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Can International Students Get Loans?

Now you can listen to our blog post, “Can International Students Get Loans in Canada?” while on the go.

If you are unable to find scholarships or need more financial assistance to top up your scholarships, student loans are an option to fund your studies in Canada. However, it is important to understand how student loans work before applying. This page will walk you through what you need to know about student loans so you can be a responsible borrower.

Federal student loans

The Canada Student Loan Program is a Canadian federal government option for international students in need of repayable loans. These loans are available primarily to Canadian citizens, and some international students with protected status. B. However, refugees are eligible. You can check if you are eligible for a Canadian student loan on the Government of Canada website.

Private student loans

Some international students may be eligible for federal student loans of Canada, but the primary source of funding for international students is private lenders. A private lender is a lender that is not affiliated with the government. Getting a private student loan usually requires a joint guarantor. That is, the person responsible for repaying the loan if the borrower does not repay it. 

However, international students enrolled in some Canadian institutions may be able to apply for student loans without a co-signer. You can check the list of eligible schools for Canadian loans to see if you are eligible to apply. The list also indicates whether the school is approved for co-signerless loans.

You can also quickly check your creditworthiness with the credit comparison tool on the right. This tool helps you find out if you are eligible for student loans in Canada and compare lender options.


Interest is the percentage of a loan that the lender charges the borrower. When it comes to student loans, we often hear about interest rates. Canadian federal student loans have the highest interest rates, the same interest rates as borrowers with the highest credit ratings. Student loans from private lenders are most likely to have different interest rates than federal student loans. Before applying for a student loan, it is important to check the interest rate. Some loans have fixed interest rates and some have variable interest rates.

A variable interest rate is an interest rate that does not change over time, and a fixed interest rate is a variable interest rate. Generally, borrowers prefer fixed interest rates. This is because you can be confident that the interest rate will not change for the life of the loan. However, the advantage of floating interest rates is that they are usually lower than fixed interest rates, making them a better short-term option. If your program is long, you should probably consider a fixed-rate loan, but if your program is short, you might want to consider a variable-rate loan.


Repayments vary depending on your loan option, but Canadian federal student loans have a six-month non-repayment period after termination. This means you won’t have to pay off your student loans until six months after you graduate. 

In Canada, international students are allowed to work while studying. Full-time students with a study permit from a qualified institution can work on campus without a work permit. In addition, full-time students enrolled in academic, professional, or professional programs at certain study institutions may work off-campus without a work permit.

This allows you to earn money for repayment of students while they are still in school. We recommend doing so if you have the funds to pay off the loan before closing. However, deferment is a flexible option if you can’t pay off your student loans immediately. Student Loan Deferral allows you to defer your student loan repayments and requires an agreement with your lender. Loans can be repaid in a variety of ways, but in all cases, the lender will provide a repayment schedule. 

Frequently Asked Questions

Can I apply for a student loan while studying in Canada as an international student?

Yes – Protected Individuals may be eligible to apply for Canadian federal student loans, but most federal student loans are restricted to Canadian citizens. There are private loans from private financial institutions for international students attending university.

Are Canadian citizens eligible for these private loans?

yes! If you are a Canadian citizen and want to check your student loan eligibility, you can apply online using our free comparison tool. 

Will the lender check my creditworthiness?

Most lenders usually require a credit check, but some lenders work based on the likelihood that the borrower will repay the loan balance in the future.

Do these loans require a joint guarantor?

A joint guarantor is not required, but you may be offered a better interest rate if you have one. 

What is the minimum amount required to study in Canada as an international student?

You should consider your degree and the school you attend. It is not possible to specify a minimum amount as each institution has different tuition fees. However, an estimate is possible. 

From an estimated $20,000 a year she should cover her one student with $30,000 in tuition, plus her $15,000 in living expenses and other expenses. It may seem like a lot, but compared to the cost of studying and living in other popular destinations, Canada is one of the cheapest countries. We recommend that you consult with your university’s tax office to get a more accurate estimate of the total cost of attending.

What should I use the borrowed money for?

Primarily tuition, but also include other costs such as accommodation, books, and school supplies.

What kind of permit do I need to study in Canada as an international student? 

International students must have a valid Canadian Study Permit. For specific visa details, please contact your local Canadian embassy.

How much student loans can international students borrow?

The amount you can borrow depends on the lender. As a general rule, you only need to pay for the sum of your education and living expenses at your destination. If you have other sources of funding, such as scholarships or grants, you should also consider borrowing less.

What are the repayment terms?

This depends on what you and your lender agree on. Your repayment schedule typically begins six months after graduation, and you may have zero or reduced repayments while you’re in school.

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