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How to Finance Your Childs Study in Canada

Considering the impact of globalization on our lives, studying abroad can perhaps be the best thing that you can do for a secured future ahead. There are some countries that are particularly known for offering some of the best educational opportunities with career guidance and counseling.

Canada is one of such countries that offer world-class educational opportunities in just about any field. This is perhaps the reason why Canada is a preferred destination for international students with as many as 130,000 students immigrating to Canada every year for higher studies. While it may sound an ideal thing to study in Canada, the fact is that studying abroad requires a lot of financial planning.

Studying in Canada – The Money Matters

If you are considering sending your child to study in Canada, there is one thing that you definitely should make yourself aware of – the education is bound to be expensive. To take into account the general standard expense of studying abroad, the tuition fee itself will culminate to a close to INR 80 lakhs in Canada and this amount does not include the living expenses.

Taking into consideration a standard 4-year duration of the course of study, an average of INR 1.4 crores is what the estimate of finance to study abroad turns out to be. For most middle-class Indian families, this amount is way beyond their bracket of affordability. So, what are your options in this regard? Here are some tips that will help you decide better and not let financial hassles come in way of Canada dreams.

Related: Studying And Living Expenses While Studying In Canada

Do your research, your choice can make a whole lot of difference!

There is a major peer pressure when it comes to studying abroad. Children feel that it is a norm to study in Canada only because their friends are pursuing an international degree. The children should be given the right information and guidance to make the right choice that will impact his life and not consider the decisions made by others.

Look for alternate sources of funding

If you have finally decided that you will study abroad, the next big thing to now ponder about is how to arrange for the required finances. There are some institutions that offer scholarships to international students who have exceptional talent in them. The fee-waivers, grants, and scholarships by universities can significantly reduce the amount of money you would end up spending to study abroad. Of course, there are eligibility criteria that you will need to bear in mind for these options.

Take a look at some facts : Financial Facts you should know

Education loan is another option that you can consider in your home country. Several banks and financial institutions offer educational loans at attractive interest rates.

Work while study

Working while studying is a very feasible option that you can consider with which you can ease off your financial burden as well as give your child essential lessons on sharing responsibility. Your child can take up a part-time job and earn enough to take care of his living expenses, which can still have a major impact on reducing your financial burden.

Studying abroad is definitely an expensive affair, but it can easily be managed with right financial decisions. At Kanan International, we offer comprehensive guidance to students aspiring to study abroad. Our experts will discuss how you can bring down the expense by choosing the right college and how to enroll for the various scholarship programs.