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

June 25th, 2019 by Al C

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

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.

More on Loans That Do Not Require a Cosigner in the US and Canada

10 things you need to know about international student loans


Loans That Do Not Require a Cosigner in the US and Canada

May 31st, 2019 by Al C

Loans Without a Cosigner for International Students in the US

International student loans in the USA no cosigner required

If you are already, or are going to be an international student in the US, it will be required of you to have a cosigner while applying for a loan.

If you do require a cosigner, the cosigner must be a US citizen or permanent resident, and they must have lived in the US for more than 2 years. They should likewise have good credit history. Non-US natives and non-US permanent residents are not allowed to be a cosigner for international student loans.

Despite of the fact that most international student loan applications require a cosigner, students attending a growing number of schools and colleges in the US and Canada can apply for a loan without one.

If you do not have a cosigner, there is guidance on how to find one in the International Student Loan Resources, but looking for a “no cosigner loan” could be the best choice for you.

Since most international students in the US don’t have any financial history there, a cosigner joins the loan application process. Approval for the loan and the interest rate applicable are then based upon the perceived reliability of the cosigner.

The cosigner is then lawfully bound to repay the loan if the borrower does not make the payments.

Don’t have a cosigner? If research doesn’t help you find one, see if a loan that doesn’t require a cosigner is available for you.

With loans that do not require a cosigner, rather than using the applicant’s credit history, lenders assess your education and career path, in addition to other factors when making a decision on approval for a loan. These might include your nation of origin, graduation date, and what school you are attending.

The majority of student loans available for international students are solely for non-US natives who will be in the United States. However, a new option helps students apply for loans at a number of colleges in Canada as well!

Loans for International Students in Canada

International student loans canada no cosigner required

International Students in Canada may now apply for an international student loan without a cosigner!

International Student Loan has partnered with a lender that can offer loans to students from over 190 countries, including the US, who are attending select schools in Canada. Up to this point it has been hard for international students to finance university education in Canada, but thanks to MPOWER Financing and International Student Loan, there are now various schools in Canada where no-cosigner loans are available.

International students at eligible schools can apply for a loan to fund the expense of your education including the cost of tuition, lodging, sustenance, insurance, and supplies.

As referenced previously, with this sort of loan, rather than focusing on your or your cosigner’s financial record, the loan specialists take into account different factors. For example, your education and future career, your nation of origin, your expected graduation date and what school you will be studying at will be considered

Students who are not US natives or permanent residents, and who are going to schools outside the US/Canada are not presently qualified for international student loans.

Finding and Comparing No-Cosigner Loans

International students should use the loan comparison tool to see whether they can apply for a loan without a cosigner and if their chosen school is available. Provided that this is the case, they should then be able to review the terms and conditions of the credit agreement and apply online.

While inquiring about a no-cosigner loan, here are a couple of things you should consider:

  • The amount you can borrow
  • The interest rate (and whether it’s fixed or variable)
  • Repayment terms
  • How the loan is disbursed

When your application has been assessed you will get further information about your loan and the terms and conditions. These will cover the financing cost and the total amount you can obtain. These will differ by loan specialist and depend on your circumstances.

No-cosigner advances through our partner have a fixed rate of interest and enable you to access up to $50,000 in a 2 year period. You should state the amount you might want to borrow on your application.

Once approved for the loan, the funds are disbursed directly to your school or college.

The whole process takes around about a month and a half, so you should plan ahead and ensure that you make your application in time.

To check whether there are no-cosigner loans at your school, start with the loan comparison tool.

Find out more about International Student Loans.


10 things you need to know about international student loans

May 2nd, 2019 by Al C

US Dollar - 10 things you need to know about International Student Loans

If you’ve researched all the available funding options for you as an international student in the US, and you are still in need of additional financing, your next place to look is an international student loan.

If, like many international students, you didn’t realize that loans were even available for international students, here’s a roundup of 10 things you need to know about international student loans and how to apply for them. We will also point you in the direction of additional useful resources and the loan comparison tool which you can find here.

10 things you need to know about international student loans

1) International Student Loans Explained

International Student Loans are specialized private education loans that are available for international students who are studying in the USA or Canada at approved colleges and universities. US students in the USA are able to apply for Federal student loans (provided by the US Government), but these are not available to international students.

In many cases, international students in the US have to apply with a qualified cosigner and should only apply for international student loans after exhausting all scholarships, personal funds, and other options. At select schools in the US and Canada there are loans without a cosigner available for select students to apply for.

2) Who is eligible to apply for international student loans

Students who are not US citizens or non-citizen permanent residents and who are attending an eligible US college or university. Loans are also available to international students in Canada (including US students) at select universities.

In most cases in the US, borrowers are required to have a credit-worthy cosigner who is a US citizen or permanent resident. However, there are loans available at select schools that do not require a cosigner, depending on your situation as the borrower.

Students who are not US citizens or permanent residents and who are attending schools outside the US/Canada are not currently eligible for an international student loan.

3) The types of loans available

Lenders only work with specific colleges and universities, and not every lender works with international students. This can make it difficult at times to find the right option for your situation. International Student Loan has a helpful comparison tool which will show the options that are available to you depending on your circumstances – taking into account your course of study, duration of study, field of study and if you’re studying at an approved US or Canadian college or university.

There are loans for students who have a US cosigner, and loans that do not require a co-signer that are available to students in select instances.

4) What international student loans can be used for

International student loans, like all private education loans, can be used for education-related expenses.

The main categories/items that an international student loan can cover are:

  • tuition
  • mandatory fees (costs specific to a school or university)
  • books and educational supplies/equipment
  • insurance
  • transportation (including airfare)
  • room and board
  • and other school-related expenses – can include food, personal expenses, leisure and communication

5) The maximum loan amount

The maximum amount that you are able to take out in the form of an international student loan is the total cost of your education minus any other aid (like scholarships, grants, etc) received.

The total cost of your education will vary based on your school and the program’s cost of attendance. After you apply and receive credit approval your school must certify the amount of the loan.

6) Loans for non-US citizens or non-US-permanent residents studying in a destination outside the US, are not available

Most international student loan options are only for non-US citizens studying inside the United States. However, we now have loan options at a few select universities for those who want to study in Canada!

7) Cosigners

A cosigner is required for many international student loan programs, but not all.

If a cosigner is required they must be a US citizen or a US permanent resident, with good credit, who has lived in the US for the past two years. Non-US citizens or non-US permanent residents cannot act as a cosigner.

Although we are not able to assist with finding a cosigner, it is common to ask close friends or family members.

If you do not have a cosigner you will want to explore lenders that do not require a cosigner.

8) The Application Process

Before applying for a private student loan, you should know exactly how much you need to borrow. To do this, review the financial aid award letter sent to you by your school. Next, find a loan that meets your needs. You can use our Loan Comparison Tool to help you find a loan that suits you.

You will need to submit your application to the lender. Most international students studying in the United States are required to have a US co-signer. After you have completed your part of the student loan application, your co-signer will need to complete their part of the application.

After submission you will be sent documents relating to your loan application. Follow any instructions carefully, and ensure that you (and your cosigner) sign and return the documents in a timely manner.

When your lender has received and approved all of the documents the money is transferred directly to your school/university, and you will receive your loan proceeds from them once they have been applied to your student account.

9) Repaying your International Student Loan

The interest rate and repayment terms will depend on the loan option and lender you select.

When selecting a lender you will need to review the terms or contact the lender directly with any specific questions. If you go with a lender that requires a cosigner the interest rate is calculated based on factors including your cosigner’s creditworthiness.

If a lender does not require a cosigner the interest and repayment rates are established in a different way. For example, with MPOWER, the interest and repayment is determined based on other factors. While they do not require a credit score, they do need to review a detailed credit report to verify payment history and good standing.

10) Applying for an international student loan before being accepted to a school

It is possible to begin the loan application process prior to being accepted to your school, however, you will need to be accepted with your student visa to finalize the loan. The first step is to find a lender; see if one is available at your college or university.

We hope you’ve found these 10 things you need to know about international student loans useful for your plans to study in the USA.

For more information check out our posts on 5 international student loan terms you need to know and Student loan repayment explained.


5 International Student Loan Terms you Need to Know

July 2nd, 2015 by Jonathan Frankel

Loan blogThe world of international student loans can be confusing, especially if you’ve never obtained a loan and English is not your first language. Because of this, we’ve created a list of the top international student loan terms that you need to know and understand before you start the hunt for a loan.

Cosigner: A cosigner is someone who is joining the loan application with you. If you’re unable to repay your loan (yes, you must pay back what you’ve borrowed) the co-signer then takes over your repayment responsibility. To be a cosigner on your international student loan, they must be a US citizen or resident who has lived inside the US for the past two years and has good credit history. The better your cosigner’s credit history, the lower your APR will be.

Repayment Period: This refers to when you must start the re-paying of your loan and how often- something that will vary from one lender to the next. Check these terms, and know exactly when you will need to start paying back what you borrowed.

Interest Rate: An interest rate is the percentage of the amount borrowed that the lender can charge interest on to the borrower. The higher the interest rate, the more you must pay back in addition to what you borrowed. The interest rate will change depend on the market and can come in one of two categories: fixed and variable. A fixed interest rate is a rate that will remain the same from the time you agree to take out the loan to the last payment you make. A variable interest rate will fluctuate over time depending on the market, and can be more risky, depending on the market.

Annual Percentage Rate (APR): While looking at terms based around repayment, let’s discuss exactly what an APR is, and how it can affect what you must pay back to the lender. When comparing loans, you will want to compare the APR and look for the lowest rate possible- the lower the APR, the less you pay. One key item to keep in mind: the APR and interest rate are not the same. The APR will help give you a more accurate look at the total cost of the loan including the interest and fees. Don’t let a low interest rate trick you into thinking you’re getting a deal- also check the APR.

Credit score: A credit score is based upon credit history and given in a credit report which reflects a score between 300 and 850. Your cosigner’s credit score will be evaluated when you apply for a loan- the higher the credit score, the better your chance will be of getting approved and being able to receive a low APR.

If you would like to receive an international student loan, start comparing lenders that work with your school.


Find A Student Loan in 10 Seconds – LIVE, ON AIR

July 23rd, 2014 by Jennifer Frankel

Creative analysis word489774291If you are like most international students right now, you are probably scratching your head wondering how you are going to cover your education expenses. After all, tuition alone will cost you thousands and thousands of dollars. And, who has that money at their disposal?

If you need more money to help cover this year’s education expenses, international student loans can help you cover your expenses. In fact, apply now and you’ll be able to receive the money before your semester begins.

But wait! Do you know where to start? Do you know how to compare your options? Is there a way you can see what student loan options are available to you in just a few clicks?

International Student Loan cordially invites you to join them on Thursday, July 24th at 11am EST, where they will be answering these, and other important questions that come up.

Who: You
What: Compare Your Student Loan Options
Where: Right Online – Reserve Your Spot Now
When: Thursday, July 24th at 11am EST
Why: To Find Student Loans that meets your needs!

RSVP Now

Tune in for more tips on how you can navigate your financial aid and what other resources are available to help cover your costs no matter where your studies take you.


Question 1 of the Financial Aid Fun Contest Released!

July 2nd, 2014 by Jonathan Frankel

question 122481648Financial Aid Fun Contest: Question 1

Deadline: July 9th at 3pm EST

International Student Loan and International Student have combined forces during the month of July to bring you three great chances to win $100! Yesterday the Financial Aid Fun contest was announced and today question 1 of the Financial Aid Fun Contest released! All you need to do is find the correct answer to the question (you can find help here), then post the correct answer either to this blog or one of the following:

International Student Facebook
International Student Twitter
International Student Loan Facebook
International Student Loan Twitter

If you submit the correct answer you’ll be entered into the drawing to win $100! You only have until July 9th at 3pm EST to submit your answer, so make sure you post your answer as soon as possible!

The question you must correctly answer is:

What is a co-signer?

Time is limited so start searching now and post your answer before the deadline. If you aren’t the winner this week make sure you come back next week. There will be a new question posted, meaning a new chance to win $100!

WINNER UPDATE:

If you missed the announcement of the winner for the first question- here he is:

Islam Taher

“A cosigner is someone who guarantees that if the borrower cannot pay back the loan, they will be legally responsible to pay back the debt. In other words, the cosigner is taking on a huge responsibility for the international student loan or study abroad loan since they are being asked to accept the responsibility of paying back the total loan amount plus any interest.”

Congrats Islam! For those who did not win, don’t worry, just answer our next question for a chance to win!

 


Student Loan Terms Confusing? Join Us Live This Thursday!

June 24th, 2014 by Jennifer Frankel

Video conference450365347International student loan terms are confusing. Repayment, deferral, interest rate, cosigner, credit score, and the list goes on and on. It’s almost that time to apply for international student loans, and we’re here to help you every step of the way. As you make these important financial decisions, you will need to know what these terms are, and how they apply to you. After all, these terms can impact how much you’ll pay back – and when.

Join us this Thursday, June 26th at 10:00 am EST for our next live Hangout where you can learn about student loan terms and what they can mean for you. So grab your notebook and a cup of coffee, and let’s talk international student loan.

Who: You!

What: Uncoding student loan terms

Where: Google+ Hangout – RSVP now

When: Thursday, June 26th at 10:00 am EST

Jennifer Frankel, Director of Financial Services at International Student Loan, will provide you with an overview, and then will answer all of your questions to make sure you are prepared! Be sure to set a calendar reminder, and let us know if you’ll be joining our Hangout. Have your questions ready and join the conversation in the meantime on Twitter at #FinancialAidTalk.


Learn About International Student Loans – Live!

May 20th, 2014 by Jennifer Frankel

college loan135903390If you need an international student loan for the semester, you have a few more months to prepare! That’s why tomorrow, Wednesday, at 3pm EST, International Student Loan will be hosting a free Google Hangout to answer all of your questions. Join them to learn about international student loans including:

  • What you need to apply
  • Requirements for approval
  • What to expect during the process

They’ll be available to answer all of your questions when it comes to your international student loan, so don’t miss it! To join the Hangout live, all you need to do is:

  1. Sign up for the Hangout
  2. Bookmark the page
  3. Set a calendar alarm for 3pm EST on Wednesday, May 21st
  4. Get your questions ready
  5. Join us live!

Want to see previous hangouts? Check out International Student Loan’s YouTube page where you can find videos on all things financial aid for students studying abroad.


Come Hangout With Us This Friday: Finding A US Cosigner

April 9th, 2014 by Jennifer Frankel

If you are looking to apply for a student loan to help finance your education, then you’ll need to have a US cosigner. All international students and most US students need a cosigner to join their student loan application in order to get a US student loan. That’s because these banks and lenders need to have solid credit history to issue their approval. For many students, this can be a stopping point. But don’t let it stop you!

Join me, Jennifer Frankel, this Friday where we will host an entire Google Hangout devoted to giving you the information you need to help you in finding a US cosigner. We will discuss important issues including:

  • What is a cosigner?
  • Why should you care about getting a cosigner?
  • What are the requirements your cosigner must have?
  • Where can you find a cosigner?signing the agreement187120344
  • How should you start the dialogue?

Joining the conversation is easy – and it’s brought to you free.

When Is It?
Attend the Google Hangout this Friday, April 11th at 3:00 EST Set your calendar to remind you when you’re ready.
Be sure to check your local time so that you don’t miss it!

What Do I Need to Know?
Here’s how to join the free information session:

  1. Join us on our On Air Hangout from your Google + account.
  2. Send in your questions through the Hangout.
  3. We will also be available to answer any questions on Twitter or Facebook using #FinancialAidTalk

We hope you’ll join our Hangout and we look forward to seeing you there!


Search International Scholarships for Free Money

December 3rd, 2013 by Jennifer Frankel

blackboardwithpiggybank159415722December is here! And before you head off for winter break, it’s important to also think about your finances. Set a few hours each day searching for awards and applying so that you’ll be in good shape in time for the new semester. Our Scholarship Search makes it easy to do, here’s how:

  1. Register
    Create an account to allow you to search, save and apply for the awards of your choice. Totally free, all you need to do is register here.
  2. Search awards
    Once you have registered, now you can search awards based on the name of the award, what you are studying, where you are studying, or where you are from. You will be able to narrow down the awards to those your are eligible for.
  3. Apply
    You will be able to get the information you need to apply for the scholarship. Fill out the appropriate forms and submit the information directly to the organization of your choice.

Not ready to apply? You can also bookmark the awards that you are interested in, and come back later to apply. Yes, it really is that simple!

Scholarships, grants, and fellowships are the perfect award as it is money given to you that is not required to pay back. Depending on the award, you may need to show that you need the money, or it may be based on merit.

If you still need additional help funding your education overseas, then an international student loan can cover the gap. Unlike scholarships, grants, and fellowships, loans require that you pay back the money with interest. Our Comparison Tool will allow you to select your school and citizenship, and find the available loans that will work for you.

Want more information on scholarships? Check out our scholarship blog posts.


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