As Canada prepares for the September 1, 2025 increase in required funds for study permit applicants, many international students are seeking additional financial support to manage tuition, living expenses and other educational costs. With the required financial threshold rising by $2,260, understanding the available financial aid options has become more important than ever.

To help students navigate these challenges, three primary forms of financial assistance—scholarships, bursaries, and private student loans—can provide significant relief to those planning to study in Canada.

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1. Scholarships: Merit-Based Funding for High-Achieving Students

Scholarships remain one of the most impactful ways for students to reduce the financial burden of studying in Canada. These awards do not need to be repaid and may come from universities, colleges, governments, foundations, non-profits, and private donors.

Scholarships are often granted based on factors such as:

• Academic excellence
• Financial need
• Athletic achievements
• Leadership and extracurricular involvement
• Special skills or unique talents
• Field of study or research interest
• Professional or research background
• Personal identity or background

Many awards require an application and supporting documents such as transcripts, reference letters, and essays. Requirements often include maintaining a minimum GPA, remaining in a specific program, or taking part in certain activities.

Students are encouraged to apply widely to maximize the number of funding opportunities available to them.

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2. Bursaries: Need-Based Financial Relief for Students

Unlike scholarships, bursaries focus almost entirely on financial need. These awards also do not require repayment and can come from educational institutions, governments, charitable organizations, or international foundations.

To receive a bursary, students may need to complete a financial needs assessment, providing income details for both themselves and, in some cases, their parents or guardians.

Before applying, students should always carefully review:

• Eligibility criteria
• Terms and conditions
• Required documents
• Application deadlines

Bursaries are valuable resources but may be withdrawn if students fail to meet academic or enrollment requirements.

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3. Private Student Loans: Structured Funding for International Learners

International students may also qualify for private student loans from Canadian banks or private lenders. These loans often offer flexible repayment plans, student-friendly interest rates, and grace periods that allow borrowers to begin repayment several months after completing their studies.

However, loan terms vary greatly, so applicants must examine:

• Borrowing limits
• Fixed or variable interest rates
• Repayment timelines and conditions
• Penalties or fees
• Disbursement methods and schedules

Most international students will require a co-signer—typically a Canadian citizen or permanent resident with strong income and credit history—to secure a loan with favourable terms.

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Common Mistakes Students Should Avoid

International students often miss out on financial opportunities or face setbacks due to avoidable errors. Key pitfalls include:

• Missing application deadlines
• Applying for awards without checking eligibility requirements
• Submitting generic essays
• Losing eligibility by failing to maintain academic or permit conditions
• Not following formatting or document instructions
• Submitting incomplete applications
• Accepting the first loan offer without comparing options
• Overlooking smaller scholarships with lower competition
• Underestimating the competitiveness of major awards
• Failing to maintain valid immigration status during studies

Avoiding these mistakes significantly increases the likelihood of receiving financial assistance and maintaining eligibility.

For a consultation about Immigration options, reach out to the CAD IMMIGRATION today!