International Student Loans in Canada
Canada is one of the top 5 destination countries for studying abroad due to the high quality education available, the open and tolerant culture and the opportunities available.
The majority of financial aid options, grants and scholarships at Canadian universities are aimed at Canadian students, meaning international students at a Canadian university may have limited resources available to them. As an international student, Immigration, Refugees and Citizenship Canada (IRCC) will expect you to be able 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 from a foreign country rely on a loan to cover the remaining costs.
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Loans for International Students in Canada
International students can now apply for a student loan without a cosigner if they are enrolled at select Canadian schools. International, American and Canadian students, may be eligible for a 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.
Find out about International Student Loans for Nigerian Students.
Finding and Comparing Canada Student Loans
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. The application process is quite simple and can be completed online.
When doing your research a few items you will want to take note of include:
- The amount you can borrow
- The interest rate (including if it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
Once your application has been reviewed you will receive details on your offer including your interest rate and how much you can borrow, these items will vary by lender and your situation. If youapplication is approved, 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.