Study abroad in Canada: Financing your education

If you’re interested in studying overseas in Canada, finding a way to pay for your studies is probably top of mind.

While Canada is one of the top five destination countries for study abroad, the cost of an education can be pretty high. Most of the financial aid, grants and scholarships at Canadian universities are available only to Canadian students, so international students in Canada will likely need to find ways to finance their education on their own.

Fortunately, there are lots of options for financing your study abroad in Canada. Let’s take a look at the cost of an education in Canada – and where you can find help to pay for your degree.

The cost to study abroad in Canada

The cost to study abroad in Canada may range anywhere from CAD$20,000 to more than CAD$50,000 per year.

Depending on the school you choose, tuition may range from CAD$6,000 to CAD$30,000 each year.
Living expenses depend on the city where your school is located and can range from CAD$12,000 to over CAD$20,000.
You must also include the cost of books and supplies, health insurance, transportation and other school-related expenses.

Of course, while the cost is significant, it’s a lot less expensive than some other popular study-abroad destinations.

Options for financing your education in Canada

If you want to study abroad in Canada, there are a number of resources for financing your education.

Financial aid from your home country. Many countries have programs to help young students finance their education abroad. These opportunities are designed to help the best and brightest students gain new skills they can apply when they return home.
Scholarships and grants from your college or university. Many Canadian educational institutions offer financial aid to international students. Be sure to check with the admissions offices of the schools you’re interested in, as well as the academic department where you would like to study. Some schools also offer athletic scholarships
Student loans. If you need additional help financing study abroad in Canada, private student loans can be a helpful option. Certain private lenders like banks and financial institutions offer loans for students with lower interest rates and favorable repayment terms, which can be a great option to help finance the cost of studying abroad.

Student loans with and without a cosigner

Many lenders will ask for a cosigner on a student loan – somebody with a good credit history and stable income who guarantees to pay back the loan if you’re unable to. Alternatively, you can apply for a student loan without a cosigner from private lenders or at select Canadian schools. These institutions will look at your academic success and career path, not just your credit history or your cosigner’s ability to pay. This can be an excellent option for international graduate and undergraduate student loans.

Find my international student loan

Our loan comparison tool can help you find an international student loan that’s right for you.

Find My Loan

Finding and comparing loans to study abroad in Canada

When you’re ready to explore options for Canadian international student loans, check out the International Student Loan Comparison Tool. This helpful online resource will let you quickly and easily identify private lenders offering loans for the schools you’re interested in.

To find loans to study abroad in Canada, it takes just 15 to 20 seconds to enter a bit of information about yourself, including your home country, your level of study, where you plan to study and whether you have a cosigner. When you click “Find My Loan” you’ll get a list of lenders offering private student loans that match your needs. The tool provides links that let you research each lender, and you can even apply directly from the search results page.

What expenses will a student loan cover?

Applying for a private student loan to study abroad in Canada can help you pay for any school-related expenses, including:

Tuition: Tuition will be the largest cost of your education each year.
Room and board: This is the cost of living in a dorm or apartment on campus with a meal plan. If you plan to live off campus, these expenses will include your rent and utility fees.
Mandatory fees: Most schools have mandatory fees that include things like student center fees, recreation center fees, technology fees, health and wellness fees and even international student fees that help to cover the cost of orientation and academic resources.
Books and supplies: Textbooks can cost as much as CAD$1,500 each semester. Supply costs include things like notebooks, folders, backpacks and scientific calculators.
Transportation fees: Transportation costs include parking permits or monthly passes for buses and subways.

Typically, the money from a private student loan will be sent directly to your school to pay your bill for education each semester.

International Student Loan: valuable resources for study abroad

At International Student Loan, we understand the challenges international students face when planning to study abroad in Canada or the U.S. That’s why we’re dedicated to making the process simpler and less confusing, so you can focus on pursuing your dreams of a degree abroad. Our International Student Loan Comparison Tool is designed specifically for the needs of international students. This helpful resource does all the work to identify possible lenders, so you can spend your time making the right decision about how to finance your education.

Student Loans for Studying Abroad

Learn more about what types of student loans are available, the benefits and if you’re eligible today.

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FAQs

Do I need a Canada student visa to study abroad in Canada?

International students who plan to study abroad in Canada will need a study permit. This is a document issued by the Canadian government that allows foreign nationals to study at designated learning institutions in Canada.

How much money can I borrow to study abroad in Canada?

A private lender will usually allow you to borrow an amount equal to the total cost of your education, less any other financial aid, scholarships or awards you’ve been given. Each lender has a maximum amount they are willing to lend.

How do I find a cosigner for a student loan?

Cosigners for international students are usually a family member or family friend who lives in Canada or the U.S. Cosigners must have a strong credit history, stable employment and the financial ability to pay back your loan if you’re unable to. Because many international students don’t have immediate access to a cosigner, certain lenders, including some in our international student loan comparison tool, offer opportunities for no-cosigner loans.

What are the repayment terms for private student loans in Canada?

Repayment terms vary between lenders and types of loans. Some loans must be paid back in just a few years, while some lenders will allow you to pay back your loan over several decades.