How to Get the Best Education Loans for International Students in Canada 2021

December 15th, 2020 by Al C

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

According to The Canadian Bureau for International Education, 642,480 international students studied in Canada in 2019. This represents a 185% increase in international students in Canada since 2010. Canada is 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 tolerant 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 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 22% of the market) and India (with around 34% of the market). US students represent only around 2% 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 (23%) and Quebec (14%).

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


Study Abroad by Numbers

December 1st, 2020 by Al C

The latest data covering international students in the USA and American students studying abroad has been released – here are the highlights:

International Students in the US:

Over 1 million international students studied in the US in 2019/20, including those taking an academic program and those on OPT (Optional Practical Training).

That’s over 5% of the total number of enrolled students, but it is almost 2% (or 20,000 students) lower than the previous period. Early indications suggest that due to the pandemic international student enrolment in 2020 could be down by a further 16%.

American Students Abroad:

Almost 350,000 US students studied abroad for academic credit in the 2018/19 academic year (the latest data available).

That’s almost 2% higher than the previous year – continuing the trend which has only been increasing for over 10 consecutive years.

Demographics:

Incoming students to the US came mainly from China (35%) and India (18%).

The top 10 countries of origin for incoming students were:

  1. China
  2. India
  3. South Korea
  4. Saudi Arabia
  5. Canada
  6. Vietnam
  7. Taiwan
  8. Japan
  9. Brazil
  10. Mexico

California was the individual state that hosted the most international students in total (with over 160,000).

The single most popular institution in the US for international students was New York University – hosting over 20,000 students from around the world!

Outgoing US students’ top destinations were the UK (11%), Italy (11%) and Spain (10%).

The top 10 destination countries for US study abroad students were:

  1. United Kingdom
  2. Italy
  3. Spain
  4. France
  5. Germany
  6. Ireland
  7. Australia
  8. China
  9. Japan
  10. Costa Rica

For more on this data please visit https://opendoorsdata.org/annual-release/

If you’re studying abroad you may be able to fund part of your education with a loan:

Read more on the blog.

Or search our scholarships listings.


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