College costs these days can be astronomically high, and unfortunately Hispanic students often face particular difficulties financing education. This is something we touched on in a discussion about Hispanic education grants, which are among the tools the government provides in an attempt to address the problem. Regarding this type of assistance though, there may actually be an argument to be made that it’s easier for Hispanics to fund education in Canada than in the U.S.
This is partially because tuition rates are among the chief differences between universities in the U.S. and Canada. While numbers vary from one school to the next, the average cost of college tuition in the U.S. is significantly higher — sometimes by tens of thousands of dollars. This doesn’t mean that attending university in Canada is necessarily cheap or easy to manage. However, there is often less financing required than in the U.S., which gives disadvantaged students a better chance of making it work.
In addition to this major difference, Canada also offers a variety of funding and savings opportunities that Hispanic students can take advantage of.
Registered Education Savings Plans
While not unique to Hispanic students, an RESP is a standard university savings option in Canada that’s worth reading up on. For students who happen to reside in Canada (or may move there in the years preceding college), this type of plan essentially amounts to an education-specific savings account. Students and their families can all contribute, and gains in the account are not taxed, and the Canadian government matches 20% of contributions up to $2,500 each year. Even one or two years of this can make for a significant chunk of average Canadian university tuition cost covered.
Study in Canada Scholarship Program
The Study In Canada Scholarship Program is a relevant option for Hispanics living outside of Canada who may be interested in studying there. In fact it’s particularly noteworthy given that foreign student attraction in Canada now ranks third nationally (implying the country is becoming more of an education destination for foreign students). This specific program gives international students from eligible countries (including some in Latin America — though not the U.S.) to apply for two years of funding for undergraduate and/or postgraduate degrees. The specific amount can be up to 60,000 Canadian dollars (about $48,000 as of this writing).
Latino Canadian Scholarship Fund
For Hispanic students living in Canada, there is also the Latino Canadian Scholarship Fund to consider. The LCSF is a registered charity that is committed to assisting students who wish to pursue higher education, and has a stated mission of ensuring that there’s at least one college graduate per Latin-Canadian family. Funds are gathered through a range of different programs and efforts, and there are not exact, guaranteed amounts for each student who earns scholarship money through the fund. But this is certainly an avenue worth pursuing for Latin-Canadian families.
Altogether, these options coupled with Canada’s lower tuition costs provide some interesting opportunities for young Hispanic students seeking to fund higher education.
Hispanic University Funding in Canada
