The new school year is just around the corner and getting back into the swing of things can be overwhelming. It is essential to sort out your finances before the new school year. Although this may not seem the most exciting task, it’s best to budget appropriately.
You first need to ensure you have a student bank account in your school’s country. Many central banks in Canada offer student incentives such as discounted packages, financial advice, and planning, so make sure you shop around and do your research.
If you are planning to receive government student funding, you need to contact that financing body to get the ball rolling. For example, in Ontario, the financing body is
OSAP (Ontario Student Assistance Program), and in the United States, there are several loan options for student funding.
You should carefully evaluate how much money you will need to study in the country you are attending school. Then you will need to research and apply for scholarships or financial aid. Once you have exhausted those avenues, most international students will have a funding gap, which is where international student loans come in.
What is an international student loan?
Most Canadians or US citizens have access to
federal funding; however, international students don’t have this option; instead, they have specialized private-funded loan options that can be flexible in payment terms and interest rates.
Is an international student loan right for me?
In some instances, international loans are unnecessary for those who use foreign exchange companies or banks to pay their tuition and fees.
Benefits of choosing a Foreign Exchange Company
At
CanAm Currency, we have a team of FX traders that focus on managing your foreign exchange needs, which include sending tuition payments on your behalf at a discounted rate that is significantly better than the banks.
If you leave Canada to study abroad in the United States, you will most likely have to pay international student tuition. You will need to convert your Canadian dollars into US dollars to make your tuition payments. With overseas tuition payments already being incredibly high, you will want to ensure you receive the best possible exchange rate.
Banks typically charge a markup of 4-5% while also charging additional international wiring fees. At
CanAm Currency, we make it easy to set up an account with us by filling out a simple form with basic banking information and security questions. Once your account is set up and you have provided us with the details of where to send the money, we will directly make the payment on your behalf (free of charge).
We will then send you a receipt for your records while ensuring the payment is received within one-two business days.
The money you save through a foreign exchange company like
CanAm will add up significantly over the years. This means extra spending money in your pocket and less student debt to pay back once you graduate.
To find out more information, contact us directly to speak to one of our FX traders!
