Complete Guide On How To Get An International Student Loan In Canada?

If you’ve ever had doubts about studying in Canada as an international student because of the high cost of study, there are various ways to get financial assistance in Canada.

If a good study environment and relatively low tuition fees mean a thing to you, read this complete guide on how to access student loans for international students in Canada quickly.

Studying abroad can be expensive. Because of the importance of education in society, developed countries create avenues to assist students. Though education in Canada is less expensive when compared to the USA, international students still need special funding for their studies.

And avenues to assist international students, like student loans, scholarships, and grants, are available for eligible students. Hence, this article compiles a list of Student Loans for International Students in Canada.

This means at the end of this article, you will be confident enough to apply to any school in Canada for your study. Because the student loan that exists in Canada will pay off all your debts. As an incentive, this article sheds light on how to apply for students loan and how to pay back your loans and different Repayment platforms.

The table of content below will give you an overview of what to expect in this article.

What is International Student Loans?

International Student Loans are private education loans provided by specialist lenders available for international students studying at approved colleges and universities in the USA or Canada. 

Primarily, international students in the US are to apply with a qualified cosigner. But, there are a growing number of colleges in the US and across Canada where students may apply for a loan without a cosigner.

International students should only apply for these loans after exhausting all scholarships, personal funds, and other options.

How do I get an international student loan in Canada?

Try to see if they are eligible for your school and program. Finish your submission. After submitting your application, obtain a conditional bid. Upload the documentation requested and complete any further paperwork needed.

Do international students get maintenance loans?

As a foreign student, you would not be eligible for a home or EU student loan from the UK government. However, there are other loans out there for education that you may want to look into. If you’re going to study full-time at a university overseas, you can apply instead for an International Enrolled Loan.

How can I get a study loan in Canada?

You must apply through your province or territory of permanent residence’s student financial assistance office. For provincial student loans, Canada Student Loans and most Canada Student Grants, a single application would allow you to be considered. To receive financing, you must apply every year.

Who is eligible to apply for an International Student Loan in Canada?

Canada attracts over 90,000 international students each year from around the world. Students come to Canada looking to continue their studies in one of the best educational systems in the world. In their free time, students can explore the second-largest country in the world, from bustling cities to pristine nature.

You may be eligible for these international student loans if you’re an international student looking to study in Canada but need financial aid.

Students who are not also Canadian citizens or non-citizen permanent residents and who are attending an eligible Canadian college or university can apply. Loans are also available to international students in Canada (including US students) at select universities.

Canadian students in study abroad programs or enrolled at certain foreign universities can also apply. Students who are not US citizens or permanent residents attending schools outside the US/Canada are not currently eligible for an international student loan.

What is the usefulness of an International Student Loan?

Like all other private education loans, the money can be used for legitimate educational expenses, including tuition, school-specific fees, costs, equipment, insurance, travel, accommodation, and subsistence expenses.

How much can be borrowed?

The maximum amount that can be borrowed is the total cost of your education minus any other aid (like scholarships, grants, etc.) received. Also, the total cost of your education will vary depending on your school and the course’s cost of attendance. And after you apply and receive the initial loan approval, your school must certify the loan amount.

How Can International Students Get Loans in Canada?

International students can get loans to pay for college in Canada. It will depend on your noncitizen status and if you have a co-signer.

Here’s how to tell if you can qualify for a federal student loan, which private loans you’re eligible for, and how to shop for one.

Apply for federal student loans by submitting the Free Application for Federal Student Aid, known as the FAFSA. This will also qualify you for free aid such as grants, scholarships, and work-study. If you plan to borrow, federal loans offer lower interest rates than private loans do, as well as income-driven repayment plan options and forgiveness programs.

Who is an eligible noncitizen?

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  • Canada nationals.
  • Canada permanent residents — those who have a “green card.”
  • Those who have an Arrival/Departure Record from Canada Citizenship and Immigration Services showing the following statuses: refugee; asylum granted; Cuban-Haitian Entrant; Conditional Entrant issued before April 1, 1980; or parolee.
  • Those who hold T nonimmigrant status, or whose parents do.
  • Those who are “battered immigrant-qualified aliens,” or children of someone designated as such.

If you have a student visa, find a co-signer who is a Canadian citizen or permanent resident, and has good credit. You’ll have the best shot at a private loan with competitive interest rates if your cosigner’s credit score is higher.

Get a private student loan for international students. If you can’t find a co-signer who is a Canadian citizen or permanent resident, find a lender with products designed for international students.

How much student loan can you get in Canada?

If you are a part-time student, you can get up to $10,000 in Canadian student loans. However, if you repay some of the loans, you can apply for more, up to the $10,000 limit again.

How do I apply for an International Student Loan?

Below are a few steps to guide you through applying for an international student loan:

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  • Before applying for a private student loan, you will need to know how much you need to borrow. You should review the financial aid award letter your school sent to you. Next, find a loan that meets your needs. You can use our Loan Comparison Tool to do this with just a few clicks.
  • You will then submit your application directly to the lender and they will guide you through all the necessary paperwork.
  • After the lender has received and approved everything the money is transferred directly to your school/university to pay your tuition. You will receive any remaining loan proceeds from them.

Loans that do not require a cosigner are changing the face and availability of international students. More educational goals can be achieved as more students find the necessary funds. Be smart about the loans you are applying for and the payment process. For more information, visit the International Student Loan website.

What are the Schools in Canada Approved for Loans

Below is the list of schools in Canada approved for loans:

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  • Acadia University
  • Alberta University of the Arts
  • Atlantic Baptist University
  • Bethany Bible College
  • Bishops University
  • Brandon University
  • Briercrest College and Seminary
  • Canadian Nazarene University College
  • Canadian Southern Baptist Seminary
  • Canadian University College
  • Capilano College
  • Carleton University  Cosigner Not Required
  • Columbia Bible College
  • Concordia University – Sir George Williams
  • Concordia University College of Alberta
  • Crandall University
  • Dalhousie University
  • Emily Carr Institute of Art & Design
  • Holland College
  • International Bible College
  • Kwantlen University College
  • Lakehead University  Cosigner Not Required
  • Laval University
  • McGill University
  • McMaster University  Cosigner Not Required
  • Mount Allison University – Sackville
  • Ontario College of Art and Design
  • Pacific Life Bible College
  • Prairie Bible Institute
  • Providence College
  • Providence University College & Theological Seminary
  • Queen’s University   Cosigner Not Required
  • Queens University at Kingston  Cosigner Not Required
  • Regent College
  • Ryerson University  Cosigner Not Required
  • Simon Fraser University  Cosigner Not Required
  • St. Francis Xavier University
  • St. Marys University
  • St. Stephen’s University
  • St. Thomas University
  • Trent University  Cosigner Not Required
  • Trinity Western University
  • Universite de Montreal
  • University College – Cape Breton
  • University Kings College
  • University of Alberta  Cosigner Not Required
  • University of British Columbia  Cosigner Not Required
  • The University of Calgary  Cosigner Not Required
  • University of Guelph  Cosigner Not Required
  • The University of Lethbridge  Cosigner Not Required
  • University of Manitoba  Cosigner Not Required
  • University of Moncton
  • University of New Brunswick
  • University of Northern British Columbia – Prince George
  • University of Ontario Institute of Technology
  • The University of Ottawa  Cosigner Not Required
  • University of Prince Edward Island
  • University of Regina
  • University of Saskatchewan
  • University of Toronto  Cosigner Not Required
  • University of Victoria  Cosigner Not Required
  • University of Waterloo  Cosigner Not Required
  • University of Western Ontario  Cosigner Not Required
  • University of Windsor  Cosigner Not Required
  • University of Winnipeg
  • Wilfried Laurier University  Cosigner Not Required
  • York University  Cosigner Not Required

How do I shop for an international loan in Canada?

Here is a step to step process on how to shop for an international loan in Canada:

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  • Compare loan features. Compare private international loan offers to get the lowest interest rate you qualify for. Note whether the lender will postpone payments if you have trouble paying them and for how long. That’s important. Find out if there are origination, prepayment, or late fees, and how easily you can reach the lender by phone, email, or live chat if you encounter a billing or customer service issue.
  • Opt for a fixed interest rate. Given the choice, a fixed interest rate that won’t increase over time is a safer bet than a variable interest rate.
  • Keep an eye on the bottom line. Use a student loan calculator to see what kind of payment you’ll face after borrowing for multiple years.

Consider refinancing in the future

It is difficult for visa holders to refinance student loans. But there are several ways to do this:

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  • Build your own credit before you refinance. If you remain in Canada and build a credit profile over time, you may be able to refinance private student loans to a lower interest rate. You’ll generally need solid income, a higher credit score, and a history of on-time debt payments.
  • Refinance with a co-signer. You may be able to refinance if you have a co-signer who fits those qualifications.
  • Consider private refinancing for international students. Prodigy Finance is the only private lender that will refinance student loans for international working graduates in Canada.

Conclusion

Student loans are available to students who plan to study abroad. If you are an international student planning to go overseas for a semester or study program, we have you covered.

Students can also apply for a loan up to the total cost of their education minus any other financial aid they have received. However, student loans cover tuition, books, accommodation, transportation, health insurance, and more!

Lastly, if you’re an international student or a parent or work as a student, get more information by reading the student loan found here.

International Student Loans in Canada FAQs

What can I do with the students loans?

Like all other private education loans, the money can be used for legitimate educational expenses, including tuition fees, school-specific fees and costs, equipment, insurance, travel, accommodation, and subsistence expenses.

Who provides these loans?

International Student Loans are private education loans provided by specialist lenders available for international students studying at approved colleges and universities in the USA or Canada. 

Who can apply for these loans?

Students who are not also Canadian citizens or non-citizen permanent residents and who are attending an eligible Canadian college or university can apply.

How do you apply for these loans?

Below are a few steps to guide you through applying for an international student loan:
1. Before applying for a private student loan, you must know how much you need to borrow.
2. You will then submit your application directly to the lender, and they will guide you through all the necessary paperwork.
3. After the lender has received and approved everything, the money is transferred directly to your school/university to pay your tuition.
If you are a part-time student, you can get up to $10,000 of Canadian student loans. However, if you repay some of the loans, you can apply for more, up to the $10,000 limit again.

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