What loans are available for international students in the U.S. and Canada?
There are two main types of loans available for international students in the U.S. and Canada:
- U.S.: Unfortunately, international students are not eligible for federal student loans from the U.S. Department of Education.
- Canada: International students enrolled at a designated public post-secondary institution in Canada can borrow up to 60% of the funding from the federal portion of OSAP (Ontario Student Assistance Program). Some provinces, like Ontario, offer loans to students studying outside of Canada, but the amounts tend to be smaller.
- U.S.:
- MPOWER Financing: Offers loans to international students without a cosigner, based on their future income potential.
- Prodigy Finance: Another lender that offers loans to international students without a cosigner.
- Sallie Mae: Offers loans to international students with a cosigner.
- Ascent Funding: Offers loans to international students with or without a cosigner.
- Earnest: Offers loans to international students with a cosigner.
- LendKey: Offers loans to international students with a cosigner.
- Brazos Higher Education: Offers loans to international students with a cosigner.
- MPOWER Financing: Offers loans to international students without a cosigner, based on their future income potential.
- Canada:
- Scotiabank: Offers loans to international students enrolled at select Canadian universities.
- RBC Royal Bank: Offers loans to international students enrolled at select Canadian universities.
- HSBC: Offers loans to international students enrolled at select Canadian universities.
- National Bank of Canada: Offers loans to international students enrolled at select Canadian universities.
- Global Student Loan Corporation: Offers loans to international students enrolled at select Canadian universities.
- Scotiabank: Offers loans to international students enrolled at select Canadian universities.
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Important things to consider before taking out a private loan:
- Interest rates: Private loans typically have higher interest rates than government loans. Be sure to compare rates from different lenders before you borrow.
- Repayment terms: Make sure you understand the repayment terms of the loan before you borrow. You will need to start making payments on the loan after you graduate or leave school.
- Cosigner requirements: Some private loans require a cosigner, who is someone who is legally obligated to repay the loan if you cannot.
- Fees: Some private loans have origination fees, application fees, and other fees. Be sure to factor these fees into the total cost of the loan.
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