How can international students apply for a loan to study in Canada?

June 25th, 2019 by Al C

How can international students apply for a loan to study in Canada?

How can international students apply for a loan to study in Canada?

According to The Canadian Bureau for International Education, 572,415 international students studied in Canada in 2018. This represents a 154% increase in international students in Canada since 2010. Canada is now the 4th most popular destination for international students, behind the USA, the UK, and China.

Why is Canada such a popular destination for international students?

  • The high quality of the Canadian education system
  • Canada has a reputation as a tolerant and non-discriminatory society
  • Canada has a reputation as a safe country

In fact, 96% of international students recommend Canada as a study destination, while 60% of international students say that they plan to apply for permanent residence in Canada.

Who are the international students in Canada?

In terms of student numbers, the nationalities with the largest representation of students in Canada are China (with around 28% of the market) and India (with around 25% of the market). US students represent only around 3% of all international students in Canada.

Where are the international students in Canada studying?

Across Canada the province with the largest number of international students is Ontario (48% of international students) with the next most populous provinces being British Columbia (24%) and Quebec (12%).

Funding for International Students in Canada

IEFA.org can connect international students with loan providers where they can access loans without cosigners, collateral, or credit history. These are available to students from 190+ countries pursuing degrees in any academic field.

Student loans are made available to international and DACA students studying in the USA and Canada. Undergraduate and graduate students within two years of graduating are eligible.

These loans can be used for past, current, and future semesters, and you can use the funds to pay for expenses including tuition, accommodation, food, insurance, and books.

The Benefits of an International Student Loan in Canada

  • For this type of loan, you don’t need a cosigner, collateral, or credit history
  • You can get a loan with a fixed interest rate from $2,001 to $50,000 – making budgeting easier and stress-free
  • Students from over 190 countries can apply
  • 10-year loans with no prepayment penalties
  • Interest-only payment period during school and 6-months post-graduation
  • Undergraduate and graduate students within two years of graduating are eligible
  • Loans are available to students attending one of the 300+ schools in the USA and Canada

How does the loan process work?

  • Check to see if your school and program are eligible.
  • Complete your application.
  • Receive a conditional offer after submitting your application.
  • Upload your requested documents and complete any further required paperwork.
  • Receive a final approval after all of your uploaded documents are verified.
  • Your school certifies your enrollment status with the loan provider. Once that is done, your funding is disbursed directly to your school on an agreed upon date.

How much will the loan cost?

Please note that every case is different, but here is an example for informative use only – this is not a guarantee of costs for your individual circumstances.

An international (non-US, non-Canadian) student studying a Master’s-level program borrowing $10,000 USD would expect to repay $100.54 per month during their studies and for 6 months after graduation, and then $141.62 per month thereafter.

Find out more and apply for your International Student Loan in Canada today.

More on Loans That Do Not Require a Cosigner in the US and Canada

10 things you need to know about international student loans


Global Citizen Scholarship & Women in STEM Scholarship: Application Deadlines approaching!

June 12th, 2019 by Al C

On the IEFA Scholarships listings we have 2 exciting schoalrships for International students in the USA and Canada whose deadlines are approaching FAST!

The Global Citizen Scholarship

Global Citizen Schoalrships for International students in the USA and Canada

Provided by: MPOWER

Application Deadline: July 15th

About this scholarship:

This scholarship has been designed to reflect the diversity of international students studying in the USA and Canada.

To qualify you must be enrolled full-time at a US or Canadian school that MPOWER supports, and you must be an international student allowed to legally study in the U.S. or Canada. U.S. citizens wishing to study in the U.S. and Canadian citizens wishing to study in Canada are not eligible for this scholarship.

This scholarship is not restricted to a field of study – students from all fields can apply.

Find out more.

The Women in STEM Scholarship

Women in STEM Schoalrships for International students in the USA and Canada

Provided by: MPOWER

Application Deadline: July 15th

About this scholarship:

This scholarship program is aimed at women who will use their STEM degree to the greater benefit society and the planet and who have the potential to serve as role models and advocates for women in STEM.

To qualify you must be accepted at, or enrolled in, a full-time STEM degree program at a US or Canadian school that MPOWER supports, and you must be a female international student allowed to legally study in the U.S. or Canada. U.S. citizens wishing to study in the U.S. and Canadian citizens wishing to study in Canada are not eligible for this scholarship.

For the purposes of this award, STEM is interpreted as any program leading to a bachelor’s or Master’s Degree, or a Ph.D. that is in any field of science, technology, engineering, or mathematics. This does not include medical or nursing programs.

Applicants must submit an essay detailing their professional or academic accomplishments in STEM, their future career goals, and how their degree program will help them to achieve these goals.

Find out more.

Further Resources:

International Scholarships

International Student Loans without a Cosigner

International Student Loan Center


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