You need to be able to show that there are other funds available to cover future year tuition and living expenses. If this is a 2 year degree you should be fine. Realistically 10k is not realistic for actual living costs and you still have to factor in travel. In more expensive markets like Toronto or BC you are looking at more or less double depending on how much you end up spending on accommodations.
Just recieved my GCMS notes.
- Thread starter anuragipushp
- Start date
I agree that that this isn't the ideal amount when we talk about the reality but it is what is needed to fulfil the bare minimum criteria and yes, the program is indeed of two years long duration.
If you have over 50k that is just enough and there may be potential for more savings over the next year. The issue becomes when you are short of funds and there is no visible way for you to gain enough funds for the future year’s expenses.
I see. 50k as in combined sum? Currently, I have liquid funds estimating around 27k. My sponsor also has a permanent income of around $2k/mo. What do you think?
Sorry I misread that you had 52k. If you only have 27k there will be no way that you could afford the second year. Working is not guaranteed and earning enough to cover tuition and living expenses is not realistic. Most don’t earn enough to even cover their living expenses.
I think you misunderstood my answer, my bad. This 27k that I have is the fund that is on top of the tuition and GIC which I've already paid thus totaling the sum at around ~53k.
If you have around CAD 53 thousand combined, I think you should be fine considering it's a 2 year program and you are traveling alone. Maybe try to be as clear as possible when explaining your funds. If your yearly tuition is around CAD 16 thousand, and the living expenses are CAD 10 per year, with CAD 53 thousand you should be covered!
