Canada doubles financial requirements, students express concern over rising cost
Canada has announced a significant alteration to its immigration regulations, impacting prospective students aiming to study in the country.
In a statement released on Thursday, Marc Miller, Minister of Immigration, Refugees, and Citizenship, declared that starting January 1, 2024, the minimum financial requirement for students’ cost of living would increase from the current 10,000 Canadian dollars to 20,635 Canadian dollars. This change aims to ensure that students do not encounter financial hardships while in the country.
Expressing displeasure over this move, Puneet Khanna, MD of Aum Global, stated that this decision will impose an additional burden on aspirants seeking education in Canada. Lower-middle-class families will suffer the most due to this decision.
Student Lovepreet Kaur mentioned that she had borrowed funds from relatives and taken loans from banks to arrange the required money. However, she now finds herself needing to seek additional funds due to the revised rules.
Another student, Jatinder Singh, expressed considering other countries for pursuing education in an international institution instead of Canada. He also highlighted the increasing living expenses in Canada as a concern.
Sonal Bajaj voiced concern that this decision would burden students, making it challenging for many to gather such a significant amount of money for their education.