How to Finance Your Childs Study in Canada?

Major expenses to be met in Canada

We believe a child education is the most crucial investment for parents, and most educated parents usually start planning about their child education even before birth. While elementary education is quite affordable in India and most parents provide it to their children, higher education is a concern for most 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 about managing finances while the child prepares to move to an international institute for higher studies. Here is a blog to guide the parents on managing finances for their child’s education in Canada.

  • Cost of Education, depending upon the choice of program
  • Future career prospects post successful completion of the program 
  • Cost of education and living expenses in Canada
  • (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 a little worried about how to manage funds, You have the following options available to manage funds for your child’s education in Canada:

  1. Explore scholarship and fee waiver options, if your child is bright enough and is exceptionally talented. An implied scholarship option can significantly reduce the money needed for your child’s education in Canada.
  2. Educational Loans can also be considered from a bank in the home country. Many banks these days are offering educational loans for students aspiring to move abroad for higher studies at attractive interest rates.
  3. Working while studying is a realistic and practical option available to manage finances. Part-time work options while studying, on the one hand, will reduce the financial burden, and on the other hand, it will make the child self-dependent and 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 indeed allow you to fulfil your objectives. For more information, visit your nearest Canam Office.