Funding your studies in Canada

In short

• Government aid: one application to your province gives access to scholarships (up to 4 200 $/yr from the federal government) and to loans (up to 300 $/week, interest-free federally). Most provinces no longer charge interest on their portion; Ontario (prime + 1 %), Quebec (prime + 0,5 %) and Alberta (prime) do charge.
• Ontario 2026 : the reform announces a maximum of 25 % of RAFEO aid as scholarships, versus a previous maximum of 85 %, and a minimum of 75 % in loans. Check the individual calculation and the rules of your program.
• Banks: student lines of credit from 60 000 $ to 80 000 $ at the 1st cycle (prime + 0,5 % to 1 %), with a cosigner; up to 400 000 $ in medicine and dentistry, at a below‑prime rate; 100 000 $ to 150 000 $ in law; 125 000 $ for an MBA.
• Savings: RESP with 7 200 $ of federal grant, 2 000 $ of Canada Learning Bond for low-income families, Quebec RESP incentive; RDSP for adults (up to 20 000 $ withdrawn from RRSP).
• International: scholarships and exemptions, funding from the country of origin and some solutions with a co-borrower. Check the conditions of each offer, as well as the funds required to be demonstrated before departure.
• Watch: federal apprentice grants have been closed since 2025, and the federal full-time grant is no longer offered at most for-profit private schools since August 2026.

Options map

Locate the different sources, their cost and the access conditions. Scholarships and exemptions are a good starting point; other levers combine depending on your situation.

Government aid: Canada and each province

Government aid is the first door to knock on: a single application, made to the province of residence, gives access to federal and provincial scholarships and loans. It is reserved for citizens, permanent residents and protected persons.

A student from Ontario who studies in Quebec or elsewhere always applies to OSAP (Western).

The federal component

All provinces except Quebec, the N.W.T. and Nunavut, which have their own programs.

• Grants (non-repayable), 2026-2027 : up to 4 200 $/yr for full-time, 2 520 $ for part-time, 2 800 $ for those with a disability, 280 $ per month per dependent child (Canada.ca).
• Loans: up to 300 $ per week of study (10 200 $ for a 34-week academic year), interest-free (government note).
• Repayment: begins 6 months after finishing studies. The Repayment Assistance Plan (RAP) can allow zero payments under 3 866 $ of gross monthly family income for a single person, subject to eligibility. An application must be submitted and renewed every 6 months. Provincial thresholds may differ. Canada.ca
• Since 1 August 2026: most students at for‑profit private institutions in Canada are no longer eligible for full‑time federal grants, with some exemptions. Other supports may remain available. For‑profit private institutions abroad are subject to a broader restriction. Official rules

Province by province

Banks and credit unions: the student line of credit

The standard banking product is the student line of credit, not a loan. You pay interest only on what you use during studies, and principal repayment begins 12 to 24 months after.

Unlike the federal loan, interest accrues from the first dollar, and a cosigner (often a parent) is almost always required for the 1st cycle. It is used after government aid, not instead of it.

Rates are variable and follow each bank's prime rate. The ScholarshipsCanada article is dated 21 March 2026.

The Quebec loan at the bank: in Quebec, the AFE loan is disbursed by a bank or credit union (Desjardins, National Bank, BMO, etc.). No interest is payable during studies; thereafter, prime + 0,5 % variable, or a fixed rate.

Credit unions: credit unions outside Quebec (for example Alterna) also offer student lines, often comparable to banks; check locally.

Lines of credit for professional programs

For medicine, dentistry, law, pharmacy or the MBA, banks lend much more and cheaper: up to 400 000 $ for medicine, at a rate below prime. They are betting on the graduate's future income.

A cosigner is often not required, but these lines are reserved for citizens and permanent residents, except at TD.

Sources: CIBC Professional Edge, TD, Desjardins, RBC, BMO and Scotia. Rate caps and spreads off prime are indicative, subject to the program, the file and prevailing conditions. Tables retain the comparisons from the reference document; offers must be confirmed with the lender.

What differs from one bank to another

• Payments during studies: Scotia requires no payments and defers interest; CIBC, TD and Desjardins require interest payments monthly; National Bank requires nothing for health and engineering, but capitalizes interest (BNC health).
• Post-graduation grace period: up to 24 months for medicine, dentistry and optometry (CIBC, Scotia); 12 months for most other programs. With CIBC, the period begins after residency or the Bar internship.
• Rate below prime: reserved for medicine and dentistry (CIBC, RBC, BMO; National Bank for health: prime − 0,25 %).
• Government loans: Scotia reduces the authorized limit of the federal student loan amount.

Savings and registered plans

The RESP is the most cost-effective source for a family, because governments add free money: up to 7 200 $ from the federal government, plus 2 000 $ for low-income families, plus a provincial amount in Quebec and B.C.

These plans are only for Canadian residents.

International students: what is available to them

Your plan can draw on multiple sources: institutional scholarships, tuition waivers, support from your home country and, in some cases, credit with a co-borrower. Start with options that match your country, institution and program.

General provincial student aid is distinct from targeted international scholarships. Some Canadian programs fund study or research stays under conditions: also consult EduCanada international scholarships.

What they must prove before arriving

• Proof of funds for the study permit: 23 448 $ for first-year living expenses (single person, applications from the 1 Sept. 2026), in addition to first-year tuition and transportation. A GIC (guaranteed investment certificate) from a participating bank is accepted (source).
• Quebec: the CAQ is required and Quebec’s financial standards apply, distinct from the federal table.

Financing options

Work during studies

• Off campus: up to 24 hours per week during study sessions; full-time work during scheduled breaks, if all eligibility conditions are met. Official conditions
• On campus: no federal hourly limit for students who meet the on-campus work conditions of their study permit. Check the conditions
• Mandatory co-op placement: since 1 April 2026, eligible international postsecondary students no longer need a separate co-op work permit for a placement required by their program. IRCC criteria and the institution’s authorization remain applicable; secondary-school students follow different rules. Official conditions
• Spouse: open work permit only for spouses of master’s students of 16 months or more, PhD students, or certain professional programs (since 21 Jan. 2025).

Other sources: work, apprenticeships, emergency funds

Red Seal trades apprentices

• Canada Apprentice Loan : up to 4 000 $ per block of technical training (up to 20 000 $ total), interest-free during training. Available everywhere except Quebec, which has its own program.
• Employment Insurance: possible during blocks of technical training.
• Closed: the Apprentice Incentive Grant and the Apprenticeship Completion Grant have not been accepting applications since 31 March 2025 (Canada.ca).

Working while studying

• University work-study: student jobs on campus, with conditions specific to each institution. At the University of Toronto, the program provides up to 15 hours per week and a total cap per session; check eligibility, available positions and allowed hours. U of T
• Co-op programs: some placements integrated into the program are paid and can contribute to expenses; payment and obtaining a placement are not guaranteed.
• Employer: many employers reimburse the fees of a program related to the job.

Schools’ emergency loans and grants

• Waterloo : interest-free loan up to 1 000 $ (full-time), to be repaid in 90 days, open to internationals.
• University of Alberta : interest-free loans and emergency grants for internationals whose funds are delayed.
• Other examples: Brock, Calgary, Dalhousie. These funds cover rent or a delayed disbursement, not tuition.

First Nations, Inuit and Métis

The Post-Secondary Student Assistance Program can support eligible First Nations students: tuition, books, travel and living expenses, up to 53 000 $ per year, subject to available funds and the rules of the responsible organization. Inuit and Métis have separate strategies and organizations. Indspire also offers bursaries: check the dates of the current campaign. Guidelines 2026-2027 · Indspire