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The majority of financial aid options at Canadian universities are aimed at Canadian students, meaning international students may have limited resources available to them. As an international student, Immigration, Refugees and Citizenship Canada (IRCC) will expect you to finance your studies in Canada on your own.
Between your own savings and help from your family, plus some financial help that is available in the form of grants or scholarships (which do not have to be paid back), you might only cover part of the total cost to study in Canada. This is why many students rely on a loan to cover the remaining costs.
International students can now apply for a student loan without a cosigner if they are enrolled at select Canadian schools. International students, as well as American and Canadian students, may be eligible for a student loan to cover the cost of their education including tuition, housing, food, insurance and educational supplies such as books.
With these loans the lender will look at your academic success and career path, and not purely base their decision on your credit history or that of a cosigner. A few other factors they will consider include your home country, expected graduation date and the school you attend.
International student loans are offered through private lenders, and each lender will have their own requirements and rules on eligibility.
It’s important to research your options and find a lender that will offer you a loan that meets your needs.
If you’re an international student and would like to explore the option of a loan to study in Canada, use our student loan comparison tool to see if your chosen school has one available - in just a few clicks. If so, you can then research the terms and conditions of the loan and apply directly through the lender.
When researching a loan a few items you will want to take note of include:
Once your loan application has been reviewed you will receive details on your loan including your interest rate and how much you can borrow, these items will vary by lender and your situation. If you are approved for the loan, the funds are disbursed directly to your college or university. This process usually takes about 6 weeks, so plan accordingly.
To see if there are loans available at your school, including loans that don’t require a cosigner, use the student loan comparison tool to get started