Day: September 18, 2021

Canada GIC For International Students

Study Abroad Requirements, top20
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Canada GIC for international students

What Is A GIC?

A GIC (Guaranteed Investment Certificate) for international students is the proof of funds required for a student’s Canadian visa/Canada study permit application. The Canadian government needs an assurance that once a student lands in Canada, he/she has sufficient funds (minimum 10,000 CAD) to cover their living expenses for at least one year. A Canada GIC for international students would prove this. 

GICs lock in the funds for a predetermined time with a fixed or variable interest rate. The interest rate is directly proportional to the time chosen i.e. the longer the time, the higher the interest rate.

Types of GICs For International Students

There are 2 types of GICs:

  • Cashable or Redeemable GICs
    In a cashable/redeemable GIC, financial institutions allow the holder to redeem or cash out their principal before maturity. Interest rates are typically lower.
  • Non-Cashable GICs
    A Non-Cashable GIC cannot be cashed in before the maturity date. The funds are locked in for a specific term. These yield a higher return.
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How Does A GIC Work?

A GIC acts as a savings account that offers fixed returns to all eligible candidates over a period of time.

Once a student owns a GIC, the interest is paid out to their savings account at regular intervals or it can be added to the initial investment and paid at maturity. 

When the term is over, and the GIC matures, the student can choose to automatically invest in another GIC or have the earnings deposited into his/her savings account.

How Is A GIC Different From A Regular Savings Account?

  • Interest rates for a GIC do not fluctuate unless the student has opted for variable interest rate. 
  • GICs are typically non-redeemable. If he/she decides to break the non-redeemable GIC, they may be charged a penalty. 

Benefits Of A Canada GIC For International Students

  • Low-risk and predictable returns.
  • The principal amount is insured.
  • A good option for short or mid-term financial goals.

Quick GIC Facts

  • A Canada GIC for international students is needed to qualify for a student visa/Canada study permit.
  • An advantage of the program is that the student will have access to a Canadian bank account once a student account is set up in his/her name.
  • As an alternate option, some universities allow students to submit a copy of:
    The receipt for the first year’s tuition fee
    An Educational Loan from an Indian Chartered Bank equivalent to CAD 10,000.

GIC For International Students: FAQs

What is the minimum & maximum amount that can be transferred into a GIC account?

Min: CAD 10,000 + 200 (processing fee)

Max: CAD 50,000 + 200 (processing fee)

What will be the monthly disbursed amount?

An equal monthly instalment of principal and interest will be paid from your GIC account into the student’s savings account for 12 months.

What if my VISA gets rejected?

 If your VISA gets rejected, the entire amount deposited will be refunded back. However, the student needs to provide valid documents to support it.

What does a student have to do after arriving in Canada?

After reaching Canada, the student must do the in-person verification at the nearest branch of the GIC Account bank. With few banks, the verification can be done for your Canada GIC for international students at the nearest post office.

Speaking of arrival in Canada, if you’re looking for indirect flight routes from India to Canada, you can find them here.

Can a third-party in India transfer or deposit funds into my GIC Account?

GIC For Students: Why GradRight Is A Good Option!

GradRight’s additional services, GradOns has partnered with ICICI Bank to help Canada-bound international students open a GIC Account. But why should you choose GradOns for your GIC?

  • ICICI Bank is one of the most popular options for Indian students heading to Canada.
  • Receive the Proof of Funds Certificate within 24 hours & if the source account is ICICI, then within 3 hours.
  • 24/7 customer support in India and Canada.
  • Debit Card delivered at Indian residence before travel.
  • Operate the account from India.
  • Low rejection ratio.
  • Avail Credit card at no annual fee.
  • Cashbacks & offers are available.
PS: We recently did an Instagram Live session with Mr Venu Chinta, Product Solutions Manager, ICICI Bank Canada. The live session revolved around topics like Canada GIC for international students, Forex and prepaid cards. Make sure you check that out. 

Click on ‘GradOns’ below to get started with your GIC Account.
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Types of Scholarships for International Students

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Scholarships for International Students: The types

“Study abroad is expensive”. That’s the most common myth about studying abroad.
While the tuition fees and living costs might seem “beyond the budget”, there are ways for students to lower their overall cost of education. One such way is through scholarships and financial aid. And there are plenty of scholarships for international students, no matter where they’re from.

The process involves a lot of research. One of the first steps is to identify the different types of scholarships available.

In this blog, we give you 6 different types of scholarships for international students.

Types of Scholarships for International Students; Meri-based, University, country specific, government, private and bursaries

1. Merit-Based Scholarships

  • These are scholarships for international students awarded to those who show exceptional academic performance. 
  • It is based on a student’s level of success and does not take financial status into consideration.
  • A common misconception is that merit-based scholarships are just limited to grades. The fact, however, is that some universities consider any co-curricular talents including athletic abilities or musical skills.
  • The money granted by a merit-based scholarship is almost exclusively meant to cover tuition fees.

2. University Scholarships

  • University scholarships are scholarships from universities/colleges to help students fund their studies. 
  • Many of these are entrance scholarships. In other words, students don’t need to apply to be considered for the award.
  • Your admission into the university/college, by default, makes you eligible.
  • We recently wrote a blog on The University Of Dundee Scholarships for International students, which is a university-specific scholarship for international students.
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3. Country-specific Scholarships

  • Country-specific scholarships are awarded to students to encourage higher studies from developing countries.
  • There are also many private institutions that give scholarships to students from these countries.

4. Government Scholarships

  • With these scholarships, different agencies register with the government and offer scholarships for students.
  • State governments may fund scholarships for residents attending college in their state.
  • Foreign governments may offer global scholarships for international students to study in their country.
  • The Fulbright Foreign Student Program and The Chevening Scholarship are a couple of examples of scholarships for international students. 

5. Private Scholarships

  • These are the scholarships funded by individual donors or privately owned businesses.
  • Many companies, community organizations sponsor study abroad scholarships. Scholarships from these organizations are called outside/external/private scholarships.
  • Individual donors set up a private fund for students who need financial aid. These scholarships are awarded based on academic merit or financial need depending on the donor.
  • Most of these have strict eligibility requirements, such as:
    From a developing country
    For women/minorities/specific areas of study

6. Financial Scholarships

  • Also known as bursaries/need-based scholarships, these are a form of aid to enable students to attend graduate schools.
  • If the student is still supported by their parents, the scholarship provider will analyze the parents’ income and ability to pay for the tuition fees. 
  • They may also look at factors such as citizenship and residence status, tax statements, or employment. 
  • If the student supports themselves, their own income will be assessed.
  • These scholarships are independent of merit scholarships. In some cases, students may qualify for both merit-based and need-based scholarships depending on the program or university.

Now that you’re aware of the different types of scholarships available, you can use this approach below to move on to the next steps:

  • Research and make a list of international scholarships you could be eligible for.
  • Make a checklist for each scholarship.
  • Gather the necessary documentation like transcripts, LORs and essays etc.
  • Review and get reviewed for feedback on your application.
  • Apply by submitting your application well ahead of the deadline.
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7 Steps To Complete After Receiving Your College Offer Letter

Colleges and Universities, How to Apply?, Must Read, top20
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7 Steps To Complete After Receiving Your College Offer Letter

Congratulations! Your hard work is finally paying off. The college offer letter is in your hands now. But, that’s just half of the job done. However, the good news is that you’ve cleared the difficult half and you are now in a strong position to finally study in the college of your dreams.

This will happen, provided you know what to do next. Oh! Yes. That’s what you are here for. And that’s what we’ll take you through.

Here are 7 steps you need to do next after receiving your college offer letter to ensure a streamlined, structured and organized second half.

1. Read the college offer letter and attached materials thoroughly

This is the first and one of the most important steps you would be doing once you get your offer letter. Go through the letter as it may contain valuable and vital information like financial aids (if any), steps regarding registration and any other important next steps. 

Make sure you don’t skim through the pages and read them with proper attention.

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2. Wait for more college offer letters

If you have applied to multiple colleges/universities and you are waiting for their responses, it’s recommended you wait a bit longer before submitting the acceptance letter of the first college you have been presented an opportunity in. Compare and weigh the pros and cons of different colleges before proceeding to the next step.

However, if you have applied to only one college, then you can skip this step.

3. Level up your research

Get more information about the college, its culture, graduation rates per year, location and placement records

Talk to student alumni, current students, follow the college on social media to stay up to date with them, take a virtual tour of the campus, understand how you would feel if you were there at that time, and if the virtual tour is not available, call them up and get your doubts clarified.

4. Talk to your family and friends

In matters like these, it’s always a good thing to take another’s opinion, especially if that other person is your family member or a close friend. Sometimes, they would be able to assess the situation and the options better and help you attain better clarity.

5. Plan your finances

As of now, you know how much it is going to cost you with regards to the tuition fees. As a next step, you’d have done some research and calculated your cost of living and checked whether your family finances, loans, scholarships and grants would cover the entire cost or not. If not, look for alternate funding options.

If you cannot self-fund yourself to study abroad, then the next option you would look for is an education loan. And that’s where we step in.

GradRight’s own proprietary platform, FundRight is your go-to tool in this case. Why? Because, FundRight, being India’s 1st Loan Bidding Platform, helps you find the best education loan based on your profile, background and other details so that you can get to save a lot of money which you probably would not if you take the traditional route.

Interested? Sign up at the end of the blog and we’ll guide you through.

6. Keep track of deadlines

While reading the admit letter and the other materials, make it a rule of thumb to note down all the important dates and deadlines.

Deadlines may include: The last date to sign up for orientation, the last date to send in the acceptance letter, or the last date to submit your financial aid documents if any and many other deadlines too.

7. Respond to colleges

While it is extremely important to respond to the college with your acceptance letter and other required documents, it is an equally important gesture to respond to the colleges you’ve declined as it opens up a place for other students.

When it comes to starting a new journey in your life, it is crucial to not take any decisions in haste without considering all the options at hand. This new educational journey starts with the college offer letter but the continuation is based on your patience, research and decision-making.

Leaving you with a very short quote that talks about how important decisions are:

“Decisions determine destiny.”

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