Canada is a non-discriminating country which is why many international students consider as it as one of the best places to study abroad. The tuition fee usually scares students from applying to a Canadian university, notwithstanding, there are top schools in Canada that offers low tuition fee to international students. Studying in Canada provides scholarship and students loans to both domestic and international students. If you are a non-US student or Canadian student looking to study in Canada but need financial support, you may be eligible for the Canada student loan.
Foreign student looking for financial assistance to study in Canada can apply but first need to understand what the student loan is all about, including the eligibility criteria’s for accessing the Canada international student loan. To be eligible, for this loan, you must be eligible, and to meet other requirements.
About the Canada student loan
The Canada international student loans fund up to the total cost of education, which is set by each school. Students must know that student loans are not same with scholarship programs as Student loan is financial support for students, while most scholarships are programs designed to cover students tuition, and sometimes, takes care of their accommodation and study materials. These are fully-funded scholarship programs.
Canada is one of such countries that offer students loans to eligible students studying or planning to study in Canada.
The two main types of financial aid programs offered by the Canadian government are:
Federal (Canada Student Loans Program)
Provincial and Territorial
To apply for Canadian government student loans and grants, you must:
- Be a Canadian citizen, a permanent resident of Canada or a designated protected person
- Be able to demonstrate financial need
- Be enrolled in a degree, diploma or certificate program that runs for at least 12 weeks within 15 weeks
- Be taking at least 60% of a full course load if studying full-time or between 20% – 59% of a full course load if studying part-time
- Pass a credit check if you are 22 or over and applying for a student loan for the first time
- You must have not completed your maximum lifetime limit of financial assistance (including interest-free status)
How to apply for the loan?
To apply, you will apply to one place (your province or territory) for student loan and grants. Depending on your current location, you may be able to apply online; if you are submitting a paper application please allow 4-6 weeks for assessment. You must submit an application for each year of study at the University
Eligibility criteria for accessing the Canada international student loan
If you have a dependant, a disability or a low income you may be eligible for a grant. You will automatically be considered for a grant at the same time as applying for your student loan. For more information on eligibility visit: www.canlearn.ca/eng/loans_grants
Advantages of applying for Canada Student Loan
For this type of loan, you don’t need a cosigner, collateral, or credit history
You can get an education loan with a fixed interest rate from $2,001 to $50,000 – making budgeting easier and stress-free
Students from over 190 countries can apply
10-year loans with no prepayment penalties
Interest-only payment period during school and 6-months post-graduation
Undergraduate and graduate students within two years of graduating are eligible
Check to see if your school and program are eligible.
- Complete your application.
- Receive a conditional offer after submitting your application.
- Upload your requested documents and complete any further required paperwork.
- Receive a final approval after all of your uploaded documents are verified.
Your school certifies your enrollment status with the loan provider. Once that is done, your funding is disbursed directly to your school on an agreed-upon date.
Schools in Canada Approved for Loans
The Canada student loan is not a scholarship program. Both programs are designed to support students. The student loan assists students financially not necessarily based on academic performance but on meeting the international Canada student loan criteria. For more information and how to apply, visit this link and apply for your International Student Loan in Canada.