What If You Don't Have Enough Money to Study in Canada?

HALIFAX, Nova Scotia - April 8, 2025 - PRLog -- Not everyone can immediately show CAD $40,000+ in their bank account. If you fall short of the financial requirements, here are practical ways to still pursue your dream of studying in Canada.

IRCC increased the required proof of funds for international students to CAD 20,635, not including tuition or travel costs. If you fall short of this amount, consider applying for scholarships, securing an education loan from a recognized financial institution, or getting support from a sponsor (family or friend).

The Student Direct Stream (SDS) pathway also allows students to show financial readiness using a Guaranteed Investment Certificate (GIC). Some students opt to defer their admission or choose institutions with lower tuition fees. IRCC emphasizes that students must demonstrate readily available and legal sources of funding. Be cautious—never submit fake documents. Explore all legal financial support options to strengthen your Canada student visa application in 2025.

Alternatives to Show Financial Readiness:

1. Apply for Scholarships and Bursaries:
• Look for merit-based or need-based scholarships from Canadian universities.
• Some scholarships cover both tuition and living expenses.

1. Get a Co-signer or Sponsor:
• A parent, relative, or close friend can act as a sponsor.
• Provide a sponsorship letter and their financial proof.

1. Take an Education Loan:
• Apply for a loan from a recognized bank.
• Secure loan documents and ensure timely disbursal before applying for a visa.

1. Switch to SDS Stream with GIC:
• Deposit CAD $20,635 in a Canadian bank as a GIC.
• Strongly supports your study permit application under SDS.

Caution:

• Never submit fake or manipulated documents.
• Consider deferring admission or opting for cheaper institutions if funds are insufficient.

Be sure you are well aware about minimum bank balance required for canada study visa (https://www.pa-ic.com/canada-student-visa-bank-balance-an...).