Ever considered the option of getting a loan to fund your studies? If yes, you’ll appreciate this complete guide on an International student loans in Canada 2021.
International students face the biggest challenge of funding their studies abroad, especially with the high cost of study in most European countries. However, Canada has made provisions for international students to get easy access to student loans that can pay off all their education debts
In this post, we’ve detailed everything you need to know about student loans, International student loans in Canada 2021, eligibility, loan amount, schools in Canada approved for loans, how to apply and how to pay back.
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International Student Loan
International Student Loans are private education loans provided by specialist lenders that are available for international students who are studying at approved colleges and universities in the USA or Canada.
As an international student, you will have 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.
Eligible for an International Student Loan in Canada
- All international students looking to study in Canada but need financial aid may be eligible for international student loans in Canada.
- 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 selected universities.
- Canadian students on study abroad programs or enrolled at certain foreign universities can also apply.
- Students who are not US citizens or permanent residents and who are attending schools outside the US/Canada are not currently eligible for an international student loan.
The maximum loan 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. After you apply and receive the initial loan approval, your school must certify the amount of the loan.
Part-time students can get up to $10,000 in Canadian student loans. However, if you can pay off some of the loans, you can apply for more, up to the $10,000 limit again.
International student loans can be used for legitimate educational expenses, including tuition fees, school-specific fees, costs, equipment, insurance, travel, accommodation, and subsistence expenses.
How to apply for International Student Loan in Canada 202
Following the steps below will guide you through applying for an international student loan:
Before applying for a private student loan, you will need to know how much you need to borrow. Students should review the financial aid award letter sent by the school. Next, find a loan that meets your needs. You can use Loan Comparison Tool online 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.
Learn and understand the loans you are applying for and the payment process. For more information, visit the International Student Loan website
Schools in Canada Approved for Loans
Below is the list of schools in Canada approved for loans:
- 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
- The 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
- The University of Victoria Cosigner Not Required
- University of Waterloo Cosigner Not Required
- University of Western Ontario Cosigner Not Required
- The University of Windsor Cosigner Not Required
- University of Winnipeg
- Wilfried Laurier University Cosigner Not Required
- York University Cosigner Not Required
How to shop for an international student loans in Canada 2021
Below is the step-to-step process on how to shop for an international loan in Canada.
- Compare loan features. Compare private international loan offers to get the lowest interest rate you qualify for. Find out whether the lender will postpone payments if you have trouble paying them and for how long. Also 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.
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