Best Student Loans Without a Cosigner in Canada
Best Student Loans Without a Cosigner in Canada 2026
Getting a student loan without a cosigner in Canada is difficult for international students, but it is not impossible. The main challenge is that most Canadian banks rely on Canadian credit history, income and residency status when approving large education loans.
In 2026, Prodigy Finance is the clearest active no-cosigner option for eligible international postgraduate students. MPOWER Financing normally offers similar loans for undergraduate and graduate students, but it has temporarily paused new 2026 lending after reaching its funding capacity.
Can international students get a loan without a cosigner in Canada?
Yes, but the available options are limited.
A no-cosigner lender may assess your application using:
- Your university and academic programme.
- Expected salary after graduation.
- Previous education and employment.
- Current debts and financial obligations.
- Country of residence and nationality.
- Programme cost and completion date.
- Availability of personal savings or scholarships.
A no-cosigner loan does not mean guaranteed approval. The lender may still conduct credit, identity, affordability and eligibility checks.
Best Student Loans Without a Cosigner in Canada
1. Prodigy Finance: Best active option for postgraduate students
Prodigy Finance provides international education loans for selected postgraduate programmes at supported Canadian universities.
Its main loan product generally does not require:
- A Canadian cosigner.
- Property collateral.
- Canadian credit history.
The lender primarily evaluates the student’s university, programme and expected earning potential. It currently advertises postgraduate financing for students from more than 120 countries, subject to regional, programme and funding restrictions.
Who may qualify?
Applicants generally need to:
- Be admitted to a supported university and programme.
- Study outside their home country.
- Live in an eligible country or region.
- Pass Prodigy’s credit and affordability assessment.
- Meet the relevant intake and programme deadlines.
Prodigy supports selected programmes in fields such as business, engineering, technology, law, public policy and health-related disciplines. However, some Canadian schools or courses may be unavailable for Fall 2026 because of funding restrictions.
Costs and repayment
Applicants should check the personalised loan offer carefully. Prodigy’s current 2026 terms may include:
- An administration fee of up to 4.2%.
- A processing fee of up to US$500.
- Interest accumulating during the study period.
- Payments of US$100 per month during full-time study and the six-month grace period.
- Full repayments beginning after the grace period.
- No penalty for early repayment.
Best for: International master’s and other eligible postgraduate students without a Canadian cosigner.
Main limitation: It does not support every undergraduate degree, university, nationality or programme.
2. MPOWER Financing: Best potential undergraduate option, but currently paused
MPOWER Financing normally provides no-cosigner and no-collateral education loans for international students attending eligible institutions in Canada and the United States.
Its Canadian loan programme has historically covered:
- Undergraduate programmes.
- Master’s programmes.
- Doctoral programmes.
- Tuition and eligible education expenses.
- Students without Canadian credit history.
However, MPOWER’s official support centre currently states that it has reached its funding capacity and is temporarily unable to offer new loans for 2026. Students may join a waitlist for future consideration, but a waitlist position is not a confirmed loan approval.
Best for: Students who want to monitor a possible reopening of no-cosigner undergraduate and postgraduate lending.
Main limitation: New 2026 loans are not currently available.
Can you get a Canadian bank loan without a cosigner?
It is unlikely for a newly arrived international student.
TD
TD states that international students may qualify for a student line of credit when they have an eligible cosigner who is a Canadian citizen or permanent resident and an existing TD customer in good standing.
Scotiabank
Scotiabank permits international students enrolled in Canadian graduate programmes to apply only when supported by a co-borrower who is a Canadian citizen or permanent resident.
Other Canadian banks may review applications individually, but limited Canadian credit history, temporary immigration status and insufficient income commonly lead to a guarantor or co-applicant requirement.
Therefore, a bank student line of credit should not be described as a reliable no-cosigner loan for a new international student.
Are government student loans available without a cosigner?
Canada Student Grants and Loans do not normally require a private cosigner. However, students holding only a Canadian study permit are generally not eligible.
Federal and provincial student aid is primarily available to:
- Canadian citizens.
- Permanent residents.
- Protected persons.
- Applicants who meet the relevant provincial residency and financial-need rules.
Protected persons may access the same federal student loans and grants as citizens and permanent residents when studying at a designated institution.
An international student who later obtains eligible permanent or protected status should check government aid before using a private loan.
Requirements for a no-cosigner student loan
Depending on the lender, you may need:
- A valid passport.
- University admission letter.
- Tuition and cost-of-attendance statement.
- Academic transcripts.
- CV or employment history.
- Canadian study permit or visa documents.
- Proof of scholarships and personal savings.
- Details of current debts.
- Expected graduation date.
- Bank statements and proof of address.
The lender may send approved funds directly to the university rather than to the student.
Can the loan be used as proof of funds?
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 sufficient resources for tuition, living expenses, transportation and accompanying family members where applicable.
A loan approval letter supports the financial evidence, but it does not guarantee approval of a Canadian study permit.
How to improve your approval chances
To strengthen a no-cosigner application:
- Apply only after receiving admission.
- Confirm that the exact university and programme are supported.
- Reduce the requested amount using scholarships and savings.
- Provide accurate academic and employment records.
- Explain any previous missed payments or debts.
- Prepare a realistic post-graduation income estimate.
- Submit all documents before the deadline.
- Avoid relying on employment income that is not guaranteed.
Alternatives when you cannot find a no-cosigner loan
Consider combining:
- University scholarships.
- Teaching or research assistantships.
- Tuition instalment plans.
- Family contributions.
- Employer sponsorship.
- Government scholarships from your home country.
- An education loan from your home-country bank.
- A smaller Canadian bank loan with a qualified cosigner.
Students should avoid payday loans, cash advances and high-interest personal credit for tuition.
Final verdict
The best student loan without a cosigner in Canada in 2026 is Prodigy Finance, but mainly for eligible international postgraduate students at supported universities.
MPOWER Financing would normally be a strong option for undergraduate and graduate students, but it is not currently accepting new 2026 loan applications.
International students who are not eligible for Prodigy will usually need scholarships, home-country financing or a Canadian cosigner. Before borrowing, compare the APR, fees, repayment currency and total amount payable—not only the advertised interest rate.
Official Sources
- Prodigy Finance – International student loans for Canada
- Prodigy Finance – Fall 2026 supported schools
- Prodigy Finance – Loan eligibility requirements
- MPOWER Financing – Official support centre and 2026 availability
- TD – International student line-of-credit requirements
- Scotiabank – ScotiaLine for international graduate students
- Government of Canada – Study-permit proof of financial support
