Report from MPOWER Financing concludes with a
call to action for Canadian academic institutions and policymakers
to enhance the international student recruitment experience and
reform the study permit process.
TORONTO, June 19,
2024 /CNW/ -- MPOWER Financing ("MPOWER"), a
mission-driven fintech firm and the leader in international student
financing, today released a comprehensive report on Canadian study
permit approval rates for students from around the world across
different levels of education. This report, which analyzes data
from Immigration, Refugees, Citizenship Canada (IRCC) and other
sources, found that African students – especially those from
Francophone nations – encounter formidable barriers in securing
Canadian study permits.
The report shows consistently lower study permit acceptance
rates for African students relative to their global peers and
advocates for a recalibration of Canada's study permit adjudication processes
to foster greater equity and inclusivity.
The report's key findings include:
- African students face consistently lower study permit approval
rates when compared with their global peers (27% for African
students versus 74% for students from other nations on average over
the six-year period from 2018-2023). Francophone African students,
in particular, are disproportionately affected with approval rates
lagging behind those from non-Francophone regions (22% versus
29%).
- The 2020 pandemic resulted in sharply reduced approval rates
for all students, both African and non-African. A post-2020
recovery reveals the pace of improvement remains uneven across
different African regions.
- Lower approval rates for African students represent a
significant missed opportunity for students and Canadian academic
institutions. From 2018-2023, over 46,000 African postgraduate
students were sidelined due to study permit approval processes that
are seemingly stacked against them.
The report concludes with a call to action for Canadian academic
institutions, Global Affairs Canada and IRCC to enhance the
international student recruitment experience and the study permit
adjudication process to remedy inequities and enhance the
credibility of the program.
"At MPOWER, we believe in breaking down barriers to education,"
said Sasha Ramani, head of
Canada and head of Corporate
Strategy at MPOWER Financing. "The disparities identified not only
deprive bright minds of opportunities, but also deprives
Canada of tens of thousands of
talented minds and billions of dollars worth of economic
contributions. We look forward to continuing working with Canadian
policymakers to advise them on enhancements to the study permit
program and with Canadian postsecondary institutions seeking to
grow and diversify their international student populations."
The report can be downloaded from MPOWER's website.
About MPOWER Financing
Headquartered in Washington, D.C., and with employees
worldwide, MPOWER Financing 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
future earning potential to serve promising international students.
MPOWER works with over 400 top universities across the U.S. and
Canada to provide financing to
students from over 200 countries. The MPOWER team primarily
consists of former international students and provides students
with personal financial education and career support to prepare
them for their professional careers after graduation.
MPOWER is a Certified B-Corp and has been named a
Great Place To Work, one of the best fintechs to work for
and the best tech workplace for diversity. The company is hiring
for various positions worldwide.
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SOURCE MPOWER Financing