Study Abroad | 6 Things To Research To See If You Can Afford Your Canada Study Trip

The first step for your affordability check is to research your course fees at your particular institution. The tuition fees will form the bulk of your costs and this is one area you cannot afford to get wrong!

Depending on your university, city and course type, course fees can vary widely, especially if you are looking to learn specialised fields such as medicine, engineering or the sciences. Be sure to double-check that your fee listed covers the entire duration of your program and isn’t just a yearly estimation.

You can use our course finder here to do some research on your course fees!

After your tuition fees, the next big majority of your costs will be your day to day living expenses.

Depending on the city you live in, this could range anywhere from CAD 2,000 to over CAD 3,500 every month!

If your university is located in a big city such as Toronto or Vancouver, then you need to be prepared to pay a handsome cost of living in order to enjoy the amenities and opportunities present in such a big metropolitan city.

Be sure to sum up the following costs including:

• Your accommodation

• Your food and entertainment -

• The medical and health costs -

• Transportation -

• Travelling & holiday expenses

You can refer to this quick guide to help you understand more about the cost of living in each Canadian city.

Raising funds for your overseas education can get difficult and that’s why it’s important to seek out as many avenues as possible.

There are many scholarship opportunities available for international students to apply for. Many of which are spread across undergraduate and postgraduate programs.

These can be full sponsorships across your entire school term that includes your cost of living and lodging, however, many are grants and cash awards after you complete a semester of study.

You can learn more about the scholarships available in Canada on their official website as well.

There are also various financial aid programs that you can also explore. Our education counsellors will be more than happy to help assist you with identifying and applying for the one that suits you best.

How much savings do you have? Do you have a skill that can help you earn income abroad? Or do you need to work while you study?

All these are serious questions that you need to ask yourself in order to better if you need to carve out time now to earn more money or if you will need to live on more of a budget when you travel overseas and earn income there as well.

So take the time and list out your savings and any potential income sources that can generate you money, especially once you reach Canada.

While it might be tempting to live it up and stay on your own in Canada, this can be an expensive option. Rent can easily swallow up 30 to 50% of your monthly budget and if you can find a cheaper accommodation option, you can save a huge amount of money.

Do you have family or friends living in the city you are travelling to? Then it is best to contact them and ask if you can work out an arrangement to live with them.

If that isn’t possible, you might want to seek out other students travelling to the same city as you and see if renting a home together is feasible to save costs.

Ideally, if there are campus accommodations, you should consider taking the opportunity to live on campus. Not only will you save on your lodging, but on your transportation cost as well.

Now that you have all these prepared, the final step is to create a budget plan. It will help you plan ahead for the years ahead, making sure you know whether you are on budget or if more cutbacks are needed from your lifestyle.

You want to ensure that you include:

• How much money you can spend in a week

• How much money you have set aside for a medical emergency

• How much funds you have for leisure and travel during school breaks

• How much you can afford for your big purchases (Furniture, computer, school supplies)

• Your monthly expenses including phone bill and transportation pass

Do panic if you find the sums to be too small, there is always time to plan ahead to work as you study or to start applying for scholarships so that the money saved on tuition can be used for your living expenses!

Thinking of furthering your studies and pursuing a rewarding career in Canada?

We can help assist you with selecting the best colleges and cities to live and study in.

At IDP, we have an experienced and friendly team of education counsellors that can answer your questions and take you through the different universities and course application process.

Get started with a free counselling session today.