How to Finance Your Childs Study in Canada?


Major expenses to be met in Canada

Education of a child, I believe, is the most crucial and lifelong investment for parents. Most of the educated parents usually start planning about their child’s education even before the birth of the child. While elementary education is quite affordable in India and most of the parents manage to provide it to their children, higher education is a matter of concern for the majority of Indian parents’ especially if it has to be from an international destination.

Under such circumstances, there is a need for an expert who can guide and provide adequate information related to managing finances while the child prepares to move to an international institute for higher studies. Here, is an article to guide the parents on how to manage finances for their child’s education in Canada.  

  • Cost of Education, depending upon choice
    of program
  • Future career prospects post successful
    completion of the program 
  • Cost of education and living expenses in
  • (GIC is Guaranteed Investment Certificate
    under which CAD$ 10000 is to be paid to the Scotia bank in Canada)

Managing funds to study in Canada

In case you have decided to send your child to Canada to pursue higher studies, and you are little worried about how to manage funds then you have the following options available to manage funds for your child’s education in Canada:

  • Explore scholarship and fee waiver options, if your child is bright enough, and is exceptionally talented. If implied scholarship option can significantly reduce the amount of money that need to be spent on the education of your child in Canada.
  • Educational Loan can also be considered from a bank in the home country. A lot of banks these days are offering educational loans for students aspiring to move abroad for higher studies at attractive interest rates.
  •   Work while study is a most realistic and practical option available to manage finances. Part-time work options while studying, on one hand, will reduce the financial burden and on the second hand, it will make the child responsible.    
  • So, all the parents who have dreamt about sending their children to Canada, for education purposes but have not been able to make this dream come true, so far due to financial constraints, the above options will surely allow you to fulfill your dreams. For more information, visit your nearest Canam Office.

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