Canada's higher cost-of-living requirement for students to worsen financial burden, say parents

economictimes.indiatimes.com:

Canada's move to more than double the cost-of-living requirement for incoming international students will put an additional financial burden on people sending their children to study in that country, several aspirants' parents in Punjab said. They added that the decision has come as a big blow as they will now need to borrow more from banks or informal sources to arrange the funds to send their children to study in Canada.

Canada will more than double the cost-of-living financial requirement for incoming international students beginning January 1, Immigration Minister Marc Miller has announced, a move that will impact the arrival of foreign students in the country, including from India.
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Starting next year, prospective students will need to show they have access to CAD 20,635 instead of the current requirement of CAD 10,000 — a limit that had been in place for two decades — in addition to paying for travel and tuition.

India was first among the top 10-origin countries for study permit holders in 2022 in Canada, with 319,000 students.
Miller said the financial requirement had not kept up with the cost of living over time, resulting in students arriving in Canada only to learn that they did not have adequate funds.

This change will apply to new study permit applications received on or after January 1.
Canada is among the preferred destinations for people from Punjab to study and settle down.