Financial aid granted for academic or extracurricular achievement is known as a scholarship, or sometimes a grant. Students who receive scholarships do not have to pay the money back. Scholarships may be offered by institutions, organizations, governments, or individuals.
Financial aid granted on the basis of economic need is known as a bursary. As with a scholarship, students who receive bursaries do not have to pay the money back. Universities and colleges may offer bursaries to students who meet certain requirements. Students who apply for bursaries are usually required to undergo a needs assessment, and may have to provide information about their income, or their parents’ income.
International students in Canada have access to student loans on the same terms as Canadian citizens or permanent residents. Consequently, international students in Canada pay the same interest rates and have the same repayment schedule as Canadian citizens or permanent residents.
All the information is taken from www.candavisa.com website.
School is hella expensive, especially if you’re an international student. Check out scholarship postings and info on other financial aid, loans and bursary options that may be available.
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