How to Get a Student Loan for International Students in Canada
According to The Canadian Bureau for International Education, 642,480 international students studied in Canada in 2019. This represents a 185% increase 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 academic success, 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% say that they plan to apply for permanent residence in Canada. This is one of the top reasons why they want to apply for a student loan in Canada over any other 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 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 students with education loan providers where they can access private loans without cosigners, collateral, or credit history. These education loans are available to students from 190+ countries pursuing degrees in any academic field. They are perfect to help cover the cost of your studies in Canada.
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 fees, living expenses, 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 apply for 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 the total cost in 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 their expected graduation date, 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
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Help me please
I want to study in canada
Hi there.
Have you tried applying for a scholarship yet?
To browse the scholarships available, please visit our website. There, you can view scholarships that you might be eligible for by browsing our awards or using 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. https://www.iefa.org/scholarships
Once you find a scholarship you are eligible for or interested in, you must contact the institution responsible for the scholarship directly. They can assist you with the application process and any questions.
Best of luck with your application
– The IEFA Team
Help me please
Hi there.
Congratulations on your admission!
To browse the scholarships available, please visit our website. There, you can view scholarships that you might be eligible for by browsing our awards or using 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. https://www.iefa.org/scholarships
Once you find a scholarship you are eligible for or interested in, you must contact the institution responsible for the scholarship directly. They can assist you with the application process and any questions.
Best of luck with your application
– The IEFA Team
Am from kenya, and aspiring student to study piloting in C.F.C aero, i have already applied for school and they have replied me, but there is the application fee which i need to get admmition full letter, what will i do to get the amount, please guide me, thankyou.
Hi there!
You can access additional financial aid information and resources, including loan details, by visiting our website. There, you will find comprehensive information on various financial aid options. https://www.iefa.org/international-student-loans
Best of luck with your application
– The IEFA Team
hello my name is kabir live in afghanistan how can i get scholership
Hi,
Thank you for your comment!
We recommend exploring various scholarship and financial aid options that might be available to you. Our scholarship search tool can be a great resource. You can access it here: https://www.iefa.org/scholarships.
Additionally, for more comprehensive information on financial aid options, including loans and other forms of assistance, please visit our resources page here: https://www.iefa.org/international-student-loans
Remember, each scholarship or financial aid program will have its own application process and requirements, so be sure to contact the relevant organizations directly for guidance.
Best of luck with your studies, and keep pursuing your dreams!
– The IEFA Team
I’m Abdul from Liberia, I have applied to a school and they have accepted me but how can I get a student loan?
Hi,
Thank you for your comment!
We recommend exploring various financial aid options available to you. For more comprehensive information on financial aid options, including loans and other forms of assistance, please visit our resources page here: https://www.iefa.org/international-student-loans
Remember, each scholarship or financial aid program will have its own application process and requirements, so be sure to contact the relevant organizations directly for guidance.
Best of luck with your studies, and keep pursuing your dreams!
– The IEFA Team
Hello, I hope you are well. I am asking you for assistance and a helping hand. I am a Yemeni citizen. My name is Muhammad Yaqoub. My country is Yemen. Who did not provide a decent life for the weak. Here I no longer have anything, nor a shelter, nor a decent life. I am asking for your help. First time ordering. lhave. My situation has become bad. I lost all my support because of the war in my country. Because I became homeless in my country, and I did not receive any help from my country, and I did not even get a job in my country, and my condition has become bad, and because I still live alone, I am homeless. I hope for your financial assistance and assistance in getting me out of my country, which is no longer fit for living. I ask you for help for the first time. Once. I hope my application will not be rejected. I need a doctor’s referral to verify my health. I do not have anything. I hope you will give me help so that I can live because I have nothing left. I don’t speak English, but I use translation software. I hope you will contact me and I will document everything. This is my phone ????????????number 00967711129985
Hi,
Thank you for your comment!
We recommend exploring various scholarship and financial aid options that might be available to you. Our scholarship search tool can be a great resource. You can access it here: https://www.iefa.org/scholarships.
Additionally, for more comprehensive information on financial aid options, including loans and other forms of assistance, please visit our resources page here: https://www.iefa.org/international-student-loans
Remember, each scholarship or financial aid program will have its own application process and requirements, so be sure to contact the relevant organizations directly for guidance.
Best of luck with your studies, and keep pursuing your dreams!
– The IEFA team