How to fund your child’s masters in Canada?
The costs of a master’s degree in Canada can be anywhere up to 22,88,090.71 lakhs. The course structure is 1-2 years, including research and coursework.
As the structure of college fees and syllabus varies from university to university, you must plan the finances. Apart from the education expenses, the guardians must meet every child’s needs, from a laptop to a mess and study tour expenses.
Should your child study master’s in India or Canada?
The table here will help you find the apt answer to your question:
|Parameters||Masters in India||Masters in Canada|
|Total Costs of Masters||₹ 2-4 lakhs (yearly)||Around ₹ 15-30 Lakhs (Yearly) (Minus the living costs)|
|Job opportunities||If you own a Masters’s degree from a reputable college, you may get grab a handsome package in a reputed company.||Students pursuing a PG (Post-Graduation degree in Canada, mainly apply for Master’s in Healthcare, tech, and engineering is highly searched for by reputed companies.|
|Education standards||Good research opportunities matter more than the coursework program||Universities in Canada ensure top-notch research faculty. As per QS Education System Strength Ranking, Canada is among the top 5 educational standards.|
|Top Universities||University of Delhi Banaras Hindu University, IIT Delhi, IGNOU||University of Toronto McGill University University of British Columbia|
|Fresher’s salary||The average salary of a fresher after a master’s in India is Rs, 20,000/month.||The average salary of a fresher after a Masters’s in Canada is around 2,68,527/month.|
|Should you consider India or Canada?||If you want to remain around family, share uncertainty regarding jobs abroad, and seek affordable education, India is the best place to be.||If you want to ensure a high standard of living, have sufficient financial backup, and be confident about your skills to gain opportunities, you can pursue Masters in Canada.|
How much you must save for your child’s master’s in Canada?
You would need to save around 3-17(approx.) lakhs in a year for 5 to 10 years to comfortably send your child to study in Canada.
It is a fairly expensive country which means your savings fund needs to be sufficient to help them manage expenses despite the rupee fall and increase in the prices of goods and services.
6 ways to fund masters in Canada
The expenses are hauntingly terrific. Here is how you can cover up tension-free:
1. Mutual Funds
Mutual funds are the best way to invest and reap returns after some years., If your child has around 5-10 years to get into university, it is advisable to invest in mutual funds.
These funds help double up your investments if invested for a long time. Moreover, it will help you counter inflation in the later years. These are subjected to market risks. Hence, consult an expert before investing.
To qualify for scholarships in Canada, one must maintain an average of at least 80%, as determined by the Admissions and Financial Awards Office. Applicants with a higher than 80% average may qualify for large scholarships.
Global Affairs in Canada (GAC) provides multiple scholarship programs to international students to qualify. These include scholarships from Government and Research Council. The country also offers scholarship programs for talented postgraduates aiming for Canada.
There are more ways to apply for scholarships from India to Canada:
- Agence Universitaire de la Francophonie (AUF) is the largest network that provides higher education across the globe. You may make application for a grant to fund education for up to 10 months.
- International Scholarships from Canadian universities.
3. International grants from different Canadian universities
There is a different criterion to apply for grants from Canadian universities. Students from Nunavut, Quebec, and Northwest territories are subjected to following the distinct procedure to apply for grants.
Some Canadian universities offer individual scholarships to international students applying to a particular university. Before applying for a university, check whether or not it offers any grant or scholarship. The qualification criteria may vary from university to university in Canada.
4. Research council scholarships in Canada
The government of Canada and the Research Council provides scholarships for international students. To ensure the highest research standards, Canada provides research grants for academic works in different fields in Masters. Check the eligibility criteria for the research council Scholarships.
Read more: Should you consider Master’s or PGDM in Canada?
5. Accelerate programs
It is for full-time postgraduate international and national students in Canada. These programs fund interesting project ideas and help build networks to establish business outside Canada.
In this, students must qualify for the standards set up by the accelerate program. By doing so, the individual can earn a stipend of up to $10,000 for four months.
6. Education Loans:
Finally, you can always opt for an education loan when you have exhausted all your efforts. Connect with the best banks that offer help interest rates, and help your child figure out a repayment plan.
You can easily fund your child’s masters in Canada if you start saving and investing early on. Find out the cost using the college cost calculator and explore the recommended funds that can help you scale your child’s education corpus in no time. Don’t forget to consult a financial advisor before starting.
Consult an expert advisor to get the right plan for you
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