How much do you think a student earns on average, excluding the holidays. And what about student loans? do they give everyone? or do they take some collateral?

legally a student can work only 20 hrs a week and most of the jobs (if you get one !!) here are at min wage 10.5 /hr. By my weak maths, for a month you earn 800-900 and bit less after taxes.

You can live on sharing (arnd 400) near your college (otherwise 99 for the bus pass) and then you will have other minimum expense to do plus fee every six month which on an average an international student pays arnd 6k per semester (source of info - my brother in law is internationalk student who is living along with me :-) ) . hows that fee is going to be coming, give a thought.
well some days you can work on cash to get some extra money, but for sure you need to have backup for paying the fee.
Student loans? not from Canada, I suspect.

Also for first few months you do not even get the Sin number thus cannot work legally during that time, explore that part more before taking decision.