A student loan is an option to raise funds to fund your study abroad. For students from abroad, it may be challenging to get a loan in the absence of any credit history or cosigner. However, there are many ways to increase your credit score or locate an individual cosigner who can help. Learn more about these here.
If you are an international student and have been accepted to a Canadian school, you can take out a mortgage without needing a cosigner. In some cases, the requirement for credit history is replaced with academic achievements and work experience.
In Canada, loans Canada is granted from the Federal government and the provincial and territorial government or by the private sector. If you’re not confident about which one is best for you, continue reading to discover the differences between them.
Federal Government Loans
As the name suggests, it is a kind of loan offered to Canada’s Federal government Canadian Federal administration to aid
International and domestic students pay for their education. It is possible to apply for school loans via the Canada Student Loan Program (CSLP) or grants through the Canada Student Grants Program (CSGP). This CSLP is a loan that can be repaid to students in either a full-time or part-time program in Canada. A CSGP is a non-repayable amount of money, usually an award given to students who have demonstrated financial need.
Provincial and Territorial Student Loans
If you’re not lucky enough to receive federal loans, Another option is to seek provincial or provincial student loans. Each province offers the option of loans for students. The requirements and amount of the loan are contingent on the province where you live.
Provincial Loans and where to look for them
- Alberta Application: Apply via Alberta Learning Information Service
- British Columbia: Apply through StudentAidBC
- Manitoba Student Aid: Apply through Manitoba student aid
- New Brunswick Application Process: Apply through New Brunswick’s Student Financial Services
- Newfoundland and Labrador: Apply through Newfoundland and Labrador Student Aid.
- Northwest Territories: Apply through NWT Student Financial Assistance.
- Nova Scotia: Apply through Nova Scotia Student Assistance
- Ontario Application via Ontario Student Assistance Program
- Prince Edward Island: Apply through PEI Student Financial Services.
- Quebec Application through Aide financière aux etudes.
- Saskatchewan Application: Go to the Saskatchewan Students Finance Assistance program
- Yukon Territory: Apply through Yukon Student Financial Assistance
Private Student Loans
- The loans made by private organizations and financial firms are classified as private loans. This is
- Students can also obtain loans quickly to pay for housing, books, transport, tuition, and many more. Every private sector that provides the loans comes with its specific set of requirements in terms of interest rates, requirements, and repayment choices. It is essential to determine which options are suitable for your needs.
How to select the best International loan that is right for you
- Be sure to compare the advantages of different loans, find out the interest rates, and determine whether they’re beneficial to you. Ask about the available repayment options, and pay attention to whether your lender can assist you in delaying payments if you are having difficulty paying payments. Learn about the clauses that apply to late repayments and make sure that the lender offers a range of options for contact so that you can contact them quickly.