Guide to Financial Assistance for College Students in Canada

Do you want to study college in any of the good and reputable schools in Canada? Then you may want to learn about some options for financial assistance that are available for college students in the country.

By knowing about possible Canada student loans, you will find it easier to send your application to lenders, banks, or institutions that can help fund and support your college dream.

The Cost of Studying in College or University Schools in Canada

It is not a secret that Canada houses a few of the best and most prestigious college universities and schools in the world. This is the reason why a lot of students in different parts of the world want to enroll in any of the schools in Canada and view this as a chance for them to obtain a world-class education.

They look at it as a chance to be educated without spending as much compared to other places and countries like the US, Australia, and the United Kingdom. Note, though, that there are still concerns regarding how much it will really cost to study in Canada. This is the reason why you need adequate finances that will support your education here.

To give you an idea, you may need to spend around $19,000 to study college in Canada. Aside from tuition fees, you will also have to pay for additional expenses throughout the time you are enrolled here.

Here’s a breakdown of the usual expenses you will most likely incur as a college student in Canada:

  • Rental expense: $8,000
  • Food on campus: $975
  • Groceries: $1,560
  • Public transport: $390
  • Books and other materials for school: $780
  • Extracurricular activities: $195

If you live at home instead of renting, then expect to save a substantial amount. Note, though, that if you find the cost of studying in Canada too overwhelming, you can always seek the help of those who offer Canada student grants and personal loans legitimately.

Financial Assistance Options for College Students in Canada

If you apply for and qualify for student financial aid or assistance in Canada, you will automatically go through an assessment for student loans and grants. How much you will receive as a loan will be based on vital factors, like the following:

  • Education expenses and tuition fees
  • Financial contributions and savings
  • Annual income
  • Present living situation
  • Financial investments and assets (applicable only for full-time students).

It would be best to send your application two months before the start of your chosen program. That way, if you get approved, you have an assurance that you will receive the funds promptly. Here are your options for college financial assistance in Canada:


Some aspiring college students who meet certain qualifications will also receive a Canada Access or Study Grant suitable for those who have permanent disabilities. It is a grant directly given by the government. What’s great about these grants is you don’t have to repay them.

Just make sure that you meet a minimum of one of these requirements/criteria:

  • Permanently disabled – It is possible to obtain around $2,000 per loan annually. This is under the Access Student Grant of Canada which is available for those who have permanent disabilities.
  • Need substantial financial assistance – This is usually $250 per monthly study based on the Grant for Students intended for families with low income.
  • Parent/guardian of kids below 12 or above 12 if they have permanent disabilities – It is also suitable for low-income families. Here, you will receive $200 monthly for each child based on the Student Grant available for full-time students in Canada who also have dependents.

One thing to note about these grants is that failure to complete or finish your chosen degree program may result in you having to repay the grants. The same is true if you decide to leave the program earlier than anticipated or planned for whatever reason.

Aside from government grants, you can also access a few independent organizations that may provide grants to students who meet certain qualifications or criteria. You can even access student loans for bad credit from legitimate and trusted lenders.


Some provincial and federal organizations, as well as other institutions and organizations, allocate yearly funds designed to assist Canadian students who wish to overcome their college financial struggles and still enroll in their preferred university or college. It works similarly to scholarships since if awarded, these bursaries do not require repayment from students.

Note, though, that bursaries also consider the financial needs of the student. The government, as well as other institutions, often distribute bursaries to students based on their academic and educational excellence, as well as the actions of impressive citizenship that they demonstrated.

Student Loans

If you find it hard to access traditional financial aid, like bursaries and scholarships, then you can go for traditional student loans. These loans have the same rates of interest and schedules for repayment whether you are a Canadian student or an international student.

If you are an international student, it may be necessary for you to get a loan from a private bank or lending institution. The reason is that a lot of provincial student aid programs restrict their offerings to those who live in Canada.

In case you wish to learn more about student loans, you can start with the Canada Student Loan Program. This particular program is mainly available to Canadians. A refugee and any other protected status person can also apply for this kind of loan. You may also get student loans from legitimate companies, like Cash in 24.

Entrance Scholarships

You can also gain assistance for a college in Canada through entrance scholarships. It is a good source of financial aid for students who are considered strong academically. Find out whether your preferred school/s provides entrance scholarships and check your eligibility.

Note that certain awards have deadlines, so make sure to apply for these awards or admission to your preferred degree program early. Several universities, including the University of Alberta, the University of Manitoba, and Carleton University provide international student entrance scholarships, thereby offsetting added tuition fees (if there are any).

Most of these scholarships are automatic depending on whether or not you meet the criteria for eligibility. Oftentimes, the requirement is a minimum GPA. It is also important for students to be fully registered.


It is possible to find financial assistance for your chosen college degree in Canada. Research your different financial aid options so you will be able to find the help you need when it comes to funding your college education. 

Read More About Similar Articles:

Leave a comment

Your email address will not be published. Required fields are marked *