close to classes, these accommodations can be more expensive than off-site private rentals. To keep costs low, you can choose a shared dorm room.
Off-campus private housing. You also have the option to live off campus, which means renting a place from a landlord not affiliated with the school you’re attending. There are some benefits to off-campus private housing, such as the potential for lower rent, more privacy, and more freedom. However, there are additional costs you will need to factor in, such as food, utilities (if not included in rent), furniture, and internet.
Day-To-Day Expenses
Tuition and accommodations are two of the biggest costs when studying abroad, but there are plenty of other expenses you’ll need to cover. To make it easy to pay for your everyday expenses without carrying much cash, consider applying for a credit card:
Student Credit Card
These credit cards are designed for students who want access to credit while building their credit history. Keep in mind that student credit cards generally have lower credit limits and higher interest rates compared to regular credit cards. The big banks in Canada typically offer credit cards specifically designed with students in mind, including international students.
Secured Credit Card
These credit cards require a cash deposit, which is equal to your credit limit. As such, you’re essentially spending money you already have, unlike a typical unsecured credit card. Secured cards are easier to get approved for, which is ideal for students with little or no credit history. By using the card responsibly, you can build healthy credit over time.
Managing Your Finances
One of the first things that international students should do is open a bank account in Canada. Most foreign students will need a chequing account to pay for their living expenses. Some big banks and online-only banks have accounts designed for international students. Savings accounts are also something to consider as a way to save money over the long term.
Health Insurance
Health insurance is important to have when living in Canada. You’ll want to make sure you’re covered if you require medical attention, as Canada does not pay for medical services for visitors. Paying out-of-pocket can be incredibly expensive, so getting health insurance before you arrive in Canada is very important.
The exact cost of health care in Canada depends on the province or territory you’re studying in. You’ll need to speak with a representative from your school to find out how to get health insurance and how much it will cost you.
Depending on the province or territory you’re studying in, you may be eligible for free health coverage. However, certain conditions may apply. For instance, you may have to meet a specific period of residency in Canada before free health coverage is granted.
Further, you may be required to obtain health insurance before arriving in Canada to study as an international student, depending on the province or territory. For example, Ontario requires all international students to obtain health insurance from University Health Insurance Plan (UHIP), a mandatory health care plan for international and exchange students studying in Canada.
Before arriving in Canada to study, find out what health insurance you need to get to ensure that you’re covered and that you meet all provincial or territorial requirements.
If you’re planning to stay in Canada for only a few months to study, then perhaps a travel health insurance policy may be enough. Just make sure that it lasts long enough to cover the full duration of your stay in Canada.
Seeking International Student Loans In Canada?
As an international student in Canada, it can be difficult to navigate the academic world. The good news is your chosen educational institution will likely have academic advisors and financial aid offices. This is where you’ll be able to access all the information you need about scholarships, financial aid and student loans, specific to that institution.
