Beginning a journey to study in Canada opens doors to exceptional education and boundless opportunities. However, the allure of studying in this diverse and innovative country comes with a price tag. Understanding the costs involved, from standardized tests to accommodation and daily expenses, is important for aspiring international students to be financially prepared.
While the financial aspect may seem a bit challenging, there are avenues to ease the burden like part-time jobs, research funding, bursaries, and education loans for abroad studies. These options can provide the necessary support to pursue higher education without immediate financial strain.
Let’s look at the costs of studying in Canada and the ways to manage them.
To give you an idea, here is a list of expenses that are necessary for studying in Canada.
Before planning to study in the country you must take the tests required by your course. These tests will determine if you are eligible for the course. They include English language proficiency tests along with other standardized tests that examine the various eligibility aspects required. The costs for these tests can range from CAD 100 to CAD 300.
Once you have the results of the test you can apply for various Universities and Institutions that you have shortlisted. The cost to apply for universities in Canada can range from CAD 50 to CAD 250. This fee is non-refundable in nature.
Universities & Institutions in Canada have their own fees depending on a variety of factors. It depends on the programs you are studying, the level of study and whether you are a student from the country or abroad. The cost of studying for international students in a Postgraduate program is between CAD 17,000 - CAD 23,000 per year. For Undergraduate programs, the cost of study is between CAD 15,000 - CAD 30,000 per year.
International students need to bear the visa expenses, the cost of a student visa for Canada may differ depending on the country of residence. For example, Indians need to pay CAD 235 (It includes Visa fees of CAD 150 + Biometric fees of CAD 85)
When it comes to accommodation Canada offers a lot of options. Students have the option of choosing from Homestay, University Accommodation and Private Accommodation. The costs of these differ based on different factors.
The tentative cost of accommodation for the Homestay or Private Accommodation is around CAD 3,000 to CAD 7,500 each year. On-campus accommodation can cost somewhere around CAD 3,000 each year. This is one of the major costs of studying in Canada for international students after tuition fees.
Health Insurance is an important aspect for international students as it is one of the mandatory requirements for student visas. The average cost of health insurance in Canada for an international student is in the range of CAD 600 to CAD 900 per year.
There are plenty of food options available for international students in Canada. The cost varies depending on the type of food. Food in Canada can cost CAD 4,800 or more per year.
As an international student in Canada, it is important to have the right study material so that you can be on par with the necessities of the course. This includes academic books, stationary and other miscellaneous study materials. This can cost you up to CAD 500 or more per term.
Having a phone is a necessity in the modern world as it helps you to connect with your peers and work remotely if needed via the internet. The average cost of internet and phone is CAD 1200 per year.
There are many miscellaneous costs when it comes to living as a student. They can range from different things that require attention. The average miscellaneous costs come to CAD 1000-CAD 2000 per year.
Now that we know all the costs you will have to bear as an international student. Let’s look at some of the popular ways you can fund your education in Canada.
Self-Funding
Scholarships
Education Loans
Bursaries
Research Funding
Part-Time Jobs
These are some of the ways to fund your education. Among these, the most popular and safe way to fund your study in Canada is through education loans. These loans are a great way to fund as they allow students to study without worrying about repayment until their education is over. The best part is that education loans offer lower rates of interest compared to other personal loans and have tax benefits as well for co-applicants.
To conclude, studying in Canada can be a significant financial investment, but the benefits it offers make it a worthwhile pursuit. If you are planning to take a study loan for Canada, then you can reach out to us at Élan Overseas Education Loans. Our highly qualified Experts will guide you through the entire process and help you find the most suitable financing solution. But that’s not all, we also assist you with the loan application and disbursement process.
Connect with our Team today and get Comprehensive Financial Guidance and Assistance!
Why should I Choose to Study in Canada?
Canada offers some of the best education and research opportunities for students. Along with that the economy welcomes professionals from around the world and has a higher possibility of getting permanent residency.
What are the important documents I need to get a study abroad student loan?
There is a list of important documents you need to get a student loan for studying abroad. The list may vary depending on the financial institutions, however some of the common documents required include Marksheets of the Last Qualifying Degree, Proof of Admission, and Bank Account Statements to name a few.
What is the Education Loan Repayment Schedule like?
The repayment of the loan begins 6 months to a year after completing the course once you get a job which is earlier. You can either pay the expected EMI or you can pay extra without any prepayment charges.
Does the Interest get added for the Moratorium Period?
Yes, the interest of the moratorium period will be added to the loan amount when the repayment begins.
Where can I get to know about the Best Loan Options for my Study Abroad Journey?
You can find some of the best loan options by reaching out to the bank or you can even reach out to an educational loan advisor like Élan. They can suggest good options and help you to choose loans at the best one.
Login