Guide for International Students

Pursuing higher education in Canada is an exciting opportunity. Still, international students must prepare for the financial responsibilities that come with it. Obtaining a Canadian study visa requires proof of sufficient funds to cover tuition, living expenses, and travel costs. With the recent increase in funds needed by $2,260 as of September 1, 2025, students are increasingly exploring financial aid options to support their studies.

This article highlights key financial aid opportunities for international students in Canada. It outlines strategies to maximize support while avoiding common pitfalls.

Scholarships: Merit-Based Financial Support

Students receive scholarships as grants, and they do not have to repay them. They can come from universities, government programs, foundations, organizations, or private individuals. These awards often consider:

• Academic achievements
• Financial need
• Leadership skills or extracurricular involvement
• Athletic performance
• Specific talents, research experience, or professional background
• Program of study

Some organizations automatically award scholarships, while others require students to submit a formal application. Applications may require transcripts, reference letters, and a personal essay. Carefully reviewing eligibility criteria and maintaining minimum GPA or program requirements ensures continued access to awarded funds.

Platforms like EduCanada’s scholarship search tool can help international students identify suitable awards. By answering prompts related to citizenship, profile, and country, students can discover a wide range of scholarship opportunities. Applying for multiple scholarships aligned with your qualifications can significantly enhance your financial support while pursuing a Canadian study visa.

Bursaries: Need-Based Assistance

Unlike scholarships, bursaries are almost always need-based. Canadian institutions, foundations, organizations, or government bodies typically provide them. The process usually involves a financial needs assessment, often including the applicant’s and parents’ income information.

Bursary amounts vary widely, from hundreds to thousands of dollars, and may require ongoing eligibility maintenance, such as enrollment in a specific program or meeting performance standards. Checking with the financial aid office at your institution is a good first step to determine which bursaries are available. Always review eligibility criteria, application methods, deadlines, and terms before applying.

Private Student Loans: Additional Funding Options

International students can also explore private student loans offered by Canadian banks or lenders. These loans often have student-friendly terms, including grace periods of six to nine months. Interest rates, repayment schedules, and borrowing limits differ between lenders, so careful comparison is essential.

Typically, international students need a cosigner who is a Canadian citizen or permanent resident with a strong credit history. Some loans may require collateral or additional documentation. Evaluating all options ensures that borrowing aligns with long-term financial planning while maintaining the conditions necessary for a study visa.

Common Mistakes to Avoid When Seeking Financial Aid

1. Missing deadlines – Applications for scholarships, bursaries, or loans often close months before the academic term. Tracking deadlines for each award, as well as internal tasks like collecting transcripts and references, is critical.
2. Ignoring eligibility requirements – Ensure you meet all criteria, including citizenship and program restrictions, before applying.
3. Generic personal essays – Tailor each essay to the specific award and follow instructions precisely. Avoid copying previous submissions.
4. Failing to maintain eligibility – Keep up with GPA, enrollment, and program requirements to avoid losing funding.
5. Incomplete or incorrectly formatted documents – Missing or improperly submitted documentation can disqualify applications.
6. Accepting the first loan offer without comparison – Interest rates, fees, and repayment terms can vary significantly, so always compare multiple options.
7. Overlooking smaller awards – While major scholarships are competitive, smaller awards may be easier to secure and add up to significant support.
8. Failing to maintain a study visa status – Scholarships and bursaries require a valid student status. Compliance with Immigration, Refugees, and Citizenship Canada (IRCC) rules protects both funding and legal stay in Canada.

Maximizing Financial Aid for a Canadian Study Visa

By combining scholarships, bursaries, and loans, international students can better manage the costs associated with studying in Canada. Researching awards, applying broadly, and carefully reviewing eligibility and application requirements will enhance your ability to secure funding. Additionally, maintaining study visa conditions ensures ongoing eligibility for financial support.

Our firm guides international students navigating the financial aid process while applying for a Canadian study visa in Winnipeg. Understanding the different funding options and avoiding common mistakes can help students focus on their education without unnecessary financial stress.

For tailored advice and support with your Canadian study visa application, contact GH Immigration in Winnipeg for professional assistance.