1. Introduction

Khi xin Study Permit (Giấy phép du học), du học sinh phải chứng minh đủ tài chính để trang trải học phí, sinh hoạt phí và chi phí đi lại trong toàn bộ thời gian học, mà không phụ thuộc vào việc đi làm.

From September 1, 2025, the financial proof level will increase by CAD 2,260, causing many international students to need to find additional sources of support to reduce the financial burden.

The article below summarizes the three most common forms of financial support for international students in Canada, and highlights common mistakes when seeking financial support.

2. Scholarships

2.1. What is a scholarship?

A scholarship (or grant) is a non-repayable financial aid provided by:

• College and university
• Government
• Private organizations and funds
• Individual

2.2. Scholarship eligibility criteria

Depending on the type of scholarship, conditions may vary, but are usually based on:

• Financial need
• Academic achievements
• Sport
• Extracurricular activities
• Leader
• Special talent
• Field of study
• Research or professional experience
• Family or personal circumstances

Some scholarships are automatically considered, while many require an application.

2.3. Documents usually required

When applying, students usually have to prepare:

• Scoreboard
• Letter of introduction
• Resumé or CV
• Personal essay (most important element)

Be sure to read carefully the maintenance conditions such as: maintain a minimum GPA, study the right major, participate in some required activities.

2.4. How to find scholarships

• EduCanada Scholarship Finder: Answer 3 questions (nationality, profile, country/region) and see a list of matching scholarships.
• EduCanada's international scholarship page (many scholarships by country).

Top tip: Apply to multiple scholarships to increase your chances.

3. Bursaries

3.1. What is a Bursary?

Unlike merit-based scholarships, bursaries are grants based solely on financial need. They also do not have to be repaid.

3.2. Who can receive a bursary?

• Canadian universities/colleges
• Private funds and organizations
• The Canadian government or international organizations

3.3. Approval process

You may need to complete a Financial Needs Assessment, which includes:

• Personal income
• Thu nhập của cha mẹ (trong nhiều trường hợp)

3.4. Notes when applying for a bursary

Before submitting your application, check:

• Eligibility criteria
• Conditions maintained
• Application form and requirements
• Submission deadline

The bursary may be revoked if you fail to maintain the conditions, and you will be required to repay the full amount.

4. Private Student Loans

4.1. Borrowing rights of international students

International students can borrow from:

• Bank of Canada
• Private financial institutions

Many banks have loan packages specifically for students with:

• Preferential interest rates
• Flexible repayment schedule
• Grace period 6–9 months (no immediate repayment after graduation, but interest is still calculated)

4.2. Factors to evaluate before borrowing

Before accepting a loan, consider carefully:

1. Total loan amount
2. Interest rate (fixed or floating)
3. Debt repayment term
4. Debt repayment schedule
5. Disbursement method

Terms can vary between banks, so it's important to shop around before making a decision.

4.3. Guarantor required

International students often have no credit history in Canada, therefore:

• Cosigner or collateral required
• Cosigner must be a Canadian citizen or permanent resident, have good income and credit
• Cosigner with good credit gets you lower interest rates

5. Common mistakes when seeking financial support

5.1. Late submission of application

Many programs close applications very early. You should have:

• Deadline tracking table
• Deadline for preparing documents (transcript, recommendation letter...)

5.2. Not checking the conditions carefully

Applying for the wrong scholarship wastes time and reduces your chances of success.

5.3. Use a common essay for all applications

General essays are often unimpressive and easily rejected.

5.4. Failure to maintain eligibility after receiving a scholarship/bursary

Loss of GPA or changing major without notifying IRCC may result in loss of benefits.

5.5. Incorrect file format

Some programs require PDF files, page limits, or file names. Incorrect formatting can result in instant rejection.

5.6. Missing documents

Applications missing transcripts, letters of recommendation, and financial documents are often automatically rejected.

5.7. Do not compare loans

Small differences in interest rates can increase the cost of borrowing by thousands of dollars.

5.8. Skip the small scholarships

Scholarships under $2,000 CAD are very competitive. Many small scholarships add up to a significant amount.

5.9. Underestimating the level of competition

Need a strategy: industry-specific scholarships, community support, specialized funds, small bursaries.

5.10. Failure to maintain valid immigration status

Failure to maintain full-time student status or changing programs without notifying IRCC may result in loss of legal status and loss of all financial support.

Conclusion

International students in Canada have many financial aid options: scholarships, bursaries, and private loans. It is important to understand the requirements, prepare the correct documents, and maintain legal status throughout your studies.

If needed, contact your school's financial aid department for more specific guidance.