Canada is one of the most sought-after destinations for higher education, attracting international students from all over the world.
However, studying in Canada can be expensive, especially for non-residents who may not have access to traditional financial aid programs.
Education loans tailored for international students can provide the financial support needed to pursue your academic goals.
This article highlights the 9 best Canada education loan for international students, offering comprehensive details to help you find the most suitable option.
Best Canada Education Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $50,000 | No | 9.5% – 12% | Up to 20 years | Enrolled in a partnered university |
| MPOWER Financing | $2,001 – $50,000 | No | 11.99% – 13.99% | 10 years | Studying in eligible programs |
| RBC Royal Bank Student Line | Up to $100,000 | Yes | Prime + 1% | Flexible | Full-time students in Canada |
| CIBC Education Line of Credit | Varies | Yes | Prime + 1% | Flexible | Enrolled at Canadian institutions |
| Scotiabank Education Loans | Up to $75,000 | Yes | 5.99% – 8.99% | 36 – 120 months | Valid study permit and co-signer |
| College Ave Student Loans | Up to $80,000 | No | 5.99% – 12.99% | 5 – 15 years | Enrolled in eligible programs |
| BMO Student Line of Credit | Up to $45,000 | Yes | Prime + 1% | Flexible | Enrolled in Canadian universities |
| Desjardins Education Loans | Up to $60,000 | No | 6.99% – 10.99% | 12 – 84 months | Valid driver’s license in Canada |
| HSBC Student Line of Credit | Up to $20,000 | Yes | Prime Rate | Varies | International students with visa |
1. Prodigy Finance
- Loan Amount: Up to $50,000
- Interest Rates: 9.5% – 12%
- Loan Terms: Up to 20 years
Prodigy Finance offers education loans tailored to international students without requiring a co-signer or collateral.
They base loan eligibility on the student’s earning potential and the reputation of their chosen institution.
Repayment begins six months after graduation, providing a grace period for job hunting.
2. MPOWER Financing
- Loan Amount: $2,001 – $50,000
- Interest Rates: 11.99% – 13.99%
- Loan Terms: 10 years
MPOWER Financing caters specifically to international students, requiring no co-signer or collateral.
Their loans are approved based on the student’s academic and career potential.
They also offer scholarships and career support services to help students succeed post-graduation.
3. RBC Royal Bank Student Line
- Loan Amount: Up to $100,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
RBC provides one of the most generous lines of credit for students, with a co-signer requirement.
Interest-only payments during the study period and flexible repayment plans make it easier for students to manage their finances.
4. CIBC Education Line of Credit
- Loan Amount: Varies
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
CIBC’s education line of credit is a great option for students enrolled in Canadian institutions.
A co-signer is required, but the interest-only payment structure during studies can help students maintain cash flow.
5. Scotiabank Education Loans
- Loan Amount: Up to $75,000
- Interest Rates: 5.99% – 8.99%
- Loan Terms: 36 – 120 months
Scotiabank offers education loans with competitive rates for international students, requiring a Canadian co-signer.
The funds can be used for tuition, books, and living expenses, and repayment options are flexible.
6. College Ave Student Loans
- Loan Amount: Up to $80,000
- Interest Rates: 5.99% – 12.99%
- Loan Terms: 5 – 15 years
College Ave provides education loans to international students without requiring a co-signer.
This U.S.-based lender extends its services to eligible students in Canada, offering flexible repayment terms and competitive interest rates.
7. BMO Student Line of Credit
- Loan Amount: Up to $45,000
- Interest Rates: Prime + 1%
- Loan Terms: Flexible
BMO offers a student line of credit with interest-only payments during the study period.
A co-signer with a solid Canadian credit history is required, but the flexible terms make it a reliable option for managing educational expenses.
8. Desjardins Education Loans
- Loan Amount: Up to $60,000
- Interest Rates: 6.99% – 10.99%
- Loan Terms: 12 – 84 months
Desjardins stands out by offering education loans without requiring a co-signer.
Students must provide proof of enrollment and a valid Canadian driver’s license.
This is an excellent choice for those who lack a local guarantor.
9. HSBC Student Line of Credit
- Loan Amount: Up to $20,000
- Interest Rates: Prime Rate
- Loan Terms: Varies
HSBC provides a student line of credit for international students with a valid study permit.
A co-signer is required, and the prime rate ensures a competitive interest structure for borrowers.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get an education loan in Canada without a co-signer?
Yes, lenders like Prodigy Finance, MPOWER Financing, College Ave Student Loans, and Desjardins Education Loans offer loans that do not require a co-signer. These are great options for students who do not have Canadian ties.
What interest rates do education loans for international students in Canada typically offer?
Interest rates vary based on the lender and the applicant’s profile. Rates generally range from 5.99% to 13.99%, with some loans tied to the prime rate.
What documents are needed to apply for an education loan as an international student?
Common requirements include:
Valid study permit
Proof of enrollment in a Canadian institution
Identification documents (passport, driver’s license)
Co-signer’s financial details (if applicable)
Additional documentation as specified by the lende
Conclusion
Canada offers several excellent education loan options for international students, each with its unique advantages.
Whether you prefer co-signer-free options like Prodigy Finance and College Ave Student Loans or traditional banking solutions like RBC and Scotiabank, there is a loan to suit your needs.
Comparing interest rates, loan terms, and eligibility criteria is essential to choosing the best option for your financial and academic goals.
By securing the right education loan, you can focus on excelling in your studies and enjoying your Canadian education experience.
