In Canada, financial aid plays a significant role in post-secondary education. Financial aid is so important to postsecondary education that Employment and Social Development Canada (ESDC) publishes an annual report on the work and outcomes of the Canada Student Financial Assistance (CFSA) program.
According to ESDC, about 542,000 students benefited from $3.2 billion in non-repayable Canada Student Grants, while 576,000 students [took advantage of] $4.0 billion in student loans in the annual report for 2020–2021. It is noteworthy that these subsidies were evenly divided across Canada, with payments totaling at least $1.6 million going to each of the 10 participating provinces and territories (with the exception of Quebec, the Northwest Territories, and Nunavut).
Types of Financial Help For Students in Canada
Many people in this group are under the impression that there are no financial aid options accessible to overseas students while they are studying in Canada. This is not reality, though. According to the Canadian Bureau for International Education, Canada was home to 621,565 international students at all levels of study in 2021. (CBIE). Here is a list of some of the financial aid options available to foreign students in Canada.
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Scholarships and Grants
Post-secondary students who qualify for this form of financial aid will be selected based on their academic and/or extracurricular achievements. Scholarships and grants are provided by the schools themselves, governments, or other organizations, and the recipient is not required to pay them back.
Based on student’s financial need, they receive this kind of financial aid. To put it another way, students who fulfil certain criteria for financial need — based on things like personal income or family income, among other things — may get aid from their schools that they don’t have to pay back. Bursary applicants frequently need to undertake evaluations to confirm a level of financial need that justifies receiving this kind of financial aid.
As the name suggests, loans are a form of financial aid that require the receiver to eventually repay the money in accordance with the conditions stated in the loan agreement. These loan agreements sometimes include a predetermined interest rate and repayment period.