The Canada Student Loans Program provides repayable loans to international students. Canadian citizens and some international students with protected status may be eligible.
2. Private student loans
Private lenders are the main source of loans for international students. A co-signer is usually required, but some Canadian institutions offer loans without a co-signer.
Student loans have an interest rate, which can be fixed or variable. Fixed rates stay the same, while variable rates can change over time. Fixed rates provide stability, while variable rates can be lower.
For Federal Canada Student Loans, there is a 6-month non-repayment period after graduation. International students can work on campus or off campus without a permit to earn money for reimbursement. Deferment is an option if immediate reimbursement is not possible.
Frequently Asked Questions
1. Can I apply for a student loan as an international student in Canada?
Protected persons may be eligible for federal loans, while private loans are available for international students at supported universities.
2. Are Canadian citizens eligible for private loans?
Yes, Canadian citizens can use the loan comparison tool and apply online.
3. Will the lender check my credit?
Credit checks may be required by most lenders, although some consider the borrower’s potential to repay the loan.
4. Do these loans require a co-signer?
A co-signer is not required, but having one may result in a better interest rate.
5. What is the minimum amount required to study in Canada as an international student?
Tuition and living expenses vary, but a rough estimate is CAD$20,000-$30,000 for tuition and CAD$15,000 for additional fees.
6. What should I use the loan money for?
The loan can be used for tuition, housing, books and school supplies.
7. What authorization do I need to study in Canada?
International students need a valid Canadian study permit, which can be obtained from the local Canadian Embassy.
8. How much money can international students borrow?
The amount of the loan depends on the lender, but it is generally advisable to borrow the full cost of education and living expenses, taking into account other sources of financial aid.
9. What are the refund conditions?
Repayment terms vary and will be agreed with the lender. Payments generally begin 6 months after graduation.
10. Is it worth taking out a student loan?
Considering factors such as scholarships, financial aid, interest rates and repayment terms, this is a personal decision. Having the means to repay the loan and the desire to study in Canada can be worth it.
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