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
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).
All international students find out during their course of study that money matters. Having enough money to pay for all the necessary expenses is an important facet of international student life. Students must budget and keep an eye on their finances to ensure that they do not spend too much, but also that they make the most of their time abroad. So where do most international students spend their money, and how can they appropriately budget?
Living expenses: International students find that the bulk of their costs are spent on their living expenses. This includes rent, water, electricity, internet, cable, and other housing expenses that can add up quickly. Be sure to think about these monthly costs and make your decisions wisely as these are typically services you contract for a designated period of time.
Food: International students have to eat too! Buying groceries each week can be expensive, so plan ahead and try to use up everything you purchase. While eating at a restaurant can be fun, it is often more expensive (not to mention, not very healthy!) so be sure to consider how frequently and which restaurant you want to indulge in. To save money, meal plans or a strict budget can do the trick!
Entertainment: The opportunity to get out and have some fun with your friends is paramount to an international student’s social life. But these costs can also add up. Trips, movies, sports games, bars and shopping can get expensive if you’re not careful. International students should budget out monthly “fun money” to enjoy themselves and relax outside of class – just watch out and make sure to account for it.
Other bills: While this category is very broad, there are a number of other items that you’ll need to consider depending on your personal needs. You will likely need a cell phone which come with monthly fees and can costs hundred of dollars depending on the cell phone plan. You may also find that you need a car to get around, which can add on gas charges, car insurance or even monthly finance payments. Credit card bills and gym memberships will go right on top of those costs as well so be careful about what contracts you sign and make sure that you can keep up financially!
Course materials and supplies: Next to tuition and room/board, course materials and supplies are one of the most expensive fees in an international student’s life. Students must pay for their books, software, lab fees, and perhaps even athletic fees. Some classes may even require that you have special materials beyond the normal pen and paper such as a specialized laptop computer or calculator. Oh, and don’t forget about parking permits!
With a well thought out budget and some planning and caution international students can avoid spending too much money and running up there bills. While students may have a few things to spend money, sacrifice and financial responsibility will always pay off!
Need more help budgeting for school? Check out our resource on How To Budget where you will find more great tips along with a spreadsheet to start budgeting for the next school year!
It is a dream for many international students who want to study engineering in the U.S. – Loans for International Students are also available. The U.S. is one of the best choices for international students who want to study engineering, and students who would like to earn a U.S. degree in engineering but require additional funding may be eligible for an international student loan.
A recent report from the Institute of International Education stated that in 2019 over 20% of international students enrolled at US universities were studying engineering or related courses.
Why is that the case? Well, aside from the quality education they get, students also have a higher chance of finding a job after they graduate. There’s also a huge likelihood of them getting high-paying jobs compared to graduates who studied in other countries.
Here we’ll show you why the U.S. is a great place to study engineering. We’ll also help you know how to get an international student loan in the country.
Specialize in the course you want
One of the best things about enrolling in engineering courses in the United States is that American universities offer numerous specialization courses.This gives you a great range of options to choose the course you really want. Take for example the University of Arizona which offers over ten engineering majors including aerospace, chemical, biosystems, environmental systems, and more.
The same goes for most universities. You’ll get to choose what course interests you, and take it as early as the third semester!
Work as soon as possible
Getting your first job after graduation is becoming more competitive by the day. Competition between fresh graduates is high, not to mention that you’ll also be competing with the experienced veterans in the industry. But, that’s less of a problem if you’re an engineering graduate with a degree from the U.S.
You’ve got the edge over others because of the quality of education you get. Plus, the demand in the American engineering market is so high. Companies such as Apple, Amazon, and other big multinational companies, as well as smaller companies may have opportunities for internships and training positions from time to time.
Boost your earning potential
Another good reason why studying engineering in the U.S. is a must is because you get a higher earning potential.
Graduating with an engineering degree in the US gives you a good reputation for being competitive, both in the academic and practical sense. Engineers working in the U.S. generally also earn higher salaries than those working in other countries.
According to PayScale, engineers can expect to earn a decent salary after graduating.
Enjoy state-of-the-art amenities and equipment
The U.S. is the center of cutting edge technology in engineering. It’s the place to be if you want to experience top-tier education surrounded with the latest tools and equipment to support your dream of becoming an engineer one day. You’ll be taught and supervised by some of the best professors and top researchers in the country.
Furthermore, the U.S. government spends billions of dollars on university education. This assures that you get the best of both worlds, both in the learning experience and earning potential.
Work in the U.S.
The U.S. government allows companies to employ foreigners through Optional Practical Training (OPT) and Curricular Practical Training (CPT) as long as they meet the eligibility requirements. This can be done as long as workers are covered as “specialty subjects,” in this case, engineering being one of them.
Get the best engineering student loans in the U.S.
If you would like to study engineering in the US but your finances are lacking, then it might be best to get an international student loan.
Here at InternationalStudentLoan.com, we’ll help you see if you’re eligible to get one. We offer international student loans that are available at eligible schools for engineering students.
We have a loan comparison tool to help you know if you can apply and show you which loan suits you best.
Of course InternationalStudentLoan.com is best known for helping international students discover and compare loans to fund their education abroad.
However we are also part of a larger network including IEFA.org, InternationalScholarships.com and InternationalStudent.com
And that’s why today we’re sharing a great opportunity for Central American Students interested in or already studying at an approved school in the USA or Canada – the Central American Scholarship Program by InternationalStudent.com and MPOWER.
Loans Without a Cosigner for International Students in the US
If you are or are planning to become an international student inside the US, you will usually be required to have a cosigner when applying for a loan.
Cosigners for international student loans must be US citizens or permanent residents, and they must have lived in the US for the past 2 years. They must also have good credit history. Non-US citizens and non-US permanent residents cannot act as a cosigner for loans.
Although most international student loan applications require a cosigner, international students attending a select few colleges and universities in the US and Canada are able to apply for a loan without one.
If you’re not able to find a cosigner, then a “no cosigner loan” could be the best option for you.
Since most international students in the US do not have any credit history, a cosigner joins the standard international student loan application process. Loan approval and rates are then based on the creditworthiness of the cosigner.
The cosigner is then also legally bound to repay the loan if the borrower is unable to pay.
With no cosigner loans, instead of looking at credit history, lenders look at your academic success and career path, as well as other factors when assessing you for the loan. Some of the factors they will consider when you apply include your home country, graduation date, and what school you attend.
International student loans are typically only for non-US citizens studying in the United States. However, loan options now exist at a number of select universities for those who want to study in Canada!
Loans for International Students in Canada
International students in Canada may now apply for a student loan without a cosigner!
International Student Loan is now working with a lender that is able to offer loans to international students, including US students studying at select schools in Canada. Until now it has been very difficult for international students to fund their education in the Great White North, but thanks to MPOWER Financing and International Student Loan, there are now a number of schools in Canada where loans are available without a cosigner.
If you are studying in one of the eligible schools, you can apply for a student loan to cover the costs of your education including tuition, housing, food, insurance, and textbooks.
Remember, with this type of no cosigner loan, rather than looking at your or your cosigner’s credit history, lenders look at other factors such as your academic record and career path, your home country, expected graduation date, and what school you will attend.
Students who are not US citizens or permanent residents and those attending schools outside the US/Canada are not currently eligible for an international student loan.
Finding and Comparing No-Cosigner Loans
If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner, you’re able to use our loan comparison tool to see if your school has one available. If they do, you can then research the terms and conditions of the loan and apply directly through the lender.
When researching a loan, here are a few things to consider:
How much you can borrow
The interest rate (and whether it’s fixed or variable)
The repayment period
When and how your funds will be disbursed
Once your loan application has been reviewed you will receive further details on your loan. These will include the interest rate and the amount you can borrow. These will vary by lender and depend your situation.
As an example, no-cosigner loans through our partner have a fixed interest rate and allow you to borrow up to $50,000 total over 2 years. You must state how much you would like to borrow on your application. The approved amount along with your designated interest rate will be assigned to you after your application has been reviewed.
If you are approved for a loan, funds are disbursed directly to the college or university.
To give you an idea of the length of time that is required, the entire process usually takes about 6 weeks, so be sure to plan accordingly.
As an international student planning to study in the USA, there’s no doubt that you’ve already started to contemplate the financial implications of this decision, and you are probably wondering what your options are for financing the cost of studying outside your home country; and you’re quite right to do so – as you may already have realised, there is little information about sources of financial aid for international students who want to study in the US, and often the information that you can find is unclear or even misleading – especially when it comes to unscrupulous lenders (or even loan scams).
But don’t let this put you off your search. We have created this extremely useful post to give you as much information as we can to help you fulfill your dream of studying in the USA and finding the funding to enable you to do that.
Here at International Student Loan we recommend that you first talk to your college or university before pursuing any other alternative funding sources. They may be able to guide you to their own funding opportunities or specific contacts that they have established themselves that are able to assist non-US residents studying in the US.
There are 3 main offices you should contact at your university:
The Financial Aid office
The department or faculty office of your chosen program of study
The office for international students (often called the Office of International Student Services)
Much support for international students in graduate programs in the US is provided by the universities and colleges themselves in the form of teaching assistantships and research assistantships. These are often based on academic merit and not on financial need. In most cases you would be required to pass the Test of Spoken English (TSE) in order to qualify for a teaching assistantship, but check with the school you’re interested in.
Some foreign schools have exchange programs with schools in the US. These exchange programs often include financial aid for the students. If you are already studying at a university in your home country and would like to find out about this type of exchange program the office for international student services at your home university would be the best place to contact.
Once you have established the financial aid that you can access through your chosen university or college, it is time to start looking further afield for other, alternative sources, too.
According to the Association of International Educators, more than two-thirds of international students in the US receive help from their families, in addition to their own resources, to fund their study in the US. Whatever outside help and financial aid you receive, you will also need to use your own funds and probably rely on support from family and friends to pursue your dream of an education in the USA.
Organizations in your home country
One of the best sources of financial aid for international students comes from organizations in their home country that want to invest in and develop the education of talented students, recognizing the benefits that an international education can provide.
Your own government may provide financial aid (often on the condition that the recipient of the aid returns to their home country on completion of their studies). We suggest you make contact with your country’s ministry of education and or ministry of culture.
Private organizations such as businesses, religious groups, and charitable foundations may also offer support in the form of financial aid for international students – often this is linked to the background of the student or the chosen field of study. We advise you to search online for these opportunities, and speak to local educational institutions who may be able to refer you to these programs.
Some of the organizations that offer funding for international students studying in the United States are:
The United Nations
the Organization of American States (OAS)
The International Maritime Organization
The International Telecommunications Union
The League of Red Cross Societies
The Soros Foundation
The World Health Organization
The World Council of Churches.
These awards are extremely competitive and are mostly for graduate students rather than undergraduates.
You usually have to apply for this type of funding from your home country, so if you have already embarked on your educational journey in the US you may not be eligible. It is therefore important for you to research these opportunities well before you travel.
The Fulbright Program works two ways: U.S. citizens may receive funding to go to a foreign country and non-U.S. citizens may come to the U.S. (Foreign Student Program, Visiting Scholar Program, Teacher Exchange Program, etc.).
In order to be considered for Fulbright programs, foreign candidates must demonstrate exceptional academic achievement, leadership potential, flexibility and the ability to interact successfully in the USA.
The Fulbright Foreign Student Program enables graduate students, young professionals, and artists from abroad to conduct research and study in the United States
Fulbright grants are offered in many academic disciplines, but not in clinical medical research (research involving patient contact). Fields of study cover mathematics and sciences, the fine arts, humanities, and social sciences.
Applicants are required to take the TOEFL and GRE or GMAT exams. Professional education, such as medical schools, is not eligible. Fulbright students are required to be on J-1 visas for the entire duration of their sponsorship.
You should contact your nearest US embassy or consulate, the Fulbright Commission office, or educational advising center for information about applying to the Fulbright Program in your country.
Of course, we couldn’t write a post on our own site about international financial aid and not mention international student loans. International student loans are available to help students cover the cost of their education so they can attend the US college or university of their choice.
With international student loans, students can borrow up to the total cost of their education minus any financial aid received. Our loans work for all nationalities, and students can apply from anywhere in the world including from their host country.
US institutions are attracting students from around the globe and applications from Europe are on the rise. The number of UK students looking to study a graduate program in the US continues to increase, and undergraduate programs are only just behind. This article will tell you all the basics about international student loans for students from the UK who hope to study in the US.
There are over 4000 US institutions, many of which offer programs in specialisms many of us have never heard of. This allows students to find the degree that’s right for them, adding something unique to their CV.
One of the main deterrents for studying in the US continues to be funding. While university fees are subsidized in the UK, tuition fees and living costs in the US are on the rise. Many students now seek a student loan to support their education expenses.
FindingInternational Student Loans for Students from the UK
The easiest way to be considered eligible for a US student loan is to find a co-signer who is also an American citizen. A citizen with a good credit rating is the perfect candidate to cosign your loan, making the application process much easier. Many lenders offer loans to students with co-signers who have proof of income, as they can act as a guarantor for the funds.
A cosigner must be a US citizen or permanent resident who has lived in the US for the past two years and has good credit.
Your cosigner should have a stable job with a steady income and an established credit history. Lenders may look at how long your cosigner has lived at their current address and how long they’ve been employed at their current job.
Your cosigner is taking on the obligation to pay back your loans in the event that you cannot, so it’s important that the cosigner can afford to cover these expenses. International student loans and study abroad loans lenders will take into account the total income of your cosigner and their total debts (mortgage, car payments, credit card debt, and any student loans they may have on their own) when reviewing a loan application.
In the United States, the cosigner’s credit history is evaluated by a credit score that is based on outstanding debts and their payment history. Lenders will evaluate your cosigner’s existing and past loans and whether they were paid on time.
Cosigner Not Required?
However, this is not an option for everyone. If you do not have a cosigner and you’re looking for international student loans for students from the UK there are specialist lenders who offer this service. Lenders such as MPower Financing understand how difficult it can be to secure funding. They support students in the visa and college application process as well as providing funding, to reduce the stress over expenses. There’s information about finding a loan without a cosigner here.
To compare the best student loans for British students looking to study in the US, then look no further than our comparison tool.
As greater numbers of students from around the world are traveling to study a degree in the US, and tuition fees are rising, international student loans are growing increasingly necessary. Indian students, alone, accounted for 17.9% of the total foreign students in the US in 2017-18, second only to Chinese students at 33%. This article discusses the best international student loans for Indian students who want to study at a US institution.
The Indian Loophole
To be considered eligible for an F-1 visa and to be accepted to a US academic institution all international students must show proof of funding. This basically means that you, as a student applicant, must show you can afford to attend the college or university of your choice. You may pay for your education through personal funds, an academic scholarship from the institution, or through a student loan.
The most difficult part of applying for a student loan as an Indian student is finding the necessary evidence to be considered eligible. Indian banks often require supporting documentation showing the student’s acceptance to a US institution before considering a loan. However, most US institutions require proof of funding before offering a formal acceptance.
The simplest option is to seek a loan through a US bank specializing in student loans or a specialist lender. US lenders understand the difficulty with needing to provide supporting documentation for the university application and offer advice and help during this process.
MPower Financing is a dedicated lender of international student loans and one of the options available to Indian students. The company understands the difficulties many international students have with finding funding and a co-signer. MPower takes the hassle out of the process by keeping everything clear and supporting both the visa and university application process. MPower also can provide loans without a cosigner at select universities in the USA and Canada.
Are you planning to study abroad? There are International Student Loans available for students in your position who need funding. This might be for a semester or a full degree program.
Here at International Student Loan, we’re here to help. Find the information you’ll need to make an informed choice and apply for funding.
What a student loan can cover:
Tuition fees, books, accommodation, transportation, health insurance, and anything else an international student might need.
We’ve prepared this post as a one-stop overview of the information you’ll need whether you’re a student, parent, student- or financial-aid-advisor! We hope you’ll find the student loan that works for you!
Financial Aid for Non-US citizens studying in the US:
International Student Loan
There are International Student Loans available for non-US citizens studying at a college or university in the United States. It’s very common for foreign students to apply for loans to help pay for college. Studying abroad can be very expensive once all the costs have been added up.
We have a student loan comparison tool will match you with eligible loan options which you can review and choose the loan that works best for your circumstances.
Most international students inside the US will need a cosigner when applying for a loan. They must be a US citizen or permanent resident who has lived in the US for the past 2 years and has good credit history.
Financial Aid for Non-US citizens studying in the US at select schools (No Cosigner Loans):
No Cosigner Loan
As mentioned above, most international students inside the US will need a cosigner when applying for a loan. Although a cosigner is required in most cases, international students attending a small number of colleges and universities in the US are able to apply for a no cosigner loan. If you aren’t able to find a cosigner then a no cosigner loan could be a good option for you.
Most international students in the US do not have credit history. With no cosigner loans the loan approval is based on the cosigner’s credit history, along with your academic success and career path.
Financial Aid for US citizens studying abroad through a US school:
Study Abroad Loan
If you are a US citizen or permanent resident you may be eligible for a study abroad loan if you are participating in a study abroad program at an approved school in the United States. You must receive credit at your home college or university. If you are not sure if your school is eligible, see our complete list of eligible schools.
Our loan comparison tool lets you compare loans and find the loan that’s most suitable to meet your needs – and you can apply right online.
US students that need a student loan should complete the FAFSA and apply for Stafford Loans as well as applying for a Study Abroad Loan or Foreign Enrolled Loan.
Stafford loans are fixed-rate loans for undergraduate and graduate students attending college at least half time. They are provided under a federal government program, so interest rates can be very competitive.
International Student Loan provides student loan information so that you are better informed and equipped to make the right decision on funding your studies. Whether you are looking for international student loans, foreign enrolled loans, or study abroad loans, we aim to always provide you with the very best of foreign student loan opportunities.
Finding a student loan for your international education can be difficult – but it doesn’t have to be with the help of internationalstudentloan.com
Most students hear the myths about student loans before even attending college. Others simply don’t understand whether a student loan is right for them. This article will debunk some of the major myths surrounding student loans and help students choose the path that’s right for them.
If you don’t have the family finances, you can’t attend college.
Although universities in the US can be very expensive, they are not only for the rich. There are several scholarships you can apply for at every college and university. You can also apply for a student loan to support your study finances. The most important thing to focus on is grades and personal development. Think about getting excellent test scores and building your extra-curricular or voluntary experience to make your application stand out.
Student loans negatively affect your credit score.
Okay, if you don’t make your loan repayments then this is true. But managing a student loan well can be a great way to boost your credit score. By making regular repayments, you’re positively impacting your credit. This means it can make it easier to take out a credit card or another loan in the future.
You will forever be in debt.
You will be repaying a lot of money, probably over a long time. However, graduates are earning an average of $17,500 a year more than non-graduates, making the cost of college worth-while. No one wants to think about paying back a debt, but following this system could help you become more employable and increase your income in the long-run.
Interest on student loan repayment never changes.
Despite signing a contract when you took out a student loan, the amount of interest charged can still vary throughout the repayment. Be careful when applying for a loan that you understand all the small print. This includes how and when to repay the loan, as well as the interest due. The amount of interest owed can vary year to year, so check in the initial terms what you’re agreeing to. Make sure you have an idea of how much you’ll be repaying once you graduate to prepare for this.
Forget your loan until you graduate.
Your loan shouldn’t be the first thing you’re thinking about when you wake up. However, it’s important to acknowledge how you’re getting your money and use it wisely. Interest is mounting from the minute you take out your loan. So, unfortunately, you’re building up debt the whole time you’re studying. If you have the ability, you can start repaying your loan while still studying. If you don’t have enough to do this, consider starting a savings account to put aside whatever money you do have for when you gradate. This will help alleviate the pressure of repayment.