Financial aid refers to funding intended to help students pay educational expenses including tuition and fees, room and board, books and supplies, etc. for education at a post-secondary school. Scholarships, grants, and student loans are all considered types of financial aid.
Merit and need-based fee waivers are awarded to international students. Candidate with strong academics, good performance in standardised exams and extracurricular achievements would be eligible for scholarship awards and financial assistance. The most commonly awarded scholarships have values of $1000-$5000 per year.
Documents required: The documents usually needed for a scholarship application are as follow, although the requirements may differ:
- Academic records and photocopies
- A recent CV
- A letter of intent, which acts as a cover page
- Certificate of language proficiency (TOEFL or IELTS scores)
- Letters of Reference (LOR)
Students who meet specific qualifications may receive Canada Study Grants directly from the government. To earn such a grant, students must meet one of a list of eligibility requirements. The government issues grants ranging from $2000-$8000 per academic year, depending on a student’s financial need and qualifying circumstances.
The Canadian government provides subsidized student loans along with provincial aid organizations. To qualify for student loans, students must be citizens or permanent residents of the province in which they apply.
Graduate-level awards range in value from $5000 to $30,000 and are meant to allow the student to focus exclusively on their graduate studies, without having to split their time between school and work.
Entrance scholarships are special scholarships designed specifically for high-school graduates who are entering college or university for the first time.
A bursary is a monetary award made by an institution to a student to assist in the development of their education. Bursary awards are generally lower in value than scholarships (most often less than $1000 per year).
Student eligibility criteria: The first thing is to be aware whether you are eligible to apply for the loan or not. The general eligibility criteria that are followed by all the banks are:
- You should be an Indian national
- You must have a strong academic record
- You must be seeking admission to a professional, technical or other course of studies. Most banks maintain that the selected course should be job oriented.
- You must have secured admission to foreign University Institutions.
- You must be above the age of 18 years or else your parents can avail the loan.
The session starts mainly in September and January but some institutions have intakes in May, July and October as well. The Major intake season for the top courses in Canada is September, while the minor intake season is January, which is meant for a fairly small number of courses.
Academic admission requirements
Normally, applicants who meet post-secondary entrance requirements in their home country are eligible for admission to Canadian post-secondary schools. For undergraduate admissions, this means the successful graduation from a secondary school program or equivalent. For graduate programs, this means holding a previous undergraduate degree or equivalent.
Prospective international students are usually required to take language tests such as the International English Language Testing System (IELTS) or Test of English as a Foreign Language (TOEFL) before they are admitted. Each Canadian school has differing specific requirements as to a minimum acceptable score but generally it is around the 600- (paper-based) or 80- (computer-based) mark.