In Canada, financial aid plays a significant role in post-secondary education. Financial aid is so important to post secondary education that Employment and Social Development Canada (ESDC) publishes an annual report on the work and outcomes of the Canada Student Financial Aid (CFSA) program.
According to ESDC, "close to 542,000 students benefited from $3.2 billion in non-repayable Canada Student Grants, while 576,000 students took advantage of $4.0 billion in student loans" in the annual report for 2020–2021.
Financial aid options
financial aid options for international students are divided into three main categories:
Scholarships/Grants
Bursaries
Loans
Scholarships/Grants
Based on their financial need, post-secondary students receive this kind of financial aid. To put it another way, students who meet certain criteria for financial need — based on things like personal income or parental income, among other things — may get aid from their schools that they don't have to pay back. Bursary applicants frequently need to undergo evaluations to confirm a level of financial need that justifies receiving this kind of financial aid.
Bursaries
Based on their financial need, post-secondary students receive this kind of financial aid. To put it another way, students who fulfil certain criteria for financial need — based on things like personal income or family income, among other things — may get aid from their schools that they don't have to pay back. Bursary applicants frequently need to undertake evaluations to confirm a level of financial need that justifies receiving this kind of financial aid.
Loans
Loans are a sort of financial aid that requires the borrower to eventually repay the money according to the terms set in the loan agreement. These loan agreements frequently include a specified interest rate and payback schedule that all recipients must be aware of in order to prevent incurring unnecessary debt.
These options may vary depending on the school you are applying to, and each option will have its own application process, guidelines, and prerequisites.
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