Studying abroad can be both exciting and financially demanding, especially for international students pursuing education in the U.S. or Canada.
Financial assistance through student loans is a crucial solution to cover tuition, living expenses, and other related costs.
The Canadian Imperial Bank of Commerce (CIBC) is one of the leading providers offering tailored solutions for international students, along with other reputable lenders.
Here’s a comprehensive guide to the 7 best CIBC student loan for international students, designed to help you make an informed decision.
Best CIBC Student Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. CIBC Education Loan | Up to $200,000 CAD | Yes | Prime + 1.5% – 4% | Up to 20 years | Enrolled in a Canadian school; co-signer needed. |
| 2. Prodigy Finance | Up to $50,000 | No | 7.99% – 11.99% | 7 – 15 years | Partner school enrollment required. |
| 3. MPOWER Financing | Up to $50,000 | No | 10.49% – 14.98% | Up to 10 years | Enrollment in an eligible school in the U.S./Canada. |
| 4. Scotiabank Student Loan | Up to $100,000 CAD | Yes | Prime + 1% – 3.5% | Flexible | Must be enrolled full-time in Canada. |
| 5. RBC Royal Bank Loan | Up to $100,000 CAD | Yes | Prime + 1% – 3% | Up to 15 years | Requires a Canadian co-signer. |
| 6. College Ave Student Loans | Up to $150,000 | Yes | 4.44% – 15.99% | 5 – 15 years | U.S. co-signer and valid visa required. |
| 7. TD Canada Trust | Up to $150,000 CAD | Yes | Prime + 0.5% – 3% | Up to 10 years | Enrollment in a Canadian institution and co-signer. |
1. CIBC Education Loan
CIBC offers specialized student loans for international students studying in Canada.
These loans feature competitive rates and flexible repayment terms.
- Loan Amount: Up to $200,000 CAD, depending on tuition fees and living costs.
- Interest Rates: Variable rates starting at Prime + 1.5% to 4%.
- Loan Terms: Up to 20 years, with interest-only payments while in school.
- Eligibility: Must be enrolled in a Canadian institution and provide a Canadian co-signer.
2. Prodigy Finance
Prodigy Finance offers loans to international students without requiring a co-signer or collateral.
- Loan Amount: Up to $50,000.
- Interest Rates: Fixed rates between 7.99% and 11.99%.
- Loan Terms: 7 to 15 years.
- Eligibility: Enrollment in one of Prodigy’s partner universities is required.
3. MPOWER Financing
MPOWER provides loans to international students in the U.S. and Canada without requiring a co-signer, making it ideal for those without local guarantors.
- Loan Amount: Up to $50,000.
- Interest Rates: Fixed rates ranging from 10.49% to 14.98%.
- Loan Terms: Flexible terms up to 10 years.
- Eligibility: Enrollment in eligible schools in the U.S. or Canada.
4. Scotiabank Student Loan
Scotiabank offers competitive loan options for international students, specifically for those studying full-time in Canada.
- Loan Amount: Up to $100,000 CAD.
- Interest Rates: Variable rates starting at Prime + 1% to 3.5%.
- Loan Terms: Flexible repayment options during and after studies.
- Eligibility: Full-time enrollment in a recognized Canadian educational institution and a co-signer is required.
5. RBC Royal Bank Loan
RBC Royal Bank is another reliable provider offering tailored loans for international students with favorable repayment terms.
- Loan Amount: Up to $100,000 CAD.
- Interest Rates: Prime + 1% to 3%.
- Loan Terms: Up to 15 years, with interest-only repayment during the study period.
- Eligibility: Requires a Canadian co-signer and enrollment in a Canadian university or college.
6. College Ave Student Loans
College Ave specializes in providing private student loans for U.S.-based education, making it an excellent option for international students with a co-signer.
- Loan Amount: Up to $150,000.
- Interest Rates: Variable rates from 4.44% to 15.99%.
- Loan Terms: 5 to 15 years, with deferred or interest-only repayment options.
- Eligibility: Must have a U.S.-based co-signer and valid visa, along with enrollment in an eligible school.
7. TD Canada Trust
TD Canada Trust offers competitive student loans to international students with the support of a Canadian co-signer.
- Loan Amount: Up to $150,000 CAD.
- Interest Rates: Prime + 0.5% to 3%.
- Loan Terms: Flexible repayment options up to 10 years.
- Eligibility: Enrollment in a Canadian institution and co-signer required.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can I get a CIBC student loan without a co-signer?
No, CIBC requires a Canadian co-signer for international students to secure a loan. This is to ensure repayment guarantees.
What is the interest rate on CIBC student loans for international students?
Interest rates vary based on the Prime rate, starting from Prime + 1.5% to 4%.
Are there student loan options for international students without a co-signer?
Yes, lenders like Prodigy Finance and MPOWER Financing offer loans without requiring a co-signer.
Conclusion
Securing financial support as an international student can feel challenging, but with options like CIBC, Scotiabank, and College Ave, it’s possible to find a loan that fits your needs.
Compare interest rates, co-signer requirements, and repayment terms to make an informed decision.
Remember, the right loan can ease your financial burden and help you focus on achieving your academic goals.
