International Students Loans in Canada – Do you hope to attend university in Canada? It’s rewarding to pursue higher education in such country, but it may be difficult financially. You may not qualify for federal student loans as an overseas student, so you should look into other sources of funding.
Several Canadian banks and credit unions provide student loans tailored to international students.
With this article as a guide, you will be able to compare and contrast the top 10 international student loan institutions in Canada, as well as their eligibility requirements, application processes, perks, and drawbacks, before deciding how to finance your studies in Canada.
List of International Students Loans in Canada
1. Desjardins
Desjardins is a Canadian cooperative financial organisation that offers student loans to both local and foreign students to assist them pay their studies.
Requirements for eligibility:
Students must be full-time undergraduate or graduate students enrolled in a Canadian institution or college. In addition, they must be Canadian citizens, permanent residents, or hold a valid study permit.
The application procedure is as follows:
Students can apply either online, over the phone, or in person. Personal and financial details, as well as information regarding their program of study, will be required.
Benefits:
Low interest rates, flexible repayment choices, no prepayment penalties, and the possibility to postpone payments until after graduation are all advantages.
Pros and cons:
Flexible repayment choices and cheap interest rates are among the benefits. One disadvantage is the lack of clarity about precise interest rates and costs.
Visit Desjardins
2. Education Credit Union
Education Credit Union is a Canadian credit union that offers student loans to both local and foreign students to assist them in financing their education.
Requirements for eligibility:
Students must be full-time undergraduate or graduate students enrolled in a Canadian institution or college. In addition, they must be Canadian citizens, permanent residents, or hold a valid study permit.
The application procedure is as follows:
Students can apply either online, over the phone, or in person. Personal and financial details, as well as information regarding their program of study, will be required.
Benefits:
Low interest rates, flexible repayment choices, and the possibility to postpone payments until after graduation are all advantages.
Pros and cons:
Flexible repayment choices and cheap interest rates are among the benefits. One disadvantage is the lack of clarity about precise interest rates and costs.
Visit Education Credit Union
3. Credit Union Nova
Nova Credit Union is a Canadian credit union that offers student loans to international students studying in the country.
Requirements for eligibility:
Students must be full-time undergraduate or graduate students enrolled in a Canadian institution or college. In addition, they must be overseas students with a valid study permission.
The application procedure is as follows:
Students may apply both online and in person. Personal and financial details, as well as information regarding their program of study, will be required.
Benefits:
Low interest rates, flexible repayment choices, and the possibility to postpone payments until after graduation are all advantages.
Pros and cons:
Flexible repayment choices and cheap interest rates are among the benefits. The disadvantages include strict qualifying requirements and a lack of clarity on precise interest rates and costs.
Visit Credit Union Nova URL
4. Rutherford Private Student Loans
Rutherford Private Student Loans is a Canadian private lending company that provides loans to overseas students studying in Canada.
Requirements for eligibility:
Students must be full-time undergraduate or graduate students enrolled in a Canadian institution or college. In addition, they must be overseas students with a valid study permission.
The application procedure is as follows:
Online applications are available for students. Personal and financial details, as well as information regarding their program of study, will be required.
Benefits:
There is no co-signer requirement, various repayment choices, and the possibility to postpone payments until after graduation.
Pros and cons:
The absence of a co-signer requirement and various repayment alternatives are among the benefits. The disadvantages include higher interest rates and costs as compared to government-backed loans.
Visit Rutherford Private Student Loans
5. Alberta Student Aid
Alberta Student Aid is a government student loan program that provides loans to qualifying Alberta students. The Alberta government offers these loans to help students finance the expense of their education.
Requirements for Eligibility:
You must be a Canadian citizen, permanent resident, or protected person, as well as a resident of Alberta, to be eligible for an Alberta Student Aid loan. You must also be enrolled in a qualified program and making sufficient academic progress at an appropriate post-secondary school. You must also demonstrate financial necessity.
Procedure for Applying:
To apply for an Alberta Student Aid loan, you must fill out an online application. Personal and financial information, as well as information regarding your program of study and the school you are attending, will be required. You must also supply paperwork to back up your application.
Benefits:
Alberta Student Aid offers low-interest loans to qualifying students to help pay for tuition, books, and living expenses. While you are in school, the loans are interest-free, and payments does not begin until six months after you graduate or leave school. Alberta Student Aid also has a repayment aid program to assist students who are experiencing trouble repaying their debts.
Pros and Cons:
The major advantage of Alberta Student Aid is that it offers low-interest loans to qualified students. The loans are also interest-free while you are enrolled in school, which can help you minimize your overall debt load.
The program, however, is only open to Alberta residents, so if you are studying in another province, you will need to look into other opportunities.
To apply, go to Alberta Student Aid
6. The Ontario Student Assistance Program (OSAP)
The Ontario Student support Program (OSAP) is a provincial student loan program that assists qualifying students studying in Ontario with financial support. OSAP is intended to assist students in meeting the costs of tuition, books, and living expenses.
Requirements for Eligibility:
You must be a Canadian citizen, permanent resident, or protected person, as well as a resident of Ontario, to be eligible for an OSAP loan. You must also be enrolled in a qualified program and making sufficient academic progress at an appropriate post-secondary school. You must also demonstrate financial necessity.
Procedure for Applying:
To apply for an OSAP loan, you must first fill out an online application. Personal and financial information, as well as information regarding your program of study and the school you are attending, will be required. You must also supply paperwork to back up your application.
Benefits:
OSAP offers low-interest loans to qualified students to help them pay for tuition, books, and living expenses. While you are in school, the loans are interest-free, and payments does not begin until six months after you graduate or leave school. OSAP also has a repayment aid program to assist students who are having trouble repaying their loans.
Pros and Cons:
The major advantage of OSAP is that it offers low-interest loans to qualified students. The loans are also interest-free while you are enrolled in school, which can help you minimize your overall debt load. However, because the program is only open to residents of Ontario, you will need to look into alternative opportunities if you are studying in another province.
Visit apply, go visit OSAP
7. Manitoba Student Aid
Manitoba Student Aid is a government student loan program that provides loans to qualifying Manitoba students.
Requirements for Eligibility:
Students must be Canadian citizens, permanent residents, or protected people who have lived in Manitoba for at least 12 consecutive months to be eligible for a student loan through Manitoba Student Aid. In addition, students must be enrolled in an approved post-secondary school and demonstrate financial need.
Procedure for Applying:
Students can apply for a student loan online or by mail through Manitoba Student Aid. Students must provide personal and financial information, as well as information regarding their program of study and the cost of their education, as part of the application process.
Benefits:
Manitoba Student Aid provides reasonable interest rates and various repayment choices, as well as a six-month grace period following graduation before loan payments are due.
Pros and Cons:
Pros:
- Interest rates that are competitive
- Options for flexible repayment
- Before loan installments are due, there is a six-month grace period.
Cons:
- Only accessible to Manitoba students Limited money is available
To apply, go to Manitoba Student Aid
8. Saskatchewan Student Loans:
Saskatchewan Student Loans is a government student loan program that offers loans to qualified Saskatchewan students.
Requirements for Eligibility:
Students must be Canadian citizens, permanent residents, or protected people who have lived in Saskatchewan for at least 12 consecutive months to be eligible for a student loan through Saskatchewan Student Loans. In addition, students must be enrolled in an approved post-secondary school and demonstrate financial need.
Procedure for Applying:
Students can apply for a student loan online or by mail through Saskatchewan Student Loans. Students must provide personal and financial information, as well as information regarding their program of study and the cost of their education, as part of the application process.
Benefits:
Saskatchewan Student Loans provides affordable interest rates and various repayment choices, as well as a six-month grace period following graduation before loan payments are due.
Pros and Cons:
Pros:
- Interest rates that are competitive
- Options for flexible repayment
- Before loan installments are due, there is a six-month grace period.
Cons:
- Only offered to Saskatchewan students Limited money is available
To apply, go to Saskatchewan Student Loans
9. Newfoundland and Labrador Student Financial Services
Newfoundland and Labrador Student Financial Services is a provincial student loan program that provides loans to qualifying Newfoundland and Labrador students.
Requirements for Eligibility:
Students must be Canadian citizens, permanent residents, or protected people who have lived in Newfoundland and Labrador for at least 12 consecutive months to be eligible for a student loan through Newfoundland and Labrador Student Financial Services. In addition, students must be enrolled in an approved post-secondary school and demonstrate financial need.
Procedure for Applying:
Students can apply for a student loan online or by mail through Newfoundland and Labrador Student Financial Services. Students must provide personal and financial information, as well as information regarding their program of study and the cost of their education, as part of the application process.
Benefits:
Student Financial Services in Newfoundland and Labrador provides affordable interest rates and flexible repayment alternatives, including a six-month grace period after graduation before loan installments are due.
Pros and Cons:
Pros:
- Interest rates that are competitive
- Options for flexible repayment
- Before loan installments are due, there is a six-month grace period.
Cons:
- Limited funding is provided only to students studying in Newfoundland and Labrador.
Visit Newfoundland and Labrador Student Financial Services
10. Canada Student Loans Program
The Canada Student Loans Program is a federal loan program that provides financial assistance to eligible students studying in Canada.
Eligibility requirements:
Students must be Canadian citizens or permanent residents enrolled in an eligible post-secondary institution on a full-time or part-time basis. Students must also demonstrate financial need, which is assessed based on factors such as income, family size, and cost of living.
Application process:
To apply for a Canada Student Loan, students must first apply for financial assistance through their province or territory of residence. Once approved, students can apply for a loan through the National Student Loans Service Centre. The application process requires students to provide personal and financial information, as well as information about their program of study and the cost of their education.
Benefits:
The Canada Student Loans Program offers low-interest loans, flexible repayment options, and a six-month grace period after graduation before loan payments are due. In addition, some students may be eligible for grants and bursaries that do not need to be repaid.
Pros and cons:
Pros:
- Low-interest loans
- Flexible repayment options
- Six-month grace period before loan payments are due
- Some students may be eligible for grants and bursaries that do not need to be repaid
Cons:
- Limited funding available
- Eligibility based on financial need
Visit Canada Student Loans Program
Conclusion
There are numerous international students loans in Canada. Before choosing between commercial lenders and government-funded programs, it’s crucial to grasp their eligibility conditions, application procedure, pros, and cons. Students may make an educated financial and educational decision by doing so.