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.