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Do I qualify to get Canada student loans as an international student applying to study in Canada?

I want to study in Canada, and I’ve started my application. I’ve consulted with banks in my country, but the amount they’re offering is too little due to fear of losses from student loan default. Additionally, I haven’t come across the best student loan consolidation. Consequently, I’m afraid to take up several small loans.  I’m interested in Canada student loans (private or government). Specifically, I’m looking for student loans with no credit check requirements. Do I qualify for these loans?

Annie Barnes

in Student Loans

1 answer

1 answer

Chelsea Hayes on April 30, 2018

In a few exceptional cases, yes, you may get a Canada student loan as an international student wishing to pursue undergraduate or graduate studies in the country. However, it is not a viable option as international studies are primarily viewed as a preserve for the ‘well to do.’ In most cases, if you apply to study in Canada and you are not a citizen or permanent resident, you are expected to have the financial ability to cater for your study expenses. By expenses, I mean not only tuition and college fees, but also money to pay for living costs such as food and accommodation throughout your stay.

Most international students look for funding options in their own countries before traveling to study in Canada. However, you can still apply for other student financing options such as scholarships and grants. Some of these are specifically tailored for international students.

Assuming you have tried all other financing options without success, what should you do? When you have tried everything else, you can start considering agencies that offer student loans to international students.

I will again stress on the need to explore other financing options, as mentioned above because these private agency loans come with prohibit interest charges. These companies do not have an adequate guarantee that you will not default on your student loan. Hence, the higher costs as compared to other types of loans.

However, all these options may require you to have a co-signer in the country you intend to enroll to for your studies, in this case, Canada. It is difficult to get a student loan with no credit score hence the need for a co-signer. When you are choosing a co-signer, you need to select someone who is a permanent resident of Canada and owning property that they are willing to give as collateral for your loan. However, co-signers do not necessarily need to be Canadian citizens, as long as they have lived in the country for a specified number of years.

You can try:

IEFA international student loans

International Student Loan

Alternatively, you may contact the university you have applied for to know of any other forms of financial assistance for international students available. There are individual institutions which offer financial resources or advice to their international students. Consolidating student loans in Canada depends on territory or servicer for private loans. Where the territory allows, consolidation is automatic.

Kayla Bowen2 years ago

If you are a new international student, Canada student loans are not viable now. You are going to a foreign country to study. Therefore, according to banks or private lenders, you have zero credit score. You need to find a reliable source of funding from your home country, a scholarship or grant. Once, you get to Canada there is plenty of work you can do to earn extra cash for your expenses. As long as you have a Canadian study permit, you can take jobs for a maximum of 20 hours a week off-campus in your semester.

While you are on break, you can work full-time. Plenty of establishments in Canada (especially fast food restaurants) hire college students at minimum wage, which is about $11 per hour. You can pay for your credit card to increase your credit score and be able to take a loan when you need it.

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