How to Get the Best Education Loans for International Students in Canada 2019

July 14th, 2019 by Al C

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 is one of the leading first-world countries known for its economic abundance and high standard of living. Because of this, their educational system gets great reviews and that’s what international students are looking for. Canadian schools are equipped with the latest equipment and with proper resources required to get the best educational experience possible.

Canada has a reputation as a tolerant and non-discriminatory society

Canada is best known for being one of the most tolerance countries when it comes to skin color and nationality. This makes it a prime destination for international students who wish to avoid the risk of encountering racism or xenophobia.

Canada has a reputation as a safe country

The crime rate is minimal in Canada because of its strict security and safe adherence to the law. Canadians are also naturally peace and law-abiding citizens, making it a great country to study in. No need to worry about distractions and potential safety hazards because its authorities are working round the clock to provide and maintain a safe and secure place conducive for studying.

Talking about stats…

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. This is one of the top reasons why they want to get education loans for international students in the country.

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 education 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.

International 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 an education 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

18 Comments

  1. Abokor Mohammed says:

    I want to get that education

  2. NDUWAYO Laurent says:

    I would like to study in that campus but I have no means.if some eligible can help for me for scholarship and I will pay back every thing after my school.

  3. Andrew j Abdulai says:

    i wish to improve my study, because now it is hard for me to go to school.

  4. Ram Sagar says:

    Is it possible to get a scholarship in Canada, once I pay the minimum admission fees required to confirm the admission? Is there any other option to continue my studies if I don’t have financial support.

    • Al C says:

      Certainly, you should speak to your school and check out out scholarship listings to see if there is a scholarship suitable for you.

      Best wishes!

  5. Jeremiah R Harris says:

    I am from Liberia, West Africa. I want to get a student loan to pursue higher education in Canada or the US and stay there to work and pay back before returning to my country.
    Is it possible Sir?

  6. Sundas Mary says:

    I want to get admission in English linguistics course. I want to fulfill my need of funds through this opportunity. Im master’s in English literature.

  7. Akosua Sarfo Pumpuni says:

    Where will I have a lender to finance my college education

  8. BONIFACE says:

    I want to study Masters in accounting I wish to be given the loan

  9. Isata Kargbo says:

    Am isata karbo base in Sierra Leone West African I want to study accounting in US or Canada but I need a full time scholarship

    • Al C says:

      Thank you for your comment.

      You can view scholarships that you might be eligible for by clicking on the following link:

      https://www.iefa.org/scholarships

      You can browse the awards or use our quick search tool which will narrow down the scholarships based on what you are studying, where you are studying, or where you are from.

      After you find a scholarship you are eligible for or interested in, you will need to contact the institution responsible for the scholarship directly. They can assist you with the application process and any questions you might have.

  10. Lidya Chipimo says:

    Do you have a way helping me?
    Our Country Zambia is a developing in as far as Sponsorship is concerned. How do you assist me to go through with ELI Acceptance? Since i started long time ago Answering to ELI Application.

  11. Lidya Chipimo says:

    Do you have a way helping me?
    Our Country Zambia is a developing in as far as Sponsorship is concerned. How do you assist me to go through with ELI Acceptance? Since i started long time ago Answering to ELI Application.

  12. Lidya Chipimo says:

    Do you have a way helping me?
    Our Country Zambia is a developing in as far as Sponsorship is concerned. How do you assist me to go through with ELI Acceptance? Since i started long time ago Answering to ELI Application.

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