Best Private Student Loans for International Students in Canada
Private student loans can help international students cover tuition and living expenses when scholarships, savings and family support are insufficient. However, loan availability in Canada is limited for students who do not have Canadian credit history or a local cosigner.
The best private student loans for international students in Canada include specialised no-cosigner education loans and student lines of credit offered by Canadian banks. Eligibility depends on your university, programme, immigration status, credit profile and access to a Canadian co-borrower.
Can international students get private student loans in Canada?
Yes. International students generally have two private borrowing options:
- A specialised international education loan without a Canadian cosigner.
- A Canadian bank student line of credit supported by a qualified cosigner or co-borrower.
Students holding only a Canadian study permit are generally unable to access Canada Student Grants and Loans. Government assistance is primarily intended for Canadian citizens, permanent residents and protected persons who meet the applicable provincial or territorial conditions.
Best private student loans in Canada for international students
1. Prodigy Finance: Best without a Canadian cosigner
Prodigy Finance provides international student loans for selected postgraduate programmes at supported Canadian universities.
Unlike traditional Canadian banks, Prodigy generally does not require:
- A Canadian cosigner.
- Property collateral.
- An established Canadian credit history.
The company assesses applicants using forward-looking factors such as the degree, university and expected earning potential. Its 2026 guidance states that it supports postgraduate programmes at more than 1,800 schools worldwide, although not every Canadian institution or programme is covered.
Important features
- Designed mainly for international master’s students.
- Online application process.
- Funding may include tuition and eligible living costs.
- No prepayment penalty.
- Availability varies by nationality, residence, university and intake.
Prodigy publishes a separate list of supported schools for Fall 2026 and warns that some institutions are temporarily unavailable because of funding-partner restrictions. Students must check their exact programme before relying on the loan.
Best for: Eligible international postgraduate students without a Canadian cosigner.
2. TD Student Line of Credit: Best with a Canadian cosigner
TD offers student lines of credit for undergraduate, graduate and professional programmes.
An international student may qualify when supported by an eligible cosigner who:
- Is a Canadian citizen or permanent resident.
- Is an existing TD customer in good standing.
- Meets TD’s income and credit requirements.
- Accepts responsibility for repaying the debt.
TD specifically states that students without Canadian credit history could still be eligible with a Canadian cosigner.
A TD student line of credit allows the borrower to access approved funds as needed. Interest is charged only on the balance used, but the rate is generally variable and can change when the bank’s prime rate changes.
Best for: International undergraduate or graduate students with an eligible Canadian cosigner.
3. Scotiabank ScotiaLine: Best for international graduate students
Scotiabank provides one of the clearest bank options for international graduate students.
International students enrolled in a Canadian graduate programme may apply with a co-borrower who is a Canadian citizen or permanent resident. The applicant must also provide valid proof of enrolment.
The credit line may be used for:
- Tuition fees.
- Books and academic materials.
- Rent and living costs.
- Other education-related expenses.
Students generally make interest-only payments while attending school. Twelve months after they leave school, the outstanding balance becomes repayable through monthly principal-and-interest payments. Interest continues accumulating during the grace period.
Best for: International master’s and PhD students with a qualified Canadian co-borrower.
4. RBC Royal Credit Line for Students: Best for flexible borrowing
RBC’s Royal Credit Line allows students to withdraw money only when it is needed instead of receiving the complete loan at once.
Its principal features include:
- Credit limits based on the programme of study.
- Interest charged only on the amount borrowed.
- Variable interest rates based on RBC Prime.
- Funding for tuition, books and related education costs.
- Flexible repayment arrangements.
RBC states that a co-applicant may be required when the student has limited or no credit history. For an international student studying in Canada, that co-applicant must be a Canadian citizen or permanent resident.
Applicants may need to submit proof of enrolment, estimated study costs, immigration documents and information about scholarships, savings and other available resources.
Best for: Students who want reusable credit and have a qualified Canadian co-applicant.
5. CIBC Education Line of Credit: Best for covering multiple expenses
The CIBC Education Line of Credit can be used at an accredited Canadian university, college or trade school.
Funds may be used for:
- Tuition.
- Textbooks.
- Equipment and supplies.
- Daily personal expenses.
Students can access funds as expenses arise and pay interest only on the borrowed balance. Graduate applicants may be offered higher limits than standard undergraduate students, but the final amount depends on the programme and credit assessment.
CIBC does not present its standard education credit line as a guaranteed product for every international student. Applicants with temporary residency, little Canadian credit history or insufficient income should expect an individual assessment and may need a qualified guarantor.
Best for: Students already living in Canada who can satisfy CIBC’s credit requirements or provide a guarantor.
6. MPOWER Financing: Applications currently paused
MPOWER Financing has traditionally provided loans for eligible international undergraduate, graduate and doctoral students in Canada without requiring:
- A cosigner.
- Collateral.
- Canadian credit history.
Its Canadian education-loan materials advertise potential borrowing of up to US$100,000 at supported institutions.
However, MPOWER’s official website states that it has reached its current funding capacity and is temporarily unable to offer new loans for 2026. Students may join the waitlist, but should not treat MPOWER as confirmed funding unless applications reopen.
Best for: Future no-cosigner applicants if new Canadian lending resumes.
Private student loan comparison
The most suitable option depends on your circumstances:
- No Canadian cosigner: Check Prodigy Finance if you are pursuing an eligible postgraduate degree.
- Canadian cosigner available: Compare TD and RBC.
- International graduate student: Consider Scotiabank with a Canadian co-borrower.
- Already established in Canada: Ask CIBC whether you meet its credit and residency requirements.
- Undergraduate without a cosigner: Options remain extremely limited.
Documents normally required
Prepare:
- Passport and government identification.
- Valid Canadian study permit.
- University admission or enrolment letter.
- Tuition invoice and programme dates.
- Detailed living-expense budget.
- Proof of scholarships and savings.
- Canadian and foreign bank statements.
- Academic transcripts and CV.
- Cosigner’s proof of Canadian status.
- Cosigner’s income and credit documents.
How to compare private student loans
Compare more than the advertised interest rate. Check:
- APR: The cost after applicable fees are included.
- Fixed or variable interest: Bank credit lines usually use variable rates.
- Payments during study: Interest-only payments may begin immediately.
- Grace period: Interest may continue accumulating even when principal payments are postponed.
- Repayment term: Longer terms generally increase total interest.
- Cosigner liability: The cosigner is legally responsible for unpaid debt.
- Currency risk: This matters when the loan and future salary use different currencies.
- Early repayment: Confirm whether extra payments are penalty-free.
- Total amount repayable: Request a complete repayment illustration.
Are private student loans worth it?
A private loan may be reasonable when it covers a limited funding gap for a programme with realistic employment prospects.
It becomes risky when:
- The loan covers nearly the entire cost of a multi-year programme.
- The interest rate is high or variable.
- Monthly payments depend on finding immediate employment.
- A family member puts important assets at risk.
- The expected starting salary is low compared with the total debt.
Scholarships, assistantships, tuition discounts and savings should be used before private borrowing.
Final verdict
The best private student loans for international students in Canada in 2026 are:
- Prodigy Finance for eligible postgraduate students without a cosigner.
- TD for students with a qualified Canadian cosigner.
- Scotiabank for international graduate students with a Canadian co-borrower.
- RBC for flexible borrowing with a Canadian co-applicant.
- CIBC for applicants who meet its individual credit requirements.
MPOWER remains unavailable for new 2026 lending at the time of writing. Always confirm current availability directly with the lender before using a loan offer in your study or visa plans.
Official Sources
- Prodigy Finance – International student loans for Canada
- TD – Student Line of Credit eligibility
- Scotiabank – ScotiaLine Personal Line of Credit for Students
- RBC – Royal Credit Line for Students
- CIBC – Education Line of Credit
- MPOWER Financing – International education loans
- Government of Canada – Canada Student Grants and Loans
