Yuvraj Singh, a first-year student from Dubai at Durham College, finds himself grappling with immense stress.
He attributes this stress to the escalating financial demands resulting from the recent surge in living and educational costs.
He says managing on-campus and tuition fees is even more challenging. To offset this, he says he is working part-time jobs to supplement his income while also relying on “financial aid, scholarships, [and] support from families.”
According to Singh, budgeting for someone like him, living under a tight budget, is crucial, and he has to carefully allocate his funds to cover essentials like rent, groceries, and textbooks while also saving for tuition fees.
Another student, Erdal Yildrim, a second-year Interactive Media Design student from Turkey, echoes the same sentiments. He says the financial pressures can have a major impact on one’s mental well-being and academic performance. With financial pressures, he says one has to deal with “balancing work, school, and academics.”
According to Yildrim, after spending a year on student accommodation, many students tend to change their minds about staying on campus. He says he is also contemplating moving out of college accommodation “to save money.”
Beyond personal stories, the financial challenges for international students in Canada are multifaceted. The Immigration, Refugees and Citizenship Canada (IRCC) now requires international students to have a Guaranteed Investment Certificate (GIC) of $20,635, a substantial increase from previous years.
This financial hurdle is just the beginning, as the cost of living on campus can range from $2,600 to $8,500 per academic year, covering various expenses such as accommodation, meals, transportation, and other costs, according to the college website.
Thom MacDonald, the dean of international education at Durham College, acknowledges the challenges faced by more than 3900 international students at the college. He said while both domestic and international students grapple with the availability of affordable housing and the cost of food, international students experience “the additional vulnerability of facing these challenges concurrently with adapting to and learning a new culture.”
MacDonald says the college collaborates with the Durham College Student Association, other post-secondary institutions in the region, and community partners to share best practices and coordinate efforts to support international students.
MacDonald advises international students who are struggling financially to contact the International Education Office and discuss their financial situation with an international student advisor to determine what support they may qualify for. “Each situation is unique,” he said. “But there are supports available, such as payment plans, emergency support bursaries, and budget counselling.”
He says the college is also involved in helping students find more affordable housing options, promoting and supporting on-campus and off-campus student employment, and providing graduates with support for transitioning to their careers.
For Singh, as he contemplates the future, what’s on his mind is to save as much money as possible, and seek advice “from a banker or a student adviser” as he moves forward in his academic journey.