Student Loan Requirements for International Students in Canada 2026

Student Loan Requirements for International Students in Canada

International students can obtain education financing in Canada, but approval is not automatic. Most applicants holding only a Canadian study permit cannot access government student loans and must instead use a private student line of credit, an international education lender or a loan from their home country.

The exact student loan requirements for international students in Canada depend on the lender, programme, university, credit profile and availability of a Canadian cosigner.

Basic student loan requirements in Canada

Most Canadian banks and private education lenders require some combination of the following:

• Admission or enrolment at an eligible Canadian institution.
• A valid passport.
• A valid Canadian study permit or evidence that one is being processed.
• A tuition-fee statement or estimated education budget.
• Proof of scholarships, savings or other financial resources.
• A Canadian bank account and address, depending on the lender.
• A satisfactory credit and affordability assessment.
• A qualified cosigner, guarantor or co-borrower when required.
• Proof that the programme and university are supported by the lender.

Meeting the basic conditions does not guarantee approval. The lender may offer less than the amount requested or require additional security.

Are international students eligible for government student loans?

International students holding only a study permit are generally not eligible for Canada Student Grants and Loans.

Federal student-aid applicants normally must be:

• Canadian citizens.
• Permanent residents of Canada.
• Designated protected persons.
• Residents of a province or territory participating in the federal programme.
• Enrolled at an eligible designated institution.
• Able to demonstrate financial need.

International students who later become permanent residents may qualify after meeting the relevant federal and provincial residency requirements.

1. University admission and enrolment requirements

A lender will normally require evidence that you have been accepted by or are attending an eligible post-secondary institution.

Acceptable documents may include:

• An official university acceptance letter.
• A registrar’s confirmation of enrolment.
• A current course timetable.
• A tuition invoice.
• A receipt showing payment of a tuition deposit.
• A university document showing the programme’s duration and expected completion date.

RBC requires confirmation of enrolment at an eligible Canadian post-secondary institution. Scotiabank accepts documents such as a timetable, tuition invoice, payment receipt or signed registration letter containing the student’s name, institution, programme duration and study end date.

International students also need a letter of acceptance from a Designated Learning Institution to apply for a Canadian study permit. Acceptance by a DLI does not automatically mean every bank or private lender supports that institution.

2. Study permit and identification documents

A bank may request:

• A foreign passport.
• Canadian study permit.
• Government-issued identification.
• Social Insurance Number, when available and applicable.
• Proof of Canadian address.
• University student identification.

Some lenders may provide conditional approval before the study permit is issued, but final disbursement can depend on receiving valid immigration documents.

Specialised lenders may also verify that the student has the legal right to study in Canada for the programme’s duration. Prodigy Finance, for example, requests Canadian study-permit evidence before completing certain loan agreements.

3. Canadian cosigner or co-borrower requirements

A qualified cosigner is one of the most important requirements for international students applying through a traditional Canadian bank.

A cosigner generally must:

• Be a Canadian citizen or permanent resident.
• Have a stable Canadian income.
• Have a satisfactory credit history.
• Provide identification and proof of income.
• Accept legal responsibility for the debt.
• Meet the bank’s internal affordability standards.

TD states that an international student may qualify for its Student Line of Credit with an eligible cosigner who is a TD customer and a Canadian citizen or permanent resident.

Scotiabank permits international students enrolled in Canadian graduate programmes to apply with a co-borrower who is a Canadian citizen or permanent resident. The co-borrower may need to provide identification and proof of income.

RBC explains that applicants with limited credit history may need a cosigner. Its international-student guidance also notes that Canadian credit history may be required and that a Canadian citizen or permanent-resident cosigner may be necessary.

A cosigner is not simply an emergency contact. The cosigner becomes responsible for payments if the student does not repay the debt.

4. Credit history and income assessment

New international students often have little or no Canadian credit history. This does not always prevent approval, but it increases the likelihood that the lender will require a cosigner.

Banks may examine:

• Canadian credit report.
• Existing debts and credit-card balances.
• Current income.
• Employment history.
• Monthly expenses.
• Requested loan amount.
• Programme cost and duration.
• Cosigner income and debts.

RBC requires information about the student’s financial resources and states that all applications remain subject to credit approval.

Building credit through a student or secured credit card may improve future applications, but several months of activity may not be enough to qualify independently for a large education loan.

5. Education budget and proof of resources

Lenders usually want a realistic breakdown of:

• Tuition fees.
• Books and academic supplies.
• Accommodation.
• Food and transportation.
• Health insurance.
• Other available funding.

RBC asks applicants for estimated education costs and a list of resources such as scholarships, bursaries, employment income and government funding.

Borrowing only the remaining funding gap can improve affordability and reduce the amount of interest paid.

6. Requirements for loans without a cosigner

Specialised lenders may assess international students without requiring a Canadian cosigner or collateral.

Prodigy Finance generally requires applicants to:

1. Be admitted to a supported school and programme.
2. Study outside their home country.
3. Reside in a supported country or region.
4. Pass affordability and credit assessments.
5. Demonstrate suitable expected earning potential.

Its loans primarily support eligible international postgraduate programmes, and school, country and intake availability can change with funding conditions.

A loan advertised as “no cosigner required” does not mean that every student will qualify. University, degree, nationality, residence and programme completion date can all affect eligibility.

7. Proof of funds for the Canadian study permit

Student-loan approval and study-permit approval are separate processes.

IRCC accepts proof of a student or education loan from a bank as one possible form of financial evidence. Other accepted examples include bank statements, a Canadian bank account, a Guaranteed Investment Certificate, paid tuition or housing fees, scholarships and financial-support letters.

For applications submitted on or after September 1, 2025, one student studying outside Quebec must show CAD 22,895 for first-year living expenses, excluding tuition and transportation. Applicants must show first-year resources and explain how they intend to fund longer programmes.

Therefore, a small loan approval may not be enough if it does not cover the complete financial requirement.

Complete document checklist

Prepare:

• Passport and government identification.
• Study permit or application evidence.
• University acceptance or enrolment letter.
• Tuition statement and education budget.
• Proof of scholarships and savings.
• Recent bank statements.
• Proof of Canadian address.
• Employment and income documents.
• Cosigner’s passport or Canadian identification.
• Cosigner’s citizenship or permanent-resident evidence.
• Cosigner’s payslips, employment letter and financial statements.
• Details of existing loans and debts.

Common reasons for rejection

Applications may be declined because of:

• No eligible Canadian cosigner.
• Weak credit or excessive debt.
• Insufficient income.
• Unsupported university or programme.
• Incomplete documentation.
• Unrealistic requested loan amount.
• Inability to make interest payments while studying.
• Temporary restrictions affecting the applicant’s country.
• Unclear plan for funding the entire programme.

Final answer

The main student loan requirements for international students in Canada are admission to an eligible programme, valid immigration documents, a detailed education budget and proof of repayment capacity.

For traditional Canadian bank financing, a Canadian citizen or permanent-resident cosigner is commonly required. Students without a cosigner may need a specialised postgraduate lender, scholarships, university funding or an education loan from their home country.

Always obtain the lender’s written terms and calculate the total repayment cost before accepting an offer.

Official Sources

• Government of Canada — Proof of financial support for study-permit applicants
• National Student Loans Service Centre — Government student-loan eligibility
• RBC — Royal Credit Line for Students requirements
• Scotiabank — Student line-of-credit documents and co-borrower conditions
• TD — International student line-of-credit eligibility
• Prodigy Finance — International education-loan eligibility