Financing education as an international student can be daunting.
However, loans tailored for international students provide crucial support in achieving academic dreams.
Scotia Bank, a leading Canadian bank, offers financial assistance alongside other lenders to help students manage the cost of education abroad.
In this article, we’ll explore the 7 best Scotia Bank student loan for international students, highlighting essential details, loan features, and eligibility requirements.
Best Scotia Bank Student Loan for International Students
| Loan Provider | Loan Amount | Co-signer Requirement | Interest Rates | Loan Terms | Eligibility Requirements |
|---|---|---|---|---|---|
| 1. Scotia Bank Student GIC Loan | Up to CA$10,000 | No | Fixed rates (varies) | Up to 1 year | Enrollment in a Canadian DLI institution |
| 2. MPOWER Financing | Up to $100,000 | No | 11.99% (fixed) | 10 years | Enrolled in eligible schools in the U.S. or Canada |
| 3. Prodigy Finance | Up to 80% of COA | No | 8.20% – 12.20% (variable) | 7 to 20 years | Enrollment in supported graduate programs |
| 4. RBC Royal Bank International Student Loan | Varies | Yes | 6.99% – 11.99% (fixed) | 5 to 10 years | Canadian co-signer required |
| 5. Discover Student Loans | Up to 100% of COA | Yes | 5.49% – 14.99% | 15 years | U.S.-based co-signer required |
| 6. College Ave Student Loans | Up to $200,000 | Yes | 5.99% – 13.74% | 5 to 15 years | U.S.-based co-signer required |
| 7. CIBC Education Loan | Varies | Yes | 6.50% – 12.99% | 10 years | Canadian co-signer required |
1. Scotia Bank Student GIC Loan
Scotia Bank offers a Student Guaranteed Investment Certificate (GIC) specifically for international students studying in Canada.
- Loan Amount: Up to CA$10,000, meeting Canadian visa requirements for proof of funds.
- Interest Rates: Fixed rates vary based on the prevailing market.
- Loan Terms: Funds are disbursed monthly over a 12-month period.
- Eligibility Requirements: Enrollment in a Designated Learning Institution (DLI) in Canada is mandatory.
- Unique Benefits: Provides financial proof for study permits and supports living expenses during the first year of study.
2. MPOWER Financing
MPOWER Financing specializes in loans for international students without requiring a co-signer.
- Loan Amount: Up to $100,000 for tuition and living expenses.
- Interest Rates: Fixed rate of 11.99%.
- Loan Terms: Repayment period of 10 years.
- Eligibility Requirements: Students must be enrolled in an eligible U.S. or Canadian institution.
- Unique Benefits: Interest rate discounts for automatic payments and career guidance services.
3. Prodigy Finance
Prodigy Finance provides no-cosigner loans tailored for international graduate students.
- Loan Amount: Up to 80% of the cost of attendance (COA).
- Interest Rates: Variable rates between 8.20% and 12.20%.
- Loan Terms: Repayment periods range from 7 to 20 years.
- Eligibility Requirements: Enrollment in a graduate program at partner institutions is required.
- Unique Benefits: Global access to loans and flexible repayment options.
4. RBC Royal Bank International Student Loan
RBC offers loans for international students, provided they have a Canadian co-signer.
- Loan Amount: Varies depending on the student’s needs and co-signer’s credit profile.
- Interest Rates: Fixed rates from 6.99% to 11.99%.
- Loan Terms: Flexible repayment terms of 5 to 10 years.
- Eligibility Requirements: Requires a Canadian co-signer with a strong credit history.
- Unique Benefits: Offers personalized financial advice and access to additional banking services.
5. Discover Student Loans
Discover provides a wide range of student loans, including options for international students with a co-signer.
- Loan Amount: Up to 100% of COA.
- Interest Rates: Variable rates from 5.49% to 14.99%.
- Loan Terms: Fixed repayment period of 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: No application, origination, or prepayment fees.
6. College Ave Student Loans
College Ave is a great option for international students seeking flexible repayment plans.
- Loan Amount: Up to $200,000.
- Interest Rates: Fixed rates range from 5.99% to 13.74%.
- Loan Terms: Repayment terms of 5 to 15 years.
- Eligibility Requirements: Requires a U.S.-based co-signer.
- Unique Benefits: Fast prequalification process and customizable repayment options.
7. CIBC Education Loan
CIBC provides loans for international students studying in Canada, requiring a co-signer.
- Loan Amount: Varies based on the co-signer’s credit profile.
- Interest Rates: Fixed rates between 6.50% and 12.99%.
- Loan Terms: Repayment term of 10 years.
- Eligibility Requirements: Must have a Canadian co-signer.
- Unique Benefits: Includes flexible repayment schedules and access to financial resources.
Quick One: We have other useful loan articles here.
Frequently Asked Questions
Can international students get loans without a co-signer?
Yes, lenders such as MPOWER Financing and Prodigy Finance do not require co-signers for their loans, making them ideal options for international students.
What is a GIC, and why is it required for studying in Canada?
A Guaranteed Investment Certificate (GIC) is a Canadian investment that provides proof of funds for international students. Scotia Bank’s Student GIC is widely used to meet this visa requirement.
Are there interest rate discounts available for international student loans?
Some lenders, such as MPOWER Financing, offer interest rate discounts for setting up automatic payments or making consistent on-time payments.
Conclusion
Securing funding as an international student can be challenging, but these 7 best Scotia Bank student loan for international students offer diverse options to suit various needs.
From Scotia Bank’s GIC loan to College Ave and MPOWER Financing, each lender provides unique benefits to support international students’ education and living expenses.
Carefully evaluate the terms and interest rates of each provider to make an informed decision that aligns with your financial goals.
