Best International Student Loans in Canada 2026
International students in Canada have fewer borrowing options than Canadian citizens and permanent residents. Most students holding only a study permit cannot receive federal student aid, while Canadian banks frequently require a creditworthy citizen or permanent resident to join the application.
The best international student loans in Canada in 2026 include Prodigy Finance for eligible postgraduate students without a cosigner and student lines of credit from TD, Scotiabank, RBC and CIBC for applicants who meet each bank’s credit and co-borrower requirements.
Can international students get student loans in Canada?
Yes. International students may obtain financing through:
- Specialised international education lenders.
- Canadian bank student lines of credit.
- Education loans from their home countries.
- University emergency or short-term loans.
- Employer and government sponsorship programmes.
International students holding only a temporary study permit are generally not eligible for Canada Student Grants and Loans. Government aid is primarily available to Canadian citizens, permanent residents and protected persons who meet the applicable provincial or territorial requirements.
Best international student loans in Canada for 2026
1. Prodigy Finance: Best without a cosigner
Prodigy Finance is the strongest active option for eligible international postgraduate students who do not have a Canadian cosigner or established Canadian credit history.
Its main international loan product generally does not require:
- A cosigner.
- Property collateral.
- An existing Canadian credit score.
Instead, Prodigy assesses factors such as the applicant’s university, programme and future earning potential. It provides postgraduate loans to students from more than 120 countries and supports selected Canadian universities and programmes.
Advantages
- Fully online application process.
- No Canadian cosigner for the main product.
- No property collateral.
- Funding may cover tuition and eligible living costs.
- No early-repayment penalty.
- Loan funds are normally sent directly to the university.
Important limitations
Prodigy does not support every university, programme, nationality or intake. Its Fall 2026 list also excludes certain schools because of funding-partner restrictions, so students must verify their exact course before relying on the loan.
Best for: International master’s and other eligible postgraduate students without access to a Canadian cosigner.
2. TD Student Line of Credit: Best for students with a Canadian cosigner
TD offers student lines of credit for eligible college, undergraduate, graduate and professional students.
International students studying at an accredited institution must have a co-borrower who is a Canadian resident and a TD customer in good standing. TD also states that an international student without Canadian credit history may still be considered with an eligible Canadian cosigner who is a citizen or permanent resident.
Advantages
- Funds can be withdrawn as expenses arise.
- Interest is charged only on the balance used.
- Available for several levels of study.
- Flexible repayment structure compared with a standard personal loan.
- Potentially higher limits for graduate and professional programmes.
Points to consider
- A qualified Canadian co-borrower is required for international applicants.
- Interest rates are variable.
- Interest payments may be required while studying.
- Approval depends on the financial profiles of both the student and co-borrower.
Best for: International students with a financially qualified Canadian citizen or permanent-resident cosigner.
3. Scotiabank ScotiaLine: Best for international graduate students
Scotiabank offers one of the clearest Canadian bank routes for international graduate students.
An international student enrolled in a Canadian graduate programme may apply for a ScotiaLine Personal Line of Credit with a co-borrower who is a Canadian citizen or permanent resident.
The line of credit may help pay for:
- Tuition.
- Books and academic supplies.
- Accommodation.
- Food and transportation.
- Other education-related costs.
Students generally make interest-only payments during their studies and for 12 months after graduation. Interest continues to accumulate during this period.
Best for: International master’s and PhD students with an eligible Canadian co-borrower.
4. RBC Royal Credit Line for Students: Best for flexible borrowing
RBC provides student credit lines with limits starting from CAD 5,000. The borrower can withdraw only the amount needed and pays interest on the balance used rather than the complete approved limit. Rates are generally linked to RBC Prime.
RBC warns that qualifying for a Canadian student line of credit can be difficult for newcomers without established Canadian credit. An international student may therefore need a Canadian citizen or permanent-resident co-applicant who satisfies RBC’s lending requirements.
Advantages
- Flexible access to approved credit.
- Limits based partly on the programme of study.
- Funding may cover tuition and related expenses.
- Interest applies only to money withdrawn.
Limitations
- Approval is subject to a credit assessment.
- A Canadian co-applicant may be required.
- Variable rates can increase during the repayment period.
Best for: Students with a suitable Canadian co-applicant who want to borrow gradually.
5. CIBC Education Line of Credit: Best for graduate borrowing limits
CIBC offers an Education Line of Credit for students attending accredited Canadian universities, colleges and trade schools.
The line can cover tuition, textbooks and daily personal expenses. Graduate students may have no annual withdrawal limit within a recommended total programme limit of up to CAD 80,000.
CIBC does not guarantee approval for every international student. Eligibility depends on its lending assessment, and an applicant with temporary status, limited Canadian credit or insufficient income may need a qualified guarantor.
Best for: Graduate students who meet CIBC’s residency and credit conditions or can provide a suitable guarantor.
6. MPOWER Financing: New 2026 loans currently paused
MPOWER Financing has traditionally been a major no-cosigner lender for international students attending supported schools in Canada and the United States.
Its loans have been designed for students without:
- Canadian credit history.
- A cosigner.
- Property collateral.
However, MPOWER’s official support centre currently states that it has reached its funding capacity and is temporarily unable to provide new loans for 2026. Students may monitor the lender or join its waitlist, but they should not list MPOWER as confirmed funding unless applications reopen.
Best for: Future applicants seeking a no-cosigner option if new lending resumes.
International student loan comparison
The best option depends on your academic level and access to a cosigner:
- Postgraduate student without a cosigner: Prodigy Finance.
- Undergraduate with a Canadian cosigner: TD or potentially RBC.
- International graduate student with a co-borrower: Scotiabank.
- Graduate student needing flexible credit: CIBC, subject to approval.
- Student without a supported Prodigy programme: Home-country education loan or Canadian bank financing with a cosigner.
- Applicant considering MPOWER: Wait until new 2026 lending is officially available.
Documents generally required
Prepare the following documents before applying:
- Passport and valid identification.
- Canadian study permit or visa documents.
- University admission or enrolment letter.
- Tuition invoice.
- Programme start and completion dates.
- Estimated tuition and living expenses.
- Proof of scholarships and personal savings.
- Academic transcripts and CV.
- Canadian address and bank information, when required.
- Cosigner’s identification, income and credit documents.
Can a student loan be used as proof of funds?
Immigration, Refugees and Citizenship Canada accepts proof of a student or education loan from a bank as one possible form of financial support for a study-permit application. Applicants must still demonstrate that they can cover tuition, living expenses, transportation and the costs of any accompanying family members.
A loan approval letter does not guarantee a study permit. The amount and source of funding must be credible and consistent with the complete study plan.
How to choose the best international student loan
Before accepting a loan, compare:
- Annual percentage rate: Review interest and compulsory charges.
- Fixed or variable rate: Variable bank rates can increase.
- Administration fees: Some international lenders add fees to the balance.
- Payments during study: You may need to pay interest immediately.
- Grace period: Interest can continue accumulating during payment deferral.
- Repayment currency: Exchange-rate movements can increase the cost.
- Cosigner liability: A co-borrower becomes legally responsible for unpaid debt.
- Early repayment: Check whether additional payments are penalty-free.
- Total amount repayable: Compare the complete cost, not only the monthly payment.
Final verdict
The best international student loan in Canada in 2026 is Prodigy Finance for eligible postgraduate students who need financing without a cosigner.
Students with an eligible Canadian cosigner should compare:
- TD for undergraduate and graduate borrowing.
- Scotiabank for Canadian graduate programmes.
- RBC for flexible credit limits.
- CIBC for graduate funding of up to a recommended CAD 80,000.
MPOWER Financing is currently not providing new 2026 loans. Students should use scholarships, assistantships and savings before private debt and borrow only the amount they can realistically repay after graduation.
Official Sources
- Prodigy Finance – International student loans for Canada
- Prodigy Finance – Fall 2026 supported schools
- TD – Student Line of Credit
- Scotiabank – ScotiaLine for Students
- RBC – Royal Credit Line for Students
- CIBC – Education Line of Credit
- Government of Canada – Study-permit proof of financial support
