Finding International Student Loan in Canada

Student Loan in Canada

Obtaining a student loan is one way to raise funds to sponsor your studies abroad. For international students, it can become a bit of a hassle to find a lender when you don’t have a credit history or a cosigner.  There are several ways to improve your credit history or find a cosigner willing to help you. You can find out more about that here.

For an international student who has succeeded in securing admission at a Canadian university, you are eligible to apply for a loan without a cosigner. And for some lenders, the credit history requirement will be substituted for academic success and career path.

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Loans in Canada are provided by the federal government, provincial or territorial government, or private sectors. If you are unsure which one of the loan options is suitable for you, then you should read on to find out how they differ.

Federal Government Loans

Just as the name suggests, this is a type of loan provided by the Canadian Federal government to help international and domestic students fund their education. You can apply for school loans from the Canada Student Loan Program (CSLP) or grants from the Canada Student Grants Program (CSGP). The CSLP is a repayable loan to students who are studying a full-time or part-time course program in Canada. A CSGP is a non-repayable money usually a grant that is provided to students who demonstrate financial need.

Provincial and Territorial Student Loans

In case you don’t get lucky to get a federal loan, another option for you will be to apply for provincial and territorial student loans. Each province provides a loan option for students and the requirement and the amount receivable depends on the province in which you reside.

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Provincial Loans and Where to assess them

  1. Alberta: Apply through Alberta Learning Information Service
  2. British Columbia: Apply through StudentAidBC
  3. Manitoba: Apply through Manitoba Student Aid
  4. New Brunswick: Apply through New Brunswick’s Student Financial Services
  5. Newfoundland and Labrador: Apply through Newfoundland and Labrador Student Aid.
  6. Northwest Territories: Apply through NWT Student Financial Assistance.
  7. Nova Scotia: Apply through Nova Scotia Student Assistance
  8. Ontario: Apply through Ontario Student Assistance Program
  9. Prince Edward Island: Apply through PEI Student Financial Services.
  10. Quebec: Apply through Aide financiere aux etudes.
  11. Saskatchewan: Apply through Saskatchewan Student Financial Assistance program
  12. Yukon Territory: Apply through Yukon Student Financial Assistance

Private Student Loans

Loans provided by private financial firms and organizations are regarded as private loans. This is another option for students to access quick loans that you need to pay for books, housing, tuition, transportation, and more. Each private sector providing this loans have their individual requirements, interest rate, and repayment option, you should find out which ones are best for you.

How to Choose the Right International Loan For You

Ensure you compare the features of different loan options, find out what their interests are, and see if it’s favorable to you. Find out what repayment options are available, and note if the lender will help postpone payments if you have difficulty paying them. Find out what late repayment clauses are attached and finally ensure they have various contact options for easy reach.

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