How to Get a Student Loan in Canada as an International Student

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International students can get a student loan in Canada, but the process differs from the government funding available to Canadian citizens and permanent residents. Most students holding only a study permit must apply for a private student line of credit, use a specialised international lender or obtain an education loan from their home country.

This guide explains how to get a student loan in Canada as an international student, including eligibility rules, cosigner requirements, required documents and the application process.

Can international students get student loans in Canada?

Yes, but approval depends on several factors:

Your university and academic programme.
Whether you are an undergraduate or graduate student.
Your Canadian credit history.
Your income and existing debts.
The amount you need to borrow.
Whether you have an eligible Canadian cosigner.
The lender’s nationality and residency restrictions.

International students with no Canadian credit history may still qualify for certain bank credit lines when they apply with a suitable Canadian cosigner. TD, for example, states that an international student without Canadian credit history could qualify with a Canadian cosigner.

Step 1: Calculate how much you need to borrow

Begin by calculating the complete cost of your studies, including:

Tuition and compulsory university fees.
Accommodation and utility bills.
Food and local transportation.
Health insurance.
Books, software and academic supplies.
Visa and study-permit expenses.
Travel to and from Canada.
Emergency expenses.

Deduct scholarships, savings, family support and assistantship income from the total. Apply only for the remaining funding gap.

Borrowing more than necessary increases both your monthly payments and the total interest paid after graduation.

Step 2: Understand government student-loan eligibility

Canada Student Grants and Loans are generally not available to students who hold only a temporary Canadian study permit.

Applicants normally need to be:

Canadian citizens.
Permanent residents.
Protected persons.
Residents of the province or territory through which they apply.
Enrolled at an eligible designated institution.
Able to demonstrate financial need.

Eligible applicants apply through their provincial or territorial student-aid authority. International students should therefore confirm their status before assuming that they can receive government financing.

Step 3: Choose the right type of student loan

International students generally have three borrowing routes.

Canadian student line of credit

A student line of credit is offered by a bank and allows you to withdraw funds as expenses arise. Interest is charged only on the amount you use rather than the complete approved limit.

Possible lenders include:

TD.
RBC.
Scotiabank.
CIBC.

These products commonly have variable interest rates linked to the bank’s prime rate. This means your interest cost and monthly payments can rise when the prime rate increases.

Specialised international student loan

An international education lender may assess your:

University.
Degree.
Academic background.
Expected graduation date.
Future earning potential.

Prodigy Finance provides loans for eligible international postgraduate students attending supported programmes in Canada. Its primary loan product does not require collateral or a cosigner, but availability is restricted by university, programme, nationality and intake.

Education loan from your home country

A bank in your country of residence may offer a secured or unsecured education loan for studying abroad.

This option may require:

A parent or relative as guarantor.
Property or a fixed deposit as collateral.
Proof of university admission.
Evidence of family income.
Payment of processing and currency-transfer fees.

Compare the exchange-rate risk carefully when borrowing in one currency and expecting to earn your future salary in another.

Step 4: Find a qualified Canadian cosigner

A Canadian cosigner is commonly required when applying through a traditional bank.

The cosigner may need to:

Be a Canadian citizen or permanent resident.
Live in Canada.
Have stable employment or income.
Possess a satisfactory Canadian credit history.
Provide details of income, debts and financial obligations.
Accept full legal responsibility for repayment.

TD states that an international student may qualify with an eligible cosigner who is a TD customer and a Canadian citizen or permanent resident.

RBC notes that international students may require a Canadian citizen or permanent-resident co-applicant, particularly when they have limited or no Canadian credit history. The co-applicant also becomes responsible for repayment.

Scotiabank permits international students enrolled in Canadian graduate programmes to apply for a ScotiaLine with a Canadian citizen or permanent-resident co-borrower.

Step 5: Compare available lenders

Do not compare lenders based only on the maximum amount advertised. Examine:

Annual interest rate.
Fixed or variable rate.
APR and compulsory fees.
Maximum loan or credit limit.
Interest payments required during study.
Grace period after graduation.
Repayment duration.
Early repayment penalties.
Cosigner-release conditions.
Currency in which the loan is issued.

RBC student credit lines have limits starting at CAD 5,000 and charge interest only on the amount borrowed. Rates are based on RBC Prime.

CIBC’s standard Education Line of Credit currently lists up to CAD 80,000 throughout an eligible programme, with no annual limit for graduate students within the approved programme limit. Students pay interest only on the amount used while studying and for 12 months after graduation. Approval remains subject to the bank’s lending criteria, and a guarantor may be required.

Step 6: Prepare the required documents

A complete application may require:

Passport.
Valid Canadian study permit.
University admission or enrolment letter.
Tuition invoice.
Programme start and completion dates.
Detailed education-cost estimate.
Proof of scholarships and personal savings.
Canadian and foreign bank statements.
Proof of Canadian address.
Employment or assistantship income.
Academic transcripts and CV.
Cosigner’s identification.
Cosigner’s proof of Canadian status.
Cosigner’s employment, income and credit documents.

RBC identifies proof of enrolment, a valid study permit, an education-cost estimate and the cosigner’s income documents among the information needed for an international student application with a cosigner.

Step 7: Submit your application early

Apply several months before tuition is due. Processing may take longer when:

The bank needs additional immigration documents.
A cosigner must complete a separate assessment.
Your university or programme needs verification.
The lender requests updated income information.
The loan involves an overseas currency transfer.

Avoid submitting applications to many lenders at once. Multiple hard credit checks within a short period may affect the Canadian credit profile of the borrower or cosigner.

Step 8: Review the loan offer before accepting it

The approved amount is not the only important figure. Read the agreement and identify:

The exact interest rate.
Whether the rate can change.
The first payment date.
Required payments during your studies.
Total estimated repayment.
Late-payment charges.
Default consequences.
Cosigner obligations.
Conditions for releasing each instalment.
Rules if you change or leave your programme.

A line of credit may require monthly interest payments even before graduation. Missing those payments can affect both the student’s and cosigner’s credit records.

Can a student-loan letter be used as proof of funds?

Yes. Immigration, Refugees and Citizenship Canada lists proof of a student or education loan from a bank as one accepted form of financial evidence for a study-permit application. Other evidence may include recent bank statements, paid tuition, scholarships and financial-support letters.

However, the loan must help demonstrate that you can pay for:

Tuition.
Living expenses.
Transportation to and from Canada.
Expenses for accompanying family members.

For a programme lasting longer than one year, study-permit applicants must demonstrate funding for the first year and explain how they plan to finance the remainder.

A loan approval does not guarantee study-permit approval.

How to improve your approval chances

You can strengthen your application by:

Applying to a lender that supports your exact programme.
Finding a cosigner with stable income and good credit.
Reducing the requested amount through scholarships.
Preparing complete financial documents.
Providing proof of assistantship or employment income.
Presenting a realistic monthly budget.
Paying existing debts and credit-card balances.
Applying before the tuition deadline.

Final answer

The most practical way to get a student loan in Canada as an international student is to obtain admission, calculate the funding gap and compare Canadian bank credit lines with specialised international loans.

Students with a Canadian cosigner can explore TD, RBC, Scotiabank and CIBC. Eligible postgraduate students without a cosigner may consider Prodigy Finance. Students should also compare education loans from their home country.

Use scholarships and savings first, then borrow only what you can reasonably repay after graduation.

How to Get a Student Loan in Canada as an International Student

Can international students get student loans in Canada?

Step 1: Calculate how much you need to borrow

Step 2: Understand government student-loan eligibility