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

67 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.

  13. Mwally says:

    I am a Ghanaian who is currently being considered for a Masters Programme in Canada.

    I am very optimistic of gaining admission. But the problem would have to do with funding.

    Am I qualified for International Students’ loan in Canada?

    My checks show that my school UniWaterloo is registered as a qualifying institution– what documents do I require to submit in order to be eligible for this loan?

    • Al C says:

      Congratulations! If your school is on our approved list then you would need to go through our loan comparison tool to be matched with a lender. If a lender is available then they will provide all of the information you will need. Best wishes!

  14. Bashir Ibrahim says:

    I will like to study in Canada, please can you help me?

  15. Sylvester says:

    Please I want to pursue my master degree in Canada. Can someone help me as to how I can go about it?

  16. Rebecca Umoh says:

    Hi, I’m Nigerian, prospective MSC student in Canada. I do not have the required funding to study as this saddens me, a friend recommended I check this site out. I’m glad I did. Can I get a study loan which can cover accommodation, fees, and medical insurance before arriving? Or is it when I arrive I will be given the loan? Best wishes.

    • Al C says:

      If approved your loan can be used to cover all of those education-related expenses. You can apply after you are enrolled as the school will need to verify your enrollment. Funds are disbursed directly to the school.

  17. Ricardo Warfield says:

    Many medical colleges and universities also offer loan facilities to students. Before applying for any loan, please confirm from your medical university.

    • Al C says:

      Indeed, you should seek all forms of funding from your school and scholarships before taking out a private loan, but if you have exhausted all possibilities and still require additional funds, then a loan may be your best option.

  18. Nzamurambaho Celestin says:

    Hi,I am Rwandan and prospective student in masters of health services administration in Canada and I would like to know if it is possible to get the loan.

  19. Nicholas says:

    Good day, I’m an international student from Nigeria, i got admitted for fall/winter session 2020. I lost my sponsor to covid 19 days after registering my courses and I’ve also paid my registration fee. Right now i am stucked because i have no means of raising my tuition. I am really shattered. Pls help me out. I have documents to prove everything.

    • Al C says:

      I’m sorry to hear that. 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.

  20. Amanda Ndlovu says:

    I am South African I want to study nursing in the USA and I need a loan and I don’t have a co-signer what must I do

  21. Inder Pal Singh says:

    My daughter enrolled at the University of Toronto for an Undergraduate course in Astro Physic, we paid her first term tuition fee, can she get a student loan for her 4-year course for the remaining terms.

  22. Maggy says:

    I would like to enroll at Canada College in Montreal,
    Canada I get a student loan for 24 months study?

  23. Todi says:

    I recently got accepted into a Canadian university, I tried asking for a scholarship and/or loan, but I was told that as an international student I am ineligible for a scholarship or loan, are there any private firms that offer loans to Nigerian students who plan to fund themselves?

    • 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.

  24. SAI says:

    Hi, I am Sai. My university is in your approved lost however it came as due to covid we are not processing new request. Can you tell me any tentative date that you will start accepting request from students. I am awaiting!!!

  25. Ravneet Kaur Brar says:

    NIce Blog

  26. Manish says:

    Hi I am interested to take students loan for my daughter . She wants to do medical in India so what is the procedure going on for that and You guys have any list of colleges For that you are approved lone please let me contact on my email

    • Al C says:

      Unfortunately, our loan programs are for international students from anywhere in the world studying in the United States or Canada, or for US students studying abroad. We do not currently have a program for international students studying elsewhere in the world or in their home country, even with a US co-signer.

  27. Ronny says:

    Can a year 12 international students apply to study at university in Canada?

    • Al C says:

      You would have to check directly with the colleges that you are interested in applying to – unfortunately we do not offer application advice.

  28. Arjun says:

    I am from India and i intend to apply for Capilano University in Vancouver for the 2D Animation program which is a 2 year diploma. Will there be a help in financial aid for the fees for at least one academic year?

  29. AFOLAYAN BISOLA says:

    Pls am a Nigerian, can I get a loan for phd ?

  30. AFOLAYAN BISOLA says:

    Pls am a Nigerian, can I get a loan for Phd education?

  31. Juice baby says:

    Is it possible to get the loan for a full 4year undergraduate degree course. And can one take the loan from his country of origin before moving to Canada

  32. Addis sibaga says:

    I am from ethiopia, i want to continue my education with project managmnet, how ever there is financial problem to do this and i need help to reach my goal from canada unversity any of intersited to lend my education cost

  33. HOUNSOU Kossi Jules says:

    Hey i’m Hounsou young togolese and i want continue my study in Canada or US can you help on doing that ?

    • Al C says:

      Thank you for your email.

      We have loan programs available to international students studying at an approved school in the United States or Canada. We also have loans for US Citizens / permanent residents abroad.

      You should apply for a loan after you have been accepted and enrolled into an eligible school.

      You can start the application process and find all available lenders here: https://www.iefa.org/international-student-loans/

      Please let us know if you have any further questions.

  34. Abiodun Babalola says:

    I’ve been admitted to the University of Saskatchewan, Canada, already but I need a loan to pay my tuition fees and all. I will appreciate it if this is granted. Thank you!!

  35. Faith Nzubechukwu says:

    Hi, i gained an Admission in York University Ontario Canada. Please i want to know if you support Post-Graduate Certificate Program.

  36. yakubu suraju says:

    im from Indonesia i want to study Bachelor of Nursing in canada..but i can only to pay for my tuition fees for the first year….can i get Loan to finance my education after the first year?

  37. Blessing says:

    I’m an international student currently accepted to study in the University of Manitoba to major in Biology as an undergraduate for 4 years. Please where can I get a student loan or essay scholarship. Thanks for your replies in advance

    • 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.

      You can also find out more in this post: https://blog.iefa.org/2021/02/15/how-to-find-international-scholarship/

Join the conversation


IEFA logo
Thank you for visiting IEFA.org
Providing information about international financial aid & scholarships since 1998
2021 Envisage International Corporation
224 First Street, Neptune Beach, FL 32266