Home to the famous Niagara Falls and Banff National Park, Canada is located in the northern part of the American continent, bordering the United States of America. While most of the country still entails cold wilderness, Canada is fast becoming the most-sought-after study destination for international students. Owing to its flexible visa rules, a rise in Express Entry pool invites and an increase in job opportunities, more Indians are opting for Canada.
A Canadian education gives you a cross-cultural experience, premier education, along with a globally recognized degree. However, the whole procedure of study abroad is a strenuous process and one needs to start planning for it well in advance. The most important part of this process in planning the finances. Therefore, this article aims at providing you with an overall view of the expenses involved while studying in Canada.
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Cost of Studying in Canada
Studying in Canada is quite cheaper and affordable as compared to studying in the USA. The cost of studying in Canada may differ from university to university and also depending on the city. Thus, the cost of tuition fee is dependent on factors like the programme type (MS/MBA/PhD), course (CS, Engineering, etc), university, location (Vancouver, Toronto, Montreal, etc) and so on. Also, the cost of studying includes more than just the tuition fee. It comprises of other study-related expenses like application fee (students may also apply to colleges in Canada without application fees), books and stationery expenses, health insurance, library fees, etc. Read our article on Cost of Studying in Canada to know more about it. Upon taking the average of all the data available, the average cost of an undergraduate program is nearly C$26,442, and the average cost of a graduate program is C$18,159.
Cost of Living in Canada
While you are in the process of applying for studying abroad in Canada, you also need to showcase incomes and funds proof to the Citizenship and Immigration Canada (CIC). This will act as proof that you have adequate assets and funds to get you through at least one year in Canada. These expenses will include your cost of studying as well as living expenses. Once your college gives you an estimate of living cost and tuition fee, the immigration officer will have a follow-up with you. For exceptional cases where the college doesn’t provide a right estimate of living expense, the student is required to showcase that he has enough funds to spend a year in Canada which equals to 10,000 C$ (Canadian dollars), as cost of living. If you are taking your spouse with yourself, then you need to have additional proof of 4,000 C$ and 3,000 C$, per dependant.
The cost of living in Canada will include all expenses related to your day-to-day activities. These expenses include medical insurance, transportation, clothing, accommodation, food, and so on. Get an in-depth insight into the living expenses in Canada here: Cost of Living in Canada for International Students.
Education Loan for Canada
Not all students who aspire to study abroad have a strong financial background. Also, it is not true that only those with a strong financial background can dream of studying abroad. This is where education loans come to rescue.
Nowadays, even the entire process of getting approval for education loan has been simplified. There are various public and private banks as well as financial institutions that offer education loans. Even though scholarships and educational grants are other financial aids that the students can apply for, yet, they are not provided to everybody as there is stiff competition and the selection criteria entirely rely on academic excellence. Hence, education is the best option for any student aspiring to study abroad. Read Education Loan for Studying in Canada to know everything about education loan for Canada.
It is rightly said that to turn your dreams into reality, you need to put in your all efforts: sweat, determination and hard work. Similarly, your dream of studying abroad and getting a Canadian education can only be achieved if you put in all your hardwork and determination.
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