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Newcomer’s Guide to Loans and Grants

Posted by: NIC Online Date: August 14, 2023 Category: Blog

It's no secret that Canadian newcomers are encouraged to pursue their dreams. One aspect of landing a dream career is through loans and grants for education and training. Many newcomers - even those with plenty of work experience - sometimes require added education or training to meet Canadian standards. Continue reading to learn about ways to access loans and grants!

Research and Understand

Learning about the available options is the first step! Start by researching programs and organizations that provide financial aid to newcomers. If your desired job is regulated, connect with regulatory bodies to learn about specific requirements. 

Government Loans and Grants

The Government of Canada offers several loans and grants to support education and training. The Canada Student Loans Program provides loans based on financial need, helping students pursue higher education.

Funded by the Government of Canada, Achēv’s Accelerating Career Advancement program provides financial loans and career counselling to internationally trained individuals who are looking to return to their chosen profession. Click here for more information.

Additionally, the Canada Student Financial Assistant Program can help pay for education. There are also non-repayable grants to eligible students, including those from low-income families, students with dependents, and students with permanent disabilities.

Apart from federal programs, provinces and territories in Canada provide local loans and grants for education and training. These programs may have specific eligibility criteria and requirements, so it's important to research the options available in your area.

Scholarships and Bursaries

Scholarships and bursaries are excellent sources of financial assistance for newcomers pursuing education and training. Many public and private institutions offer scholarships based on academic merit, leadership skills, community involvement, and specific fields of study. On the other hand, bursaries are usually awarded based on financial need. Research and apply for these opportunities to increase your chances of obtaining funding.

Professional Associations and Organizations

Numerous professional associations and organizations in Canada offer grants and scholarships to newcomers in specific fields. These grants aim to support individuals who wish to return to their desired careers by offering financial assistance. Reach out to associations in your industry to explore the available options.

Financial Institutions

Banks and credit unions in Canada often provide loans tailored to newcomers. These loans can help pay for education and training fees, living expenses, and other related costs. Contact local financial institutions to learn more about their available options for newcomers.

Settlement Services from Nonprofits

Lastly, many local nonprofit organizations are happy to assist newcomers with various aspects of their settlement journey, including accessing financial aid for education and training. These organizations can provide valuable information, guidance, and support in finding loans and grants for your needs.

Newcomers in Ontario

Looking for more help with your settlement and employment needs? Newcomers in Ontario can access free support services offered by NIC Online. Gain access to free resources, webinars, and counsellors that will help with employment and settlement needs. 

Click here to create your account today!

NIC Online is coordinated by Achēv and funded by IRCC

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