How Much Money is Required to Study in Canada?
How much money do you need to study as an international student in Canada? Well, that depends. Don’t you love my answer? Let me explain how the amount of money you need to study in Canada is dependent on several factors. Factors that will determine the money you need to study in Canada will depend on the university you attend, available scholarships and living costs in the city where your chosen university is located.
How Much is International Tuition at Canadian Universities?
Tuition costs can range from $20,000 CAD to over $65,000 CAD per year. Tuition is your biggest cost as an international student, so choose your university based on your budget, not necessarily on potential scholarships you will receive. What do I mean by that? Suppose you choose to apply to one of the most expensive universities at $60,000 CAD per year. But your budget is only $40,000 CAD per year. You need, at a minimum an $80,000 CAD scholarship that allots you $20,000 per year. While there are scholarships like that, these application-based scholarships are very competitive and limited to only a select few students. Therefore, you are better off choosing a university with tuition costs at $40,000 and then any scholarships you do get, even $5000 CAD is a plus. You will then have enough money to live your dream of a Canadian education.
But, you might argue that Canadian universities with the best world rank are the ones that you want to go to, even if they have the highest tuition costs. You want to rely on a good scholarship offer and then you will go.
I would like to share with you that rank in Canada isn’t as important as it is in the rest of the world. Because Canadian education, from kindergarten to post-secondary is among the best in the world, all of our universities rank, if not on the world scale, they do in Canada. And when it comes to going to a good university, rank isn’t always important. So whether you go to Memorial University where tuition is $20,000 CAD per year, you are still getting a world recognised degree and you are just as likely to get a job after graduating than if you get your degree from York University or the University of Toronto. Canadian employers will be just as interested in you as a graduate from another university.
And if you want one of the world’s best ranked Canadian universities, consider the University of Alberta where tuition in the Faculty of Science is $30,090 CAD per year. With the University of Alberta, you get the best investment with your money, a world-ranked university with reasonable tuition rates. The University of Alberta ranks in the top 150 of the world and 5th in Canada.
When it comes to cost and rank, I would recommend applying to your desired high-ranked university like the University of Waterloo but then also apply to one or two other universities like Trent University, UNB or the University of Manitoba where tuition costs are much less. That way, when you get an admission offer, you can choose the offer that is best suited to your budget.
Can I Cover My Costs with a Scholarship?
Canadian universities offer some excellent scholarships, but they are not necessarily full-funded scholarships. There are only one or two universities (E.g.: UBC, Toronto) that offer full scholarships, and the competition is fierce. Here is a list of universities that offer good scholarships that will cover almost 100% of tuition but not necessarily cost of living.
University of Alberta – Their top international student entrance scholarship is application-based at $120,000 CAD. Tuition costs range from $28,000 to $39,200 CAD per year.
Trent University– Trent offers some of the best scholarships in Canada. It holds the #1 spot for scholarships. They have several scholarships that come close to covering most of the tuition costs at $28,000 CAD per year.
St Francis Xavier University – St Francis Xavier University’s tuition hovers around $21,000 CAD per year and they have a BBA application-based scholarship at $80,000 CAD.
University of New Brunswick – UNB has one of the best tuition rates in Canada, around $20,000 CAD. They offer the Lady Violet Aitken Scholarship for international students at $40,000 CAD
While all universities offer merit-based scholarships, other universities offer some excellent admission-based ones as well:
University of Windsor – International Student Excellence Scholarship at $20,000 CAD, among other scholarships.
MacEwan University – President’s Entrance Scholarship up to $14,000 CAD. Tuition is around $24,000 CAD per annum.
University of the Fraser Valley – With tuition around $20,000 CAD and their International Excellent Entrance Scholarship at $20,000 (renewable over 4 years), UFV is a university worth considering.
University of Northern British Columbia – Tuition costs at UNBC are approximately $25,000 CAD. They have scholarships up to $22,000 CAD (renewable over 4 years).
How Much is Cost of Living in Canada?
Cost of living in Canada varies from city to city. The average cost is around $15,000 CAD per year, but it could be more in Vancouver or Toronto which are ranked as Canada’s most expensive cities to live in. Less expensive places are Winnipeg, Manitoba and some smaller communities like Corner Brook, home to Memorial University, Grenfell Campus, Antigonish (St Francis Xavier University) and Prince George, BC (UNBC). A smaller community can give more points towards your PR application.
So how much money do you need to study in Canada? It all depends on the tuition cost at the university, available scholarships and living costs according to city and province. Costs can range anywhere from $35,000 CAD to $75,000 CAD or more.
For additional information on costs and affordability, talk to a Canadian, talk to me, contact me at Go 2 Canada Education Services.
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