Canada is one of the top international study destinations due to its high-quality education and abundant opportunities. Study expenses in the country are relatively low compared to the U.S and the United Kingdom, but with that, it can be expensive for international students who couldn’t secure scholarships or grants either from the government or private organizations, That is why you need to Apply for Study Abroad Loan in Canada.
Apply For Study Abroad Loan
A loan can make all the difference between being able to afford the dream of studying in Canada or not, and in that case, repaying the loan after graduation may be worth it. The Canadian student is open for both citizens and international students. In this article, we are going to discuss how to apply for a study abroad loan in Canada. Without much ado, let’s get started.
About Loans for International Students in Canada
International Student Loans are provided by private lenders to international students studying at approved universities or colleges in Canada. The loan doesn’t usually require a signer, credit history or collateral as long as the person requesting the loan is an eligible student. The international student loan covers costs of education like tuition, housing, food, insurance, and educational supplies such as books.
The international student loan is not without interest. The interest varies depending on the amount borrowed. The loan is being issued by private lenders, and to be able to qualify, you are to ensure that your school is among the Canadian higher learning institutions that accept
Benefits of International Student Loan in Canada
Student loans might be what you should be careful about, but if it is necessary to take them, here are some of the benefits of international student loans in Canada
1. No Cosigner: The process of applying student loan doesn’t come with the need for a person that will stand on your behalf or with creditworthiness. You also need not have a credit history to be able to get the loan. However, in some cases, you might need a cosigner.
2. Fixed Interest Rate: The student loan doesn’t come with a high-interest rate that will make it difficult for you to bear with. You can get between $2,000 – $50,000 and the interest that will come with it will be within the budget.
3. Hope to Dream: The student loan is the last hope for you to make your dream of studying in Canada come through as it is open for internationals from over 190 countries.
How Does International Student Loan in Canada Works
The International student loan in Canada is mostly being offered by private banks. It is financial help towards helping students to achieve their dream but must be repaid over a fixed period and sometimes require a cosigner to guarantee the loan.
The loan is being offered to international students studying at eligible universities or colleges in Canada. There are up to 300 schools that accept student loans in Canada and you must be a student in any of these schools to be able to get the loan.
The amount you can borrow varies and can depend on if you have a good credit history or have a cosigner. It comes with an interest rate which is usually fixed. There are repayment periods set to pay back the loan, if you couldn’t pay, there are some additional fees to be added.
Once you meet the requirements for the loan, as an international student in Canada, you will proceed to a private lender (bank) of your choice having compared the interest rate, repayment periods, and the. The loan provider will go through your application, and once it is being approved, the loan will be disbursed to the right channel selected during the application.
Eligibility Criteria to Study Abroad Loan in Canada
Foreign students will be able to get loans in Canada through private banks. Here are the criteria that qualify you to apply for international students loan in Canada.
Study Permit: To be eligible to apply for the international student loan, you must have a study permit that permits you to study in Canada. This permit must be valid at the time of application.
Students of Eligible Institutions: Not all schools in Canada accept international students loan as such you must be a student in any of the schools that accept international student loans to be able to get it.
Co-Signer: This is not a must criterion. Many lenders don’t ask for co-signers while few do request it. You will know if you need a cosigner through your school.
How to Apply for Study Abroad Loan in Canada
Study abroad student loans or international student loans in Canada can be processed online through the lender’s official website. The lenders usually work along with selected schools to issue the loan. The step-by-step guide to applying for a study abroad loan in Canada is explored below:
Step 1: Check For Your School Eligibility
There are some selected schools for study abroad loans in Canada. If you aren’t a study of any of the schools, you will not be eligible to apply for the international student loan. So, you need to check if your school is among the selected schools for study abroad loans in Canada.
Step 2: Prepare Required Documents
After knowing that you are a student of any of the selected schools, you should prepare the required documents needed for the loan application. These documents include but are not limited to passport, ID card, statement of account.
Step 3: Complete Application
Once you have gotten the necessary documents ready, you need to proceed and fill out the loan application form. This can be done online or over the counter. Ensure that all required information is provided and you should not provide any false information.
Step 4: Receive Conditional Offer
You will receive a conditional offer after your application has been submitted. This is assuming that you the lender has to get noticed your application.
Step 5: Upload Requested Documents
Then you are to upload the required documents. These documents must be in PDF format. Once you’re done uploading the documents, proceed to complete other needed information.
Step 6: Receive Loan Approval
When you have successfully uploaded the documents and all, you will receive final approval after all of your uploaded documents are verified.
Step 7: Receive Loan
Before receiving the final approval, your school might have certified your enrollment status with the lender, then the loan will be disbursed directing to your school while the rest will be disbursed directly to you if need be. They will not disturb the fund without giving you a particular date.
Apply for Study Abroad Loan in Canada Processing Period
The process taken to apply for an abroad study loan in Canada is between 14 days – 42 days.
Selected Schools Approved to Apply for Study Abroad Loan in Canada
There are some schools selected for the international student loan in Canada, they are listed below:
- Acadia University
- Alberta University of the Arts
- Atlantic Baptist University
- Bethany Bible College
- Bishops University
- Brandon University
- Briercrest College and Seminary
- Canadian Nazarene University College
- Canadian Southern Baptist Seminary
- Canadian University College
- Capilano College
- Carleton University
- Columbia Bible College
- Concordia University – Sir George Williams
- Concordia University College of Alberta
- Crandall University
- Dalhousie University
- Emily Carr Institute of Art & Design
- Holland College
- International Bible College
- Kwantlen University College
- Lakehead University
- Laval University
- McGill University
- McMaster University
- Mount Allison University – Sackville
- Ontario College of Art and Design
- Pacific Life Bible College
- Prairie Bible Institute
- Providence College
- Providence University College & Theological Seminary
- Queen’s University
- Queens University at Kingston
- Regent College
- Ryerson University
- Simon Fraser University
- St. Francis Xavier University
- St. Marys University
- St. Stephen’s University
- St. Thomas University
- Trent University
- Trinity Western University
- Universite de Montreal
- University College – Cape Breton
- University Kings College
- University of Alberta
- University of British Columbia
- The University of Calgary
- University of Guelph
- The University of Lethbridge
- University of Manitoba
- University of Moncton
- University of New Brunswick
- University of Northern British Columbia – Prince George
- University of Ontario Institute of Technology
- The University of Ottawa
- University of Prince Edward Island
- University of Regina
- University of Saskatchewan
- University of Toronto
- University of Victoria
- University of Waterloo
- University of Western Ontario
- University of Windsor
- University of Winnipeg
- Wilfried Laurier University
- York University
International students can apply for study abroad loans in Canada through private lenders. The students who want to get the loan must be schooling in any of the selected schools (listed above) designated for the international student loan. The student’s loan can cater for tuition fees, insurance, educational materials, food, etc. Unlike grants and scholarships, you will have to pay back, so it should be taken only if all options have been exhausted.