Many international students planning to study in Canada will be looking for financial help to meet the educational cost. For a limited number of students, some financial help is available as a grant or scholarship which does not have to be repaid. These popular options may meet only a part of the total study costs, and personal loan for international students in Canada would be needed to cover for the remaining cost.
Until recently loans for international students in Canada were not widely available – but things have changed. Canada is best known for being one of the most tolerant countries when it comes to skin color and nationality. This makes it a prime destination for international students who wish to avoid the risk of encountering racism or xenophobia.
Once students have exhausted all other available sources of funding such as family support, personal savings, and financial aid from their school, they often need to turn to Personal Loan For International Students In Canada to cover any remaining costs of their studies.
Most international students who wish to apply for a loan will also need a co-signer. This is a responsible person with a good credit record who, together with the student applicant, is prepared to guarantee that the loan will be repaid on time.
A co-signer is necessary because loan providers feel most students will not have enough evidence to establish their own personal credit record.
Different loan providers have different rules about co-signers. Sometimes a co-signer can be a resident of your home country – perhaps a family member. For some loans, graduates may borrow most, or even all, of their education costs without the need to have a co-signer guarantee the loan.
Today there is a light at the end of the tunnel when it comes to financial help for international students in Canada. Now, International Student Loan allows these students to connect with loan providers where they can access loans without requiring any credit history, without needing any collateral, and even without a cosigner.
These loans are available to students enrolled in Bachelor’s and Graduate degrees in any academic field from countries around the world at 300+ colleges and universities across the USA and Canada. Undergraduate and graduate students within two years of graduating are eligible.
The Benefits of a Personal Loan for International Students in Canada
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 and 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, Loans are available to students attending one of the 300+ schools in the USA and Canada.
How to Apply For Personal Loan For International Students In Canada
In order to get the loan for your studies in Canada, you will have to apply. Below is the process you need to take to apply for the loan:
- 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.
Personal Loan For International Students In Canada Calculator
Please note that every case is different, but here is an example for informative use only – this is not a guarantee of costs for your individual circumstances.
An international (non-US, non-Canadian) student studying a Master’s-level program borrowing $10,000 USD would expect to repay $100.54 per month during their studies and for 6 months after graduation, and then $141.62 per month thereafter.
Canada is in no doubt one of the best places for international Students. It is so accommodating that you won’t even realize that you are far away from home. In fact it is home away from home.
Since the introduction of Personal Loan For International Students In Canada. Livelihood for international students have improved.
There is a lot of traffic in Canada currently from international students. Why won’t you choose to study in Canada when you know the country has programs that can bail you out in difficult times like its Personal Loan For International Students In Canada.