Are you looking for a private loan for international students in Canada to assist you in financing your study in your dream college, or any other purpose?
Then you are on the right track because we will be writing on private loans for international students in Canada. Endeavor to read it to the end to get all the information you need on this topic.
While some international students may be eligible for a Canadian federal student loan, the primary loan source for international students is through a private lender, and each lender will have their own requirements and rules on eligibility.
A private lender is one that has no ties to the government. Typically, to get a private student loan you must have a cosigner- an individual who will take responsibility for loan repayment in the event that the borrower fails to do so.
However, international students who are enrolled at select Canadian institutions could be eligible to apply for student loans without a cosigner. See Private Loan For International Students.
It’s important to research your options and find a lender that will offer you a loan that meets your needs.
Here is the list of private loans for international students in Canada
- Ascent
- SoFi
- Discover
- Prodigy Finance
- Citizens Bank
- A.M. Money
- PNC Bank
1. Ascent Student Loans
Ascent is an award-winning private student loan company that gives students more opportunities to pay for college with or without a cosigner.
Ascent offers affordable rates, no fees, flexible repayment plans, and exclusive benefits (such as 1 percent cash back, scholarships, a Refer A Friend Program, a Rewards Program, and more). Check your pre-qualified rates in 4 easy steps without impacting your credit score.
2. Discover Student Loans
Discover Student Loans is run by Discover Bank, and it provides student loans to international students who attend an eligible school in many countries.
Loan terms and conditions require a cosigner but do not charge any fees or require payments while students are still in school.
Plus, loan amounts from Discover can cover up to 100% of education costs, so some lucky borrowers will be able to cover their total cost and won’t have to research additional sources of financial aid.
3. Prodigy Finance
Prodigy Finance offers variable-rate loans to students in business, engineering, law, public policy, and medical programs who attend school in a country that is not their home country.
Instead of requiring a cosigner, Prodigy provides loan and repayment terms based on its predictive credit model, which assesses more than 150 variables that determine how much each applicant can afford after graduating.
How To Get the Best Private Loans
Interest rates for private loans fluctuate much more than their federal counterparts and are based on your credit profile, income, and other factors.
Here’s how you can qualify for the best rates, which may be lower than what you see on federal loans if you have strong credit.
1. Clean Up Your Credit
Your credit plays a big role in the interest rate you pay. The better your credit, the lower the rate you can qualify for.
2. Consider a Co-signer
A co-signer is someone with strong credit who agrees to add their name to your loan. If you can’t make your payments as agreed, the co-signer is responsible for paying off your debt.
3. Compare Lenders
This means that some lenders will offer you a better deal than others. That is why it is crucial to shop around and compare private lenders to find the best rates you can qualify for.
4. Choose Between Fixed and Variable Rates
Many private lenders allow you to choose between fixed- and variable-rate student loans when finalizing your deal.
Generally, variable rates start lower than fixed rates—but variable rates can change over the life of the debt. See Private Loan For International Students in Australia.
5. Select the Right Repayment Terms
Your repayment timeline can also affect the interest rates you’re offered by private lenders.
Typically, shorter repayment terms come with lower interest rates. Plus, you’ll pay less interest simply because you’re in debt for a shorter period of time. However, your monthly payments will be larger with a shorter term.
Conclusion
Studying in Canada is the best thing anyone can think of because of the high standard of education in the country but the downside of it is that it is very expensive such that you will need a huge amount of money to facilitate it and this demands getting a private loan.
In this article, we have listed out various private loan lenders that can borrow you money to finance your study as an international student in Canada. Did you find this article useful? You can send your answer to us via the comment box.
