Pursuing an education in Canada is an exciting opportunity for international students, known for its high-quality academic programs and welcoming atmosphere.
However, financing this education can be a significant challenge, especially for those who may not have access to traditional funding sources.
Fortunately, several lenders offer student loans tailored specifically for international students in Canada.
In this article, we will explore the 7 best Canada student loans for international students, detailing their key features to help you make an informed financial decision.
Best Canada Student Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| Prodigy Finance | Up to $35,000 | No | 7.00% – 12.99% | 10 – 20 years | Graduate students at selected universities |
| MPOWER Financing | Up to $50,000 | No | 10.49% – 12.99% | 10 years | Students attending eligible universities in Canada |
| Sallie Mae | Up to $50,000 | Yes | 1.00% – 12.60% | 5 – 15 years | Requires U.S. co-signer |
| Discover Student Loans | Up to $40,000 | Yes | 4.99% – 12.99% | 15 years | Requires U.S. co-signer |
| Citizens Bank | Up to $50,000 | Yes | 5.99% – 11.99% | 5 – 15 years | Requires U.S. co-signer |
| College Ave Student Loans | Up to $50,000 | Yes | 3.34% – 12.99% | 5 – 15 years | Requires U.S. co-signer |
| Future Finance | Up to $35,000 | No | 9.00% – 12.00% | 5 – 10 years | Students enrolled in UK institutions |
1. Prodigy Finance
Prodigy Finance is a prominent lender specializing in loans for international students pursuing graduate studies.
One of its most attractive features is the absence of a co-signer requirement, making it accessible for those without U.S. contacts.
Prodigy Finance offers loans of up to $35,000, with interest rates ranging from 7.00% to 12.99%.
Borrowers can choose from flexible repayment terms of 10 to 20 years, allowing for manageable payments based on their financial situation.
Eligibility is primarily for graduate students at selected universities, so it’s essential to confirm if your institution qualifies.
2. MPOWER Financing
MPOWER Financing provides loans specifically designed for international students without requiring a co-signer or collateral.
They offer loans up to $50,000, with interest rates between 10.49% and 12.99%.
The loan term is fixed at 10 years, which helps students with predictable monthly payments.
MPOWER evaluates applicants based on their future earning potential and academic performance, making it a viable option for students from various disciplines attending eligible universities in Canada.
3. Sallie Mae
Sallie Mae is a well-established lender in the student loan market, providing loans to international students who have a U.S. co-signer.
They offer a maximum loan amount of $50,000, with interest rates that range from 1.00% to 12.60%.
Loan terms are flexible, ranging from 5 to 15 years, giving students the option to choose a repayment plan that suits their financial needs.
While Sallie Mae provides a broad array of loan options, the requirement for a co-signer can limit access for some international students.
4. Discover Student Loans
Discover offers private student loans tailored for international students, but applicants must have a U.S. co-signer.
The maximum loan amount available is $40,000, with interest rates ranging from 4.99% to 12.99%.
Discover’s loan terms can extend up to 15 years, and they provide flexible repayment options, including deferment during the student’s time in school, which can significantly ease the financial burden.
5. Citizens Bank
Citizens Bank provides student loans for international students, requiring a U.S. co-signer.
Students can borrow up to $50,000, with competitive interest rates that range from 5.99% to 11.99%.
Loan terms can vary from 5 to 15 years, allowing students to select a repayment plan that best fits their financial circumstances.
Citizens Bank also offers multi-year approval options, simplifying the funding process for students pursuing long-term degrees.
6. College Ave Student Loans
College Ave specializes in providing loans for international students, but a U.S. co-signer is necessary.
They offer loans up to $50,000, with interest rates ranging from 3.34% to 12.99%.
The loan terms can be customized, lasting from 5 to 15 years, providing flexibility in repayment.
College Ave also offers options like interest-only payments while in school, which can help students manage their finances better during their studies.
7. Future Finance
Future Finance caters specifically to international students enrolled in UK institutions but is noteworthy for offering loans without a co-signer requirement.
The maximum loan amount is $35,000, with interest rates ranging from 9.00% to 12.00%.
Loan terms typically last between 5 to 10 years, making it a straightforward option for students needing accessible funding.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
What is the maximum loan amount that international students can borrow in Canada?
The maximum loan amount varies by lender. MPOWER Financing and Citizens Bank offer loans up to $50,000, while Prodigy Finance and Future Finance typically provide loans up to $35,000. It’s important to review each lender’s specific terms to determine your borrowing capacity.
Do international students need a co-signer to qualify for loans in Canada?
It depends on the loan provider. Some lenders, such as Prodigy Finance and MPOWER Financing, do not require a co-signer, making it easier for international students to secure funding. However, other lenders, like Sallie Mae and Discover Student Loans, do require a U.S. co-signer. Always check the specific requirements of each lender before applying.
What are the interest rates typically offered to international students in Canada?
Interest rates for student loans can vary significantly based on the lender and the borrower’s profile. Generally, rates range from approximately 1.00% to 12.99%, depending on factors such as creditworthiness and whether a co-signer is involved. It’s crucial to compare rates from multiple lenders to find the most favorable terms for your financial situation.
Conclusion
Navigating the landscape of student loans for international students in Canada can be challenging, but options like Prodigy Finance, MPOWER Financing, and others provide essential support.
Each lender has different eligibility requirements, loan amounts, and interest rates, making it vital for students to conduct thorough research to find the best fit for their needs.
By understanding these options, international students can secure the necessary financial support to pursue their education in Canada, making their academic dreams a reality.
