Many students are looking for the opportunity to apply for a loan to further education, and we are here with a complete guide to walk you through how to apply for an International Student Loans in Canada.
Canada is one of the top 5 destination countries for studying abroad due to the high quality education available, the open and tolerant culture and the opportunities available.
The majority of financial aid options, grants and scholarships at Canadian universities are aimed at Canadian students, meaning international students at a Canadian university may have limited resources available to them. As an international student, Immigration, Refugees and Citizenship Canada (IRCC) will expect you to be able to finance your studies in Canada on your own.
Between your own savings and help from your family, plus some financial help that is available from organizations that fund international students in the form of grants or scholarships (which do not have to be paid back), you might only cover part of the total cost to study in Canada. This is why many students from a foreign country rely on a loan to cover the remaining costs
Where to borrow money in Canada
International student loans are offered through private lenders, and each lender will have their own requirements and rules on eligibility.
It’s important to research your options and find a lender that will offer you a loan that meets your needs.
Things to Note
- The amount you can borrow
- The interest rate (including if it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
- Once your application has been reviewed you will receive details on your offer including your interest rate and how much you can borrow, these items will vary by lender and your situation. If you application is approved, the funds are disbursed directly to your college or university. This process usually takes about 6 weeks, so plan accordingly.
I know this article has been useful to you as a student, and briefed you about how to apply for a loan in Canada.