The applications submitted by Indian students to study in Canada have declined by a substantial 40% after Canada recently announced the rise in minimum financial requirements to study in Canada. Canada has doubled its minimum financial requirement by making it C$20,635. Previously, it was just C$10,000. This is the amount that students have to show in their bank account if they want to study in Canada. This amount shows that a student will be able to comfortably study in the country without even having to work part-time. Due to the rising rents and the cost of living in Canada, this decision has been taken by the government to ensure a comfortable stay for international students in the country.
The sudden rise of the minimum financial requirement has dismayed a lot of students. The new amount is very high and many students do not have the ability to arrange for the same. Now studying in Canada will mean more debt for students which a lot of people will not be in favour of.
