Education funding options for Indian students in Canada

Canada is a highly preferred destination for Indian students looking to study abroad. It has many prestigious schools, including the University of Toronto, which was in the top 20 in U.S. News & World Report’s ranking of the best global universities.

However, the cost of studying in Canada can be expensive. Tuition fees vary widely, typically ranging between CA$7,000 to CA$22,000 (INR 4,20,000-INR13,20,000) per year according to EduCanada. Additionally, the government of Canada estimates living expenses cost approximately CD$15,000 (INR 9,00,000) annually.

If you’re wondering, “How can I finance my education in Canada as an Indian student?,” there are several funding options available.

1. International students distributed across CanadaIn 2023, Canada hosted over one million international students, a significant increase from previous years, with Ontario and British Columbia having the highest concentrations. Key statistics include notable growth and the Canadian government’s recent introduction of a cap on study permit applications.Source: monitor.icef.com  Canada
2. 70% of international students plan to apply for a post-graduate work permitWith about 70% of these students applying for work permits postgraduation, the PGWP remains a critical pathway for retaining global talent. In 2024, Canada imposed restrictions that require college graduates to be in specific fields to qualify for a PGWP.Source: cbie.ca
3. 57% of international students plan to apply for permanent residence in CanadaA significant 57% of international students in Canada plan to apply for permanent residence, often through programs like the Canadian Experience Class (CEC) or Provincial Nominee Program (PNP).Source: cbie.ca

1. Scholarships, fellowships and grants

If you’re not eligible for financial aid from the Indian government or need additional financial support, you may qualify for international scholarships, fellowships or grants from Canadian institutions.

For example, Global Affairs Canada offers the Study in Canada Scholarship, which provides up to CA$12,700 (INR 7,62,000) for international students.

Scholarships are highly beneficial because, unlike loans, they do not require repayment. You can explore scholarships tailored for Indian students through platforms such as InternationalStudent, eduPass and EduCanada.

MPOWER Financing is a mission-driven organization dedicated to removing financial barriers for talented students and making higher education accessible to individuals from all over the world through student loans and scholarships. MPOWER offers an Udaan India Scholarship up to US$5,000 for promising Indian students pursuing postgraduate STEM programs.

2. Financial aid from the Indian government

Several Indian government schemes provide financial assistance to students pursuing higher education in Canada:

1. National Overseas Scholarship (NOS) – Covers tuition fees and living expenses for students from economically weaker backgrounds. (Source: Ministry of Social Justice and Empowerment, India)
2. J.N. Tata Endowment Loan Scholarship – Provides interest-free loans to Indian students studying abroad. (Source: Tata Trusts)
3. Inlaks Shivdasani Foundation Scholarship – Funds postgraduate studies in Canada. (Source: Inlaks Foundation)
4. KC Mahindra Scholarship for postgraduate studies abroad – Offers financial assistance up to INR 10,00,000 for master’s degrees abroad. (Source: Mahindra Trust)

3. Work-study programs for Indian students

Many schools operate work-study programs for international students. If your selected university has a work-study program, you can work part time and earn money to cover some of your education expenses.

Work-study programs always pay minimum wage or higher, but there are often income restrictions. Contact your school’s registrar or financial aid office to find out what options are available.

4. Part-time jobs in Canada

If your school does not have a work-study program, you can apply for part-time jobs independently. Canada allows international students to work on campus or off campus while studying. Some popular job platforms include:

• Part-Time.ca
• GrabJobs.co
• Indeed Canada

After completing your studies, you can apply for a post-graduation work permit (PGWP) to work full time in Canada.

5. MPOWER Financing – The best private education loan for Indian students

MPOWER Financing is a leading provider of education loans for Indian postgraduate students studying in Canada. Unlike traditional lenders, MPOWER Financing does not require a cosigner or collateral to qualify for a student loan.

• Loan amount: Up to US$100,000 (INR 83,00,000)
• Repayment terms: In-school interest-only payments and for six months after graduation with no prepayment penalties
• Eligibility: Available for postgraduate students at top Canadian universities

Indian students can apply online and receive a loan decision within minutes.

Apply for an MPOWER Student Loan

Studying in Canada can be an excellent way to get an outstanding education and experience another culture, so don’t let the cost keep you from pursuing your dreams. There are several financial aid opportunities and funding options that can help you pay for your education.

Once you’re ready to go abroad, you’ll want to find a Canadian bank to help manage your finances. TD Bank* offers an exclusive International Student Package with no transfer fees and unlimited monthly transactions – plus more benefits designed specifically for international students! Learn more and get ahead with your finances here.

* TD Bank is a partner with MPOWER Financing, and MPOWER may receive compensation for successful referrals.