Studying in Canada: what is it like?

Studying in Canada

Studying in Canada is getting more and more lucrative by the day. So, what is it like to be a student in Canada?

Recent M.Eng. (Computer Engineering) graduate from University of Toronto, Shreya Rajput holds a specialization in Analytics. She is also working part time with a startup that focuses on ML solutions. She took Scholar Strategy services before heading to Canada. She shares her candid feedback on Canada below.

Why did you choose studying in Canada?

During my application process, I remember having applied to 10-11 schools. Out of which 8 were American Universities. Back then the only country that I had in my mind was the U.S.A. Initially, my parents weren’t completely on board with the idea of their daughter moving to a foreign land for studies. After continuous persuasion, they did agree. As my mom’s cousin stays in Toronto, Canada gave them a sense of security and they wanted me to consider it as an option. And honestly, that was the point when I started looking into Canada, as a prospective destination for my masters.

I did some research on Canadian schools and found that Canada has some of the world’s top schools. However, the number of good universities in Canada is much smaller when compared to the USA and most of these schools are competitive. I did not want to compromise on the quality of education. Having said that, Canada would have been an option for me only if I made it into the top Canadian universities. I received my admit from T.A.M.U in April, and I was going to apply for my U.S student permit, that’s when I received my admit from the University of Toronto, which led me to reevaluate my options.

Studying in Toronto
Shreya’s first day at University of Toronto

While I was deciding between T.A.M.U and the University of Toronto, I spoke to my aunt. The only thing she told me was “In your age money and American lifestyle seems exciting but do consider a few years down the lane”. I think that statement greatly influenced my decision. Moreover, Canada is right next to the States. Then, Canadian schools not only offer one of the best educations but are more affordable compared to their counterparts in the U.S.A. The University of Toronto is one of the best computer science schools in Canada as well across the globe. I am happy with the decision I took. Also, Canada being an immigrant-friendly country makes a lot of things easier for international students.

Also read: MS in Canada compared to MS in USA

What have you most enjoyed in Canada so far?

Canadians are very nice people. With one-fifth of its population foreign-born, Canada is very diverse (at least Toronto where I live). I have found people accepting of different races. My favourite thing is the food here, you can literally find everything, from Mexican to Asian to Goan cuisine.

Another thing that I like here is that students can work part-time. It not only reduces the financial burden on the students, but also helps them gain some decent industrial experience before graduation.

What have you not liked about Canada?

Canadian universities are either research-intensive or Industry experience-oriented. The University of Toronto is a research-intensive school and in fact, most top Canadian schools are research-focused. I found the courses at the university are much harder and less industry-oriented (mostly thesis oriented) when compared to American Schools. I feel this is something that differs from school to school. Again, I am talking in the context of graduate courses.

Bachelor’s here is on par with the US. The job market is good. Toronto has many companies and it’s a growing market but, when I discuss the salaries and number of opportunities with my friend in Boston, the numbers are definitely lower. Then, rents are high in Toronto and Vancouver. As a student, it sometimes becomes difficult to afford it. The rent for a two-bedroom apartment in downtown (where most companies are located), is around 3500-3800$, while median salaries in software jobs are around 4500$ per month (after taxes).

Lastly, I am not a winter person, so I do find Canadian winters extremely long and harsh. 

What advice would you give to a friend thinking of studying in Canada?

I would advise my friends to look into school ranking, courses, and the job market for the program/field they intend to pursue. Canada like any other country has all kinds of schools- good and bad, and all universities offer different levels and quality of courses/curriculum. As mentioned earlier universities could either be research-oriented or industrial experience-oriented, make sure that the courses and universities you choose align well with your goals and interests. One suggestion would be, getting in touch with the seniors, and understanding their experiences to make an informed decision.

Additionally, researching the job market before choosing a country is important if you wish to work after your studies. Hence, I would strongly suggest that you research job opportunities in Canada in your field of interest. For instance, my field of education is software and there are tremendous opportunities in the Software Industry, which perfectly align with my career goals. But I have seen my friends struggle looking for jobs in the Hardware, Aerospace and Chemical sector.

Also read: Best Courses to study in Canada for Internationals

How easy or tough is it to get the work visa/PR in Canada?

Obtaining a work visa after post-graduation is easy. The graduate students receive an open work permit which allows them to work in Canada for 2-3 years without any employer sponsorship. The duration of the work permit depends on the course/program length. A course of less than a year entitles you only a year (or less) of work permit.

PR here is based on a point system and going to school in Canada can help you strengthen your profile. From what I hear, the ranking of your university also plays a role and, gaining at least one year of Canadian work experience could be beneficial. A lot of my seniors received their PR within two years of their graduation. While things are easy, being a part of illegal activities like working beyond 20 hours/week can jeopardize your stay in Canada.

Are you considering settling there – why or why not?

At this point, I am not sure about the settlement. I would like to stay another 4-5 years here. I want to live close to my family if that were not the case, then why not! Not being a winter person, the only reason I can think of to reconsider my settlement in Canada would be the winters, else I think it’s a great country to settle in, people here are very friendly and accepting.


To summarize, studying in Canada has its pros and cons. But for someone looking to settle in a peaceful, nature filled, warm hearted country that offers great quality of living, Canada is an option that cannot be ignored.

10 best study abroad loan providers – Indian banks, NBFCs or international lenders?

best-study-abroad-loan-providers

Let’s look at 10 best study abroad loan providers in today’s post.

After securing admission into your dream university abroad (MS, MBA or BS), you must organize the finances to cover the costly expenditures of a university, including living costs, tuition fees. Even though your parents might be able to aid you in covering the cost of education, taking a study abroad education loan to smoothly sail through higher education without any financial burden would be advantageous to you in many ways. 

The principal reason for students opting for an education load is to become financially independent and reduce the workload on their parents. Getting a loan can also be due to a lack of funds compared to the high cost of renowned universities in foreign countries. Sometimes, the savings are not enough to fund your education, so taking a study abroad loan becomes necessary.

Another major cause of students taking an education loan is when unexpected circumstances occur e.g., loss in parent’s financial matters. As a result, the loan money is used to fund the student’s education without any break.

Whatever the reason for opting for an education loan, maybe, once you must consider which loan to take. A mortgage is influenced by a number of factors, such as the interest rate, type of lenders, and the repayment policy. Therefore, a comparison and a list of outstanding loans are discussed here to help you in making an intelligent decision while taking an education load for studying abroad.  

Loan Providers for Study Abroad Aspirants

1 – Loan provided by National Banks

A significant advantage of taking a loan from national banks is that they have very low-interest rates compared to the other banking systems.

However, there are two main disadvantages to such loan schemes.

First of all, national banks need security if the loan amount is more than ten lakhs. It is often challenging for students to arrange security.

Secondly, hundreds of thousands of people apply for education loans via the national bank. As a result, the processing time is very long, making the entire process tiring. Moreover, such loans usually cover only the tuition fee with a minimal amount.

2 – Loan through Non-banking Financial Companies (NBFCs)

Major NBFC’s include Auxilio and Credila. NBFCs provide a good option for taking a loan; however, the main disadvantage is that the interest rate of the loan is very high. Moreover, some of the tax benefits are excluded in their loan schemes.

These companies mainly target student education loans. Therefore, they are much more focused on providing a good option for the applicant. They also offer highly customized loan plans for the students wishing to take a loan and study abroad.

The processing time of the NBFCs loan is very low. If your documents are complete, authentic, and verified, it is likely that the decision about the loan is made within 1 to 5 days. Options of unsecured loans, home service, and flexibility in the repayment schedule are offered as well.

3 – Loans by Non-Indian Lenders

Major non-Indian organizations offering a loan to the students are Prodigy Finance and Mpower. The details of these loans can be accessed very easily as they built very user-friendly applications and websites for easy accessibility. No security is necessary for many of the loans through foreign lenders. Moreover, the rate of interest is lower than the other lenders.

On the other hand, these loans have their disadvantage as well. Usually, the loans do not cover all of the expenses associated with studying and living abroad. About 15% to 20% of the fee and other expenses have to be paid by the students themselves. These companies do not enjoy the tax benefits as they are foreign-based. Even though the interest rate is low, the amount ultimately repaid can be much higher than the original amount due to the depreciation of the country’s currency.

The processing fee is very high for foreign loan lenders. This is because they work very rapidly and efficiently, so the charges are high. Moreover, only a restricted number of universities are covered by foreign lenders.

4 – Foreign Loans

Foreign loans have a very low rate of interest, from about 2% to 5%. Moreover, no collateral is necessary for the majority of these loans.

The disadvantage of a foreign loan is that it can only be taken on the guarantor’s name. You need to get someone very close to take out the loan on his or her name.

In order to conclude about the best choice between an Indian lender and a foreign loan provider, every applicant must determine and smartly calculate the total loan needed and rate of interest that you will have to pay according to the policies of each lender.

In international lenders, the interest rate is very low compared to the Indian banks. However, the currency keeps fluctuating over time so a final calculation cannot be made about the repayment amount. On the other hand, Indian lenders have a high-interest rate, but you will be able to calculate the definite repayment amount and plan the schedule accordingly.

Therefore, every applicant must decide between the Indian and international lenders, depending on their specific situation.

Also read: How to get a Study Abroad Education Loan?

Ten best study abroad education loan providers

A number of options, Indian banks, as well as international lenders, are available for students to get study abroad education loan. Some of them are (in no particular order):

  1. State Bank of India
    It offers a maximum loan of RS 20 lakhs with an interest rate of 10.5% per annum.
  2. Axis Bank
    It is a good choice for customized loans with an amount greater than 20 lakhs. The interest rate of Axis Bank is 13.7% above 7.5 lakhs.
  3. HDFC
    Applicants can take the maximum loan of 10 lakhs from HDFC, with the rate of interest being around 13% per annum.
  4. State Bank of Mysore
    It can lend a maximum of 40 lakhs to make your dream of studying abroad come true. The interest rate varies from case to case.
  5. Avanse Financial Services
    It has no limit on the maximum loan. Applicants can discuss their specific cases with the bank representative. The interest rate at Avanse Financial Services is 11.7% above ten lakhs.
  6. Prodigy Finance International Student Loans Company
    Some students face immense difficulty in getting a goal from Indian lenders. However, many global options are present in this industry. One of the most popular ones is the Prodigy Finance Loans Company. It has various schemes and options for applicants.
    The range of the loan offered is from 10 lakhs to 1.5 crores. No major security is required in this loan scheme, and the interest rate is from 11.57% to 13.57%. A big but is – they support only a limited schools.
  7. Credila
    It does not specify any limit on the loan.An interest rate of about 12% is present above the loan of 7 lakhs.
  8. Indian Overseas Banks
    It offers the maximum loan of 40 lakhs and an interest rate of 12.25% above 7.5 lakhs.
  9. Allahabad Bank
    With the limit of 50 lakhs loan, Allahabad Bank has an interest rate of 10.85% above 7.5 lakhs.
  10. Syndicate Bank
    It offers an optimum loan of 50 lakhs and an interest rate of 12.25% for the amount of more than 7.5 lakhs.