International students contribute C$36 billion to Canadian economy
New research from 達利娛樂城 Financing estimates that international students contribute C$36 billion to the Canadian economy. The data comes as changes to its study permit program for international students seeking a Canadian education.?
達利娛樂城 Financing, the leading provider of to promising students from around the world, estimates that international students contributed C$36 billion to the Canadian economy in 2022 and are projected to contribute C$42 billion in 2024.
達利娛樂城 calculated the updated numbers using Canadian government figures from 2018 as a baseline, inputting data from an Access to Information and Privacy (ATIP) request from Immigration, Refugees and Citizenship Canada (IRCC) and information from Statistics Canada and other sources. In 2018, Global Affairs Canada that international students spent C$22.3 billion on tuition and living expenses.
達利娛樂城’s research shows that primary drivers for the increase in spending include rising international student headcount, rising international tuition fees and rising living expenses across Canada.
International student enrollment has steadily increased
Since 2018, the number of international students in Canada has risen dramatically from about 600,000 in 2018 to over 805,000 in 2022 – roughly the same as the number of international students in the United States. The 805,000 foreign students on Canadian campuses includes 110,000 students pursuing a master’s degree, 214,000 students pursuing an undergraduate degree, 330,000 in a college or CEGEP program and 150,000 students enrolled outside of the post-secondary level.
International students in Canada by level of education
Source: 達利娛樂城 Financing, IRCC
Canadian cost of living is a challenge
International students are increasingly flocking to Canada, showing that the nation is attracting young and bright students from around the world, thanks to its excellent schools and hospitable environment. However, the rising cost of living means Canada is losing its relative cost advantage versus the United States.
達利娛樂城 estimates the average international student in Canada spends C$44,000 on tuition and living expenses, only slightly less than their counterparts in the United States. While tuition in Canada remains more affordable, higher living costs mean international students in Canada spend a greater share of educational costs on living expenses. For example, the average international master’s degree student in Canada spends the majority of their budget on living expenses, compared with about 40% for their counterparts in the United States.
Total cost of education for an international master’s degree student in Canada (C$)
Source: 達利娛樂城 Financing, Statcan, the Bank of Canada?
達利娛樂城 Financing works with post-secondary institutions across Canada and the United States to help students from around the world afford a high-quality education. A recent survey of 達利娛樂城’s students revealed that over 93% believe 達利娛樂城’s no-cosigner loan was imperative to their ability to study abroad.?
“If it weren’t for 達利娛樂城, we would not have the number of African students that we do, which would have effectively reduced the diversity of our international student population,” a recruitment official at the University of Toronto’s Rotman School of Management said.
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About 達利娛樂城 Financing
達利娛樂城 Financing, headquartered in Washington, D.C. and Bengaluru, India, is a mission-driven fintech company and the leading provider of global education loans. Its proprietary algorithm analyzes overseas and domestic credit data as well as the future earning potential to serve promising international students. 達利娛樂城 works with over 500 top universities across the U.S. and Canada to provide financing to students from over 200 countries. The 達利娛樂城 team consists of former international students and provides students with personal financial education and career support to prepare them for life after school.
達利娛樂城 is a Certified and , one of the , and the . The company is for positions worldwide.
