Loans for international students in Canada – cosigner not required!
March 16th, 2020 by Al C
Until recently loans for international students in Canada were not widely available – but things have changed. Read on for more!
The Canadian Bureau for International Education reports that over half a million international students studied in Canada in 2018. That’s more than a 150% increase since 2010. As a result, Canada has overtaken France and Australia to become the 4th most popular destination for international students behind the USA, the UK, and China.
Once students have exhausted all other available sources of funding such as family support, personal savings, and financial aid from their school, they often need to turn to a student loan to cover any remaining costs of their studies.
This was very difficult to do until recently because of the lack of availability of loans to international students in Canada.
Now, International Student Loan allows these students to connect with loan providers where they can access loans without requiring any credit history, without needing any collateral, and even without a cosigner. These loans are available to students enrolled in Bachelor’s and Graduate degrees in any academic field from countries around the world at 300+ colleges and universities across the USA and Canada.
Students who will be graduating within two years – whether they are undergraduate or graduate students – may apply.
The Benefits Loans for International Students in Canada – without Cosigners
- For this type of loan, you don’t need any credit history in the US or Canada, a cosigner, or any collateral
- You can borrow from $2,001 to $50,000 with a fixed interest rate
- Students from over 190 countries are eligible to apply for these loans
- There is a 10-year repayment period and no prepayment penalties
- During school and for 6-months after graduation there is a lower, interest-only payment period, making it more affordable at the time
- These loans are available at over 300 schools across the USA and Canada
- Undergraduate and graduate students who will be graduating within two years are eligible
- You can use the funds to pay for expenses including tuition fees, accommodation costs, food, student insurance, and books
- They can be used for past, current, and future semesters.
How does the process work?
- Check to see if your chosen school is on our list
- Complete your application online in just a few minutes
- Receive a conditional offer from the lender
- Upload documents the lender requires to complete your application.
- The lender checks to make sure everything you have provided is in order, then sends you final approval of your loan
- The lender contacts your school to confirm your enrollment status. Once this is done, your funding is disbursed directly to your school
How much will the loan cost?
Every case is different. This example is for informative use only. This is not a guarantee of costs as they will depend on your individual circumstances and the lender you work with.
An international (non-US, non-Canadian) student, studying a graduate-level program who borrows $10,000 US dollars can expect to repay $100.54 a month while they are studying and for the first 6 months after graduation. After this time the repayment would be $141.62 per month.
Why is Canada such a popular destination for international students?
- The Canadian education system is internationally regarded as being of very high quality
- Canada is considered a safe country with a tolerant and non-discriminatory society
- 96% of international students recommend Canada as a study destination, and 60% of international students say that they plan to apply for permanent residence in Canada.
Who are the international students in Canada?
The nationalities with the largest populations of students in Canada are:
- Chinese ( around 28% of all international students)
- Indian (approximately 25%)
US students represent only around 3% of all international students in Canada.
Where are the international students in Canada studying?
The Canadian province with the largest number of international students is Ontario (with almost half of all international students). The next most populous provinces are British Columbia (a quarter) and Quebec (about one tenth).
Find out more and apply for your International Student Loan in Canada today.