This article will provide you with details on ways to secure an international students loan in Canada. This article was written to help potential international students with information and also provide them with links on how to secure international students loan. This article will give you a step by step guide on how to get a student’s loan.
About International Student Loan in Canada
To many students don’t know what it means to have a good credit score as an international student. Through this article we will be answering questions many international students always ask as regards students’ Loan.
What is an international students loan?
This is a type of loan offered to students wish to study abroad to help them take care of tuition fee like tuition fees, get academic materials like books and other supplies, cover their living expenses and take care of their personal needs. Students’ loans are different from other loans as regards interest and payback Time. Interest rate for international students is normally low.
Types of Students’ Loan
The Federal Student Loan
This students’ loan usually come from the government and it need your Institution to verify your details and amount, before it is sent to your students account. One of the major limitations of federal student loans is that only domestic Canadian students’ can apply.
Private students’ Loan
This loan is given by private financial institution and it is given to students without involving, his Institution. The school only needs to provide the enrollment documents. To the lender and the loans will be sent. Both Canadian and international students can access this Loan.
Before you apply for a loan outside you must be fully equipped with knowledge before applying, and terms involved to satisfy conditions, of the loan.
How To Apply for an international student loan in Canada
To be eligible for international students loan, you must adhere to the following steps, Requirements and process.
- Apply For Landed Immigrant Status
- Get A Co-signer
- Apply Emergency Loans or
- Apply For A Private Loan
Application For Landed Immigrant Status
In order to get an international students loan, it is advisable you apply for the landed immigrants status, once your status is granted you become eligible to secure loans from the government, Banks or private financial institution.
Emergency Student Loans
This loan is a one time offer Canadian college and Institutions make to international students, in order to know if your school offers this scholarship, contact your financial aids office for information.
Read Also: How to Get Student Loans for Studying Abroad
Getting A Co-signer
A cosigner is someone that will sign an agreement to pay the debt of the borrower, if he or she doesn’t pay in time. A good Co-signer must have a good credit score and long credit history, which favors the borrower. The co-signer must have a good credit score of 700. Which requires you to reach out to your relatives in Canada.
Apply For A Private Loan
Since international students can’t be able to access federal loans or government loans in Canada, the best options available to them is private loans. The loan requires a co signer depending on the financial institution and it is advisable to get students’ friendly loan options.