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.
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.
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.
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%).
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.
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.
University of Arizona
Deadline: April 1st
Looking to study at the University of Arizona (UA) but can’t afford the tuition? This is your chance! The UA is offering Tuition Awards to international students that go from $4,000 to $24,000 per academic year.
The University of Arizona is one of the United States’ most respected public research institutions. The UA provides more than a world-class education, they help students develop the necessary skills of discovery, research, and creativity and that’s why you can’t miss this opportunity to study there!
What’s the scholarship about?
In recognition for students who exhibit an outstanding academic performance, the University of Arizona offers the International Tuition Award which offers $4,000 – $24,000 per academic year for freshman, and $5,000 per academic year for transfer students.
If you meet the criteria, be sure you submit your application on time for the next fall semester!
Get more details on the University of Arizona International Tuition Award and how to apply.
Deadline: October, 15
Westbon is the first lending platform for international students in the U.S. Based in Chicago, they specialize in providing auto loans and personal loans for their customers, who have always been an underserved group due to their lack of a Social Security Number (SSN) and credit history.
Westbon is dedicated to assisting international students in their pursuit to study in the United States and is always amazed by how vibrant and talented the international student community is.
To help international students further pursue their dreams in the U.S., Westbon has established a scholarship program for international students who are on F1 Visa in the United States. Regardless of your fields of study, Westbon is happy to offer the assistance you need for your college studies in the United States.
To qualify, you must be:
What are they looking for?
Applicants who have the excellent achievement and great potential in academic, extracurricular activities or social fields.
Social Impact/ Leadership/ Entrepreneurship
All undergraduate and master program students are welcome to apply. You can find further details here.
Full Sail University
Deadline: Applications must be submitted prior to the desired start date
Full Sail University is an American private, for-profit university located in Florida. Full Sail is dedicated to helping creative students follow their dreams in the entertainment and media industry. With students from over 65 countries, 110 world-class recording studios, and many spacious film soundstages, Full Sail’s innovative and accelerated style of education provides a unique real-world education in film, music, animation, video games and recording arts.
Full Sail University is offering students the opportunity to apply for the Full Sail Global Achievement Scholarship, which is designed to encourage and develop future international entertainment and media professionals throughout the world.
What is it?
Through the Global Achievement Scholarship, eligible participants may receive up to $5,000 toward the tuition of their Full Sail campus degree program. If you are interested in attending Full Sail University and applying to this scholarship find more information about it here.
To be eligible you must:
How to enter
Get more details on this scholarship and how to apply.
East Tennessee State University
Deadline: January 2nd
If you are a new international student at East Tennessee State University (ETSU) or if you are planning to apply to ETSU, we have great news for you! The International Students Academic Merit Scholarship is open to new international students seeking a graduate or undergraduate degree.
What is it about?
The scholarship covers 50 percent of total in and out-of-state tuition and maintenance fees only. No additional fees or costs are covered (recipients will be required to pay other fees such as program fees, course fees, housing costs, and medical insurance costs).
Students must apply for admission to ETSU before applying for the scholarship. Once an admissions application is submitted, the student may then apply for the scholarship. A student’s scholarship application will be reviewed once the student is admitted to the university.
The scholarship is available for:
To be eligible, students must:
Also important to know:
Time is running out so if you are interested, be sure to submit all your information by January 2nd. Applications received after the deadline will not be reviewed. You can find further details here.
One of the most difficult parts of being an international student in the US is finding the funds to do so. Luckily, there are numerous outlets where international students can look, including home country funding, family funding, scholarships and even loans. However, it’s important to understand that as your time in the US grows, so will your desire to make purchases beyond resident hall decorations, classroom supplies and the occasional night out. International students who plan on studying in the US for a few years often decide to make a larger purchase like a car. Before being able to make this type of purchase you will need to have established credit; Because of this, it’s important to start building credit as soon as possible.
One great way to establish credit is by obtaining a credit card. Having a credit card and making frequent, small purchases then immediately paying off the balance can help build credit as an international student in the US. However, without a social security number or established credit, new international students may find it difficult to open a credit card.
One option that you’ll want to explore is SelfScore. SelfScore was established by former international students, for international students. They offer the only MasterCard designed specifically for international students, which means you do not need a social security number to apply and you can count on them always offering you fair credit.
SelfScore offers two types of MasterCard: The Classic and The Achieve. With both of these cards you can enjoy:
SelfScore prides themselve on “opening the door of the US financial system for international students.” See if a SelfScore MasterCard can help you establish your credit during your time in the US.
The 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.
International Student Insurance just announced their Summer Fun Competition where you have two chances to win $500! Here’s how you can win one of their $500 prizes (or, submit to both and you could win $1,000!).
There are two ways to win:
From there, complete the application form right online (if you are submitting to both entries, you will need to complete the form twice) and stay tuned to see if you are the winner. Check out the Summer Fun Competition details and application here:
Winners will be randomly selected and will be announced in September. Good luck to you all!
“What’s your favorite page on International Student Loan? Share it with us!”
Simply answer the second question on Facebook, Twitter, or our blog, and you’ll be entered to win $100 gift card! Check out International Student Loan to see what peaks your interest. Is it the videos? Maybe the infographic? Or maybe it’s a resource page? Be sure to comment below on our blog, or share it on our Facebook or Twitter page to enter to win.
Submit your answer before 3pm EST on Wednesday, July 16th for your chance to win. Our second winner will be announced next Thursday, July 17th, so stay tuned!
If you are in need of cash now, win $100 on our Financial Aid Fun Contest, put on in partnership with InternationalStudentLoan.com and InternationalStudent.com. Be sure to check back next week where a new question will be announced on Friday, July 18th. Good luck on financing your education!
The winner for our second question has just been announced, congrats to Sunshine Darling who just won $100 gift card! Sunshine told us that her favorite page was Making a Repayment Plan- and Sticking to it on InternationalStudentLoan.com. Congratulations Sunshine!
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:
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!
If you missed the announcement of the winner for the first question- here he is:
“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!