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).
Find out more and apply for your International Student Loan in Canada today:
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.
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.
It’s always interesting to look back at the previous year to get a feel for what’s going on in international education. Of course, we’re particularly interested in finding the perfect student loan for international students. So here are some key facts about international students in the US and US study abroad students.
Whether you’re a foreign student studying in the US, or a US citizen dreaming of studying abroad, we hope you enjoy learning a little more about the state of international education right now.
According to research carried out by The Institute of International Education (IIE), 271,738 international students enrolled at a US institution at the start of the 2017-2018 academic year. This is down almost 7% compared to the 2016-2017 figures (290,836 international students) and a further decline from the peak of 300,743 international students recorded in 2015-2016.
The total number of international students in the US was 1,094,792. This is up 1.5% on the previous year, but the rate of growth is at its lowest for over 10 years and a significant change from the 10% growth in total international student numbers in the US in the 2014-2015 academic year.
One encouraging trend is that international students represent a growing percentage of total student numbers. International students now represent more than 1 in every 20 students in the US (5.5% of all students). This has grown year on year.
In terms of the distribution of international students in the USA, we looked at the 10 most popular states.
The highest concentration of international students is in California. In 2016-2017 there were 156,879 international students in California. This rose 3.2% to 161,942 in 2017-2018.
The state with the biggest increase in international student numbers was Massachusetts. Massachusetts saw a staggering 8.4% increase in international student numbers to 68,192 compared to 62,926 in the previous academic year.
The following were notable in their decreases but remain amongst the top 10 most popular states for international students:
The most popular schools, colleges, and universities for international students in the US may or may not surprise you. Amongst the top 5, we are proud to say that no-cosigner loans are available at all of them.
Coming out on top with a total of 17,552 international students was New York University, New York, NY. No-cosigner loans are available at New York University.
The largest number of international students in the US are on Undergraduate programs (442,748), with 308,953 Graduate students enrolled. There were 203,462 international students in the US on Optional Practical Training courses. There were also 65,631 international students on other, non-degree courses.
The three most popular fields of study for international students studying in the USA were Engineering (with 21.3% of all international students), Business and Management (17.9%) and Math and Computer Science (17.0%).
If we turn our attention now to US students studying abroad, the latest statistics available are for the 2016-2017 academic year. This year saw the number of US students studying abroad rise a modest 2.3% over the previous year to a total of 332,727 students.
More than 25% of these students (85,786) enrolled in STEM courses (Science, Technology, Engineering, and Math). Business was the next most popular field of study, with Social Sciences coming in third.
The 292,467 US undergraduate students studying abroad in 2016-2017 represented 1.8% of the 16,298,944 total US undergraduate enrolment.
64.6% of US students studying abroad in 2016-2017 did so for a short period (e.g. a summer or a study period of 8 weeks or less). 33.1% spent a semester (or one or two quarters depending on the institution) abroad. Only 2.4% studied abroad for the long-term – an academic or calendar year (or more).
Where do US students abroad study?
Europe hosted the vast majority of US students studying abroad. Latin America & the Caribbean came in second and Asia took third place.
#1 – Europe, 181,145 total US students (54%)
#2 – Latin America & Caribbean, 51,513 US students (15.5%)
#3 – Asia, 38,621 US students (11.6%)
24,790 US students (7.5%) studied in more than one region in the 2016-2017 academic year.
On a country level, 39,851 US students were studying in the United Kingdom in 2016-2017. This represents 12% of the total number of US students studying abroad. The UK is the largest single concentration of US study abroad students.
#11 – over 6,000 US students made South Africa their home for part of their studies
#13 – almost 5,000 students experienced student life in the Czech Republic
Besides the 332,727 students who enrolled in courses leading to academic credit, 36,975 US students attended over 400 other institutions and took part in non-credit work, research, volunteering, and internships abroad.
If you’re interested in finding out more about your options as a US student studying abroad please visit our Study Abroad pages.
Established by the Institute of International Education in 2014, Generation Study Abroad is a five-year initiative whose goal is to double the number of U.S. students who study abroad by the end of the decade. This initiative has brought together partners from K-12 organizations, U.S. universities and colleges, social networks, and international universities and organizations to address the biggest obstacles students face when deciding to study abroad: cost, curriculum, and culture.
The decision to study overseas is a great one. It will expand your horizons and open up potential career opportunities. It’s also going to be a lot of fun, but you already know all this, right?
What you may not know is how exactly to get the funding you need to study in another country. It’s a tricky situation, as it’s not always possible to get a loan in the U.S. for a university outside the country. There are, however, a few options to look into that can help make studying overseas possible. Some are easier than others, but all of them might be useful as you plan your studies.
Work Through Your University
The first thing to do is to decide what your plan is for studying overseas. If you’re looking for a shorter time abroad — typically a year or less — check with your university to see what study abroad programs are available. This way you can continue using whatever funding you have available, such as loans or scholarships.
Study abroad programs are typically geared for short stays in the country while providing lots of support to students. However, it might be not as immersive as you’d like. If you’re thinking of studying for a longer time, you’ll probably have to apply to a university outside of your current school.
Before doing that, though, it’s still worth checking in with your current school’s finance department. They might not be able to help, but they could know of some ways to obtain the funding you need. Read the rest of this entry »
Student loans are an integral part of college, especially in a country like the U.S. where tuition rates are sky high. However, international students are at a disadvantage when it comes to obtaining loans to help pay tuition. Federal loans are off the table and can only be acquired by citizens. However, more and more private loans are becoming available to international students. This is great news, as are some important benefits from obtaining student loans. Here are the benefits of student loans when you’re an international student:
They Fill the Gap That Scholarships Cannot
If you’re studying internationally, hopefully you’ve scoured all available options for scholarships. Many universities will have opportunities for you, while some are known for being extremely generous to their international students. Getting your education fully funded is still unlikely unless you’re one of the absolute top students in your class.
Student loans aren’t merit based, so anyone attending an eligible school can potentially receive what they need to pay for school regardless of their grades. However, if you’re looking to go to school in the U.S., you’ll need a co-signer who’s either a permanent resident or a citizen. Your home country might also have some financial aid for international students; do a search for those.
Regardless, having to pay back loans is a lot less fun than receiving the money outright in a scholarship. Don’t fret – this brings us to the next benefit of student loans. Read the rest of this entry »
A rising tide may lift all boats but overreliance on just a few sources may force a few colleges and universities to run aground. At least that’s what some experts are saying in response to the data provided by the Institute of International Education in its last Open Doors report. As we noted in our last discussion of the report, international student enrollment in the US reached all time highs in the 2012-2013 academic year. This growth is not limited to only a few states or schools: the ten most popular schools and twenty most popular institutions all saw increases across the board. But consider this. Read the rest of this entry »
The Institute of International Education’s released its annual Open Doors report this month. The report, an overview of the shape, structure, and scope of international education in the United States, provides encouraging information for study abroad and international students alike. The number of the number of international students at US colleges and universities and the number of US students studying abroad both rose to all-time highs in the 2012-2013 academic year. According to the report, some 819,644 international students studied in the US last year, a 7.2% increase over the year before and the third straight year of increased international student enrollment. Meanwhile more than 283,000 students studied abroad last year, a 3.4% increase over the year before. In both cases, growth is a positive sign for an area of industry that was hit hard by the Great Recession. Read the rest of this entry »
In the world of international education two giants stand tall: China and India. It should come as no surprise that the world’s two most populous nations – and, indeed, two of its emerging superpowers – contribute more international students than any other countries on the planet. From there, however, the stories diverge. While recent economic trends have seen the value of the Chinese Yuan rise in recent months, the opposite is true for the Indian Rupee and all this has both international students and centers of higher education worried.
Since 2007 (when China began to alter its currency regulation policy) the value of the yuan has risen by almost 60% against the British Pound. As a result, studying abroad is now cheaper than ever for Chinese students and indeed a record number are doing exactly that: the 2011-12 academic year saw a 17% rise in Chinese student enrollment in the UK. Indeed, more than one in four non-EU internationals students in the UK hailed from China. While this may seem like a promising trend for educators, many are concerned that schools are becoming too reliant on – and therefore vulnerable to – a single source of students which could be affected by policy or economic changes. Read the rest of this entry »