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Students planning to study in Canada should be aware of the major financial requirement changes introduced by IRCC. From September 1, 2025, students applying to study in any Canadian university will be required to show increased proof of funds to obtain study permits. The amount of $2,260 must be shown by the applicant without relying on employment income. Many students are confused about how to bridge the gap between finance and studies.

Here is the good news: Canada also offers various financial aid pathways which would encourage students to continue their global study dream. In this blog, we are going to discuss the various aids like scholarships, bursaries and private student loans. And also, along with that, we will be discussing the eligibility rules, application requirements and other pitfalls during the application process. 

Croyez Immigration stands as the best Immigration consultant with over more than 10+ years of experience in this field. Our team of quick-witted experts has helped more than a thousand students to relish their dream of studying abroad. As the legally registered consultant under CICC, Students across India partner with Croyez to kick start their global journey for academics. 

Let’s jump straight into the financial aid hacks for our students:

Scholarships: Merit?Based Aid That Doesn’t Need to Be Repaid

Scholarships are grants given to students to support their achievements or needs. These are the most popular ways that most students desire. As the amount from the scholarships is not to be paid back, unlike educational loans. These scholarships can be classified into:

• Canadian colleges and universities
• Government bodies
• Non?profit organisations and foundations
• Individuals
• International institutions in your home country

What determines scholarship eligibility?

The scholarships may vary, but the common eligibility criteria depend on: 

• Academic performance
• Financial need
• Athletic achievements
• Extracurricular involvement
• Leadership roles
• Special skills or talents
• Field of study
• Research or professional experience
• Personal background or identity

Some of the scholarships are availed when the students apply to an institution, while others require a full application package. Those are commonly included:

• Academic transcripts
• Letters of recommendation
• A resumé or CV
• One or more personal essays

A key tool for scholarship hunting

Canada encourages students to search for various scholarships through the tool called EduCanada. This tool helps the students to classify the opportunities by:  

• Citizenship
• Student profile
• Country or territory

Through EduCanada, students can various countries can search the list of scholarships. These include bilateral government awards or institutional partnerships.

Indian students must maximise the search for scholarships to match their qualifications. While referring to many scholarships, it is crucial to read all the terms carefully. Many scholarships require a specific GPA, program and participation in designated activities.

Bursaries: Need?Based Support for Students Facing Financial Hardship

Bursaries are based on the financial needs of the student. Unlike scholarship, it does not rely on academic or other extracurricular activities. The best part is like scholarships, bursaries also do not need to be repaid.

Who offers bursaries?

• Canadian universities and colleges
• Canadian government or non?government organisations
• International foundations
• Community groups

How bursary eligibility is determined

Students are undergoing a financial assessment for eligibility needs:

• Student’s personal income information
• Student parents’ or guardians’ income
• Household financial documents

Some Universities in Canada consider some students directly for bursaries, while other institutions ask for a formal application. The Bursary amount may vary from a few thousand to several thousand CAD.

Important cautions

Students must maintain eligibility to maintain full-time status and continue in the same program until completion. In some cases, the students are required to repay the funds. Hence, it is advisable to always read the following:

• Eligibility requirements
• Terms and conditions
• Application formats
• Deadlines

Private Student Loans: Borrowing Through Canadian Banks and Lenders

Even when both the scholarship and bursaries are not sufficient, the students can also borrow loans from Canadian banks and private lenders. These loans are especially designed for students with:

• Lower, student?friendly interest rates
• Flexible repayment terms
• Grace periods

During the grace period,  the payments may be deferred, and the interest continues to accrue.

Key details to review before accepting a loan

It is crucial to compare:

• Total borrowing limit
• Fixed vs variable interest rates
• Repayment conditions
• Penalties for missed payments
• Payment schedules
• How and when funds are issued

Cosigner requirements

A Canadian citizen or permanent resident can act as a cosigner and help the Indian students get a loan at low interest rates.

Frequent Mistakes Students Make When Seeking Financial Assistance

Missing application deadlines

The first two Scholarships and bursaries are often closed quickly before the academic term. Students can use the tracker with internal deadlines for:

• Reference letters
• Transcripts
• Financial documents

Not checking eligibility carefully.

Indian students must check the benefits and eligibility by reviewing every line and determining whether the award is open to non-Canadian applicants.

Writing generic or recycled essays

The University committee reads numerous essays for every intake. Hence, providing the common and general ones is easy to spot and reject. Some say that no AI content is allowed; hence, it is always ideal to read the rules.

Failing to maintain eligibility after receiving aid

When the students fail to maintain their status and change the program, and also fail to maintain the required GPA can end up:

• Losing the award
• Being forced to repay funds

Ignoring formatting or file?type instructions

Students must follow the required format while applying for the award. Submission of incorrect files and mislabelled papers leads to disqualification.

Submitting incomplete applications

Like 

• Missing financial statements
• Recommendation letters
• Transcripts often result in automatic rejection.

Other mistakes include:

• Accepting the first loan offer
• Overlooking small awards
• Underestimating competition
• Neglecting immigration requirements

Contact Croyez Immigration to get to know about the financial aid in detail. Our team will analyse the student profile and draft a personalised plan on financial requirements and aid in managing without any hurdles.

Connect to our team now and start your student journey today!