Top 10 Best Student Loan In Canada For International Students (2024)

Studying in Canada can be an enriching experience for international students, but it often comes with significant costs. If you need financial assistance to fund your education in Canada, student loans can be a viable option. This comprehensive guide outlines important considerations, the best student loans in Canada for international students, and resources to help you make informed financial decisions.

Important Things to Consider

• Eligibility: Government-backed student loan programs in Canada are primarily for Canadian citizens and permanent residents. International students may have limited options, with private lenders filling the gap.
• Loan Terms: Carefully review loan terms like interest rates, repayment periods, and any fees associated with borrowing. Private lenders may offer variable interest rates, which can fluctuate over time.
• Cosigner Requirements: Many private lenders require a cosigner with good credit history in Canada or another eligible country. A cosigner is someone who agrees to repay the loan if you default.
• Repayment Options: Understand the repayment schedule and explore any flexible repayment options offered by the lender.
• Total Cost of Attendance: Factor in all your education expenses beyond tuition, such as housing, food, and course materials, to determine the total loan amount you may need.

Exploring Financial Aid Options

• Scholarships and Grants: There are numerous scholarships and grants available specifically for international students in Canada. These are typically merit-based or awarded based on your field of study. Research scholarships offered by the university you’re applying to, explore government scholarships from your home country, and seek opportunities from private organizations.
• Work-Study Programs: On-campus work-study programs allow you to work part-time on campus to earn income and gain valuable work experience.
• Savings: Planning and saving in advance can significantly reduce your reliance on student loans.

Top 10 Student Loan Options for International Students in Canada (2024)

Disclaimer: The following is not an exhaustive list, and it’s recommended to thoroughly research each lender before applying. Interest rates and fees may change, so be sure to verify current rates on the lender’s website.

1. Mogo: Mogo is a FinTech company offering various financial products, including student loans for international students. They focus on offering competitive interest rates and a user-friendly online application process.
2. International Education Financial Aid (IEFA): IEFA is a non-profit organization partnering with lenders to offer private student loans for international students at eligible Canadian institutions. They offer loans with or without a cosigner, depending on the program.
3. Prodigy Finance: Prodigy Finance caters to international students pursuing graduate studies. They offer loans without a cosigner requirement, focusing on your future earning potential instead of traditional credit history.
4. EduCanada: EduCanada is a government of Canada initiative offering information and resources for international students, including a scholarship search tool and limited financial aid programs.
5. Scholarships Canada: Scholarships Canada is a government website listing various scholarship programs for international students, including those offered by the provincial governments.
6. Canadian Imperial Bank of Commerce (CIBC): CIBC offers student loans for international students enrolled in specific programs at partner institutions. Cosigner requirements and eligibility criteria may vary.
7. Royal Bank of Canada (RBC): RBC offers student loans for international students in select programs at partner institutions. Cosigner requirements and eligibility criteria may vary.
8. HSBC Bank Canada: HSBC offers student loans for international students enrolled in specific programs. Cosigner requirements and eligibility criteria may vary.
9. Student Financial Aid Administrators of Nova Scotia (SFAANS): SFAANS administers student financial assistance programs in Nova Scotia, including some loan options for international students enrolled in specific programs at Nova Scotia universities.
10. Private Lenders: Numerous private lenders in Canada offer student loans for international students. These lenders typically have varying eligibility requirements, interest rates, and cosigner needs. Research and compare loan options carefully before applying.

Remember: Borrowing money for your education is a significant financial decision. Carefully weigh all your options, explore scholarships and grants, and only borrow what you need. Make sure you understand the loan terms and repayment obligations before committing.