Student Loans for International Canadian Students
If you are Canadian, but you will not be attending a college or university in Canada, you will be considered an International Student, and you need to know about student loans for international Canadian students. You will also be joining an estimated 30,000 other Canadians who are studying outside of Canada, with the biggest majority of those studying in the United States.
If you will be studying in the United States, there is a great deal of help available to you for financing your education. One such program is the Canadian Student Loan for Study in the USA program. This program does require a co-signer, and the co-signer must be an American citizen, or permanent citizen of the United States. Additionally, they must have good credit, and they must have resided in the United States for the past two years. Once you have completed your education, however, your cosigner can be released with the proper application.
The application process for these international student loans for Canadian students is very easy, and the application can be filled out online, in as little as twenty minutes. The minimum loan amount is $1000. Most students are advised to go with the Sallie Mae Smart Option Student Loan. This loan program will provide you with all of the funds that you need for your education, after you have exhausted other financing options, such as grants, federal loans, and scholarships that you have won.
Because this is a program that is offered in the United States, and not in Canada, you must submit a copy of your passport or a CIS Form I-551 if you have not yet obtained a passport. You must also obtain a student visa that will allow you to live and study in the United States, and submit a copy of this as well.
These student loans for international Canada students have incredibly low interest rates – as low as 2.5%. There are no application fees or origination fees, and you will also receive a .25% reduction on the interest rate when you make automated payments, after your graduation, and additionally, you will earn 2% back on each payment for making the payment on time.
You are not eligible for these international student loans for Canadian students if you are attending certain schools or enrolled in certain programs. However, you can easily find out if the school and program of your choice is an eligible school through the website. Make sure that your school and program are eligible before applying.
Another Canada student loan that is available through this program is the International Student Loan. This loan applies to Canadian students as well, but the best deal will come from the loan program designed specifically for Canadian Students, and additional loans won’t be necessary – other than Canada federal student loans that are available and grants, since you are required to apply for these funds first.
Funds received through this program can be used for anything that pertains to your education, including tuition, fees, books, supplies, transportation, and room and board. For more information go to: student loans for international Canadian students.
