Top 10 International Student Loans Lenders in Canada

Top 10 International Student Loans are made available to domestic and international students studying in Canada. These loans can be used for past, current, and future semesters, and you can use the funds to pay for expenses including tuition, accommodation, food, insurance, and books

Private loan lenders are the platforms that offer international student loans for their studies. These Top 10 International Student Loans service providers give out the student loan by looking at the borrower’s academic success and career path, and they don’t usually consider your creditworthiness or that of the borrower’s co-signer.

Top 10 International Student Loans

Like said earlier, it is private lenders that give out loans to international students in Canada as well as in many other places. Each of the lenders has its requirements, rules, and eligibility. So, you need to check out some factors like the amount you can borrow, interest rate (including if it’s fixed or variable), repayment period, and others before using the lender as your loan provider.

It is on this note that we have helped explore the top 10 international student loans lenders in Canada if you’re an international student and would like to explore the option of Top 10 International Student Loans to study in Canada. Here we go on the Top 10 International Student Loans are made available to domestic and international students studying in Canada.

1. Stilt Student Loan

Fixed APR: 7.99

Variable APR: Not disclosed

Repayment Options: Not disclosed

Loan Amounts: $1,000 – $35,000

Stilt is an online loan service that is specifically designed for international students and others who may have difficulty obtaining a private or federal loan in Canada as well as the US. Stilt offers borrowers loans without collateral, credit score, or a cosigner. The loan which can be borrowed is between $1,000 – $35,000. Stilt doesn’t partner with any university, so you can choose any institution of your choice. When you apply for the loan on this platform, you can get a reply within 24 hours and funds can be in your account in less than 1 business day.

2. MPOWER Student Loan

Fixed APR: 14.98% (undergraduate), 12.94% (graduate)

Repayment Options: 10 years

Loan Amounts: $2,000–$50,000

MPOWER is another top private student loans service available to international undergraduate and graduate students in Canada. Its rate is a bit high but within the competitive range. It doesn’t require a cosigner but to qualify for its loan, it tends to consider the earning potentials of the borrowers. It partners with universities and provides loans only for a few majors which for borrowers to be eligible for Mpower, they must be attending a school supported by Mpower and be in the last 2 years of their education. There are no repayment options, the only option available is 10 years. Also, there is no application or prepayment fee, but there is a 5% origination fee on every loan

3. Prodigy Finance Student Loan

Fixed APR: 5.6%

Variable APR:         6.7% and up

Repayment Options: 7, 10, 15, or 20 years

Loan Amounts: $15,000 (minimum)

Another international student loan company is Prodigy Finance. It doesn’t require collateral or a co-signer. The loan service partners with various schools and borrowers must be a student in any of these schools to be qualified for the loan. The programs allowed in this loan are limited to business, public policy, law, health, science, technology, engineering, and math (STEM) professions. Borrowers have three repayment term options and payments are automatically deferred while in school. There are no application or prepayment fees but it charges a 4% administration fee on every loan.

4. Global Student Loan Corporation

Fixed APR:

Variable APR:

Repayment Options: 15 years

Loan Amount: $50,000 – $200,000

The Global Student Loan offers comprehensive education loans for international and distance-learning students without the need for a co-signer. The borrower can borrow as low as $50,000 and as high as $200,000 which can be repaid within $15 years. The loan service partners with top universities, which you have to choose from any of these universities to be able to get this loan. Borrowers are given loan certificates and its application is easy as it is only an online process through its official website.

5. Discover Student Loan

Fixed APR: 3.49 – 12.59%

Variable APR: 1.12 – 11.87%

Repayment Options: 15 years.

Loan amounts: $1,000 (minimum)

Discover offers flexible student loans to international students who are studying in Canada as well as the United States. To be eligible for the Discover loan, borrowers must have a co-signer who is either a citizen or permanent resident of the host country. Its rates are within the competitive range, and you can borrow as low as $1,000 which can be paid in 15 years. Discover offers a 1% cash reward for good grades and a 0.25% interest rate discount for enrolling in autopay. You can apply for the loan only at the Discover bank nearest to you.

Also Read: $500 to $5,000 Tuition Fee Colleges for International Students in Canada

6. LendKey Student Loan

Fixed APR: 2.95 – 7.63%

Variable APR: 1.90 – 5.25%

Repayment Options: 5, 7, 10, 15, or 20 years.

Loan Amounts: $5,000 to $300,000

This is another private student loan platform that offers international student and refinances loans. It is good for those who don’t want to work with big banks but community banks or credit unions and those who don’t earn six figures. Borrowers must have at least 600 credit scores to be able to get the loan from the platform. A loan that can be given is from $5,000 to $300,000 (this largely depends on of degree) and can be paid in 5, 7, 10, 15, or 20 years. They are not in partnership with any school, so borrowers can be a student of any of the available universities.

7. Ascent Student Loan

Fixed APR: 3.26 – 11.42%

Variable APR: 1.85 – 9.60%

Repayment Option: Loan terms: 5, 7, 10, 12, 15, or 20 years

Loan Amounts: $2,001 to $200,00

Ascent is an online lender that offers students loan for international students. It requires borrowers to have a co-signer and in case there is no co-signer, the borrower must have a 680 credit score. Its rate is among the best and there are different repayment options. Ascent aside student loans also MBA, Law School, and Parents Loans.

8. Citizens Student Loan

Fixed APR: 3.23% – 10.83%

Variable APR: 1.03% – 10.24%

Repayment Options:  5, 7, 10, 15, or 20 years.

Loan Amounts: $1,000 to $500,000.

Citizens Bank is a traditional bank that offers student loans and student loan refinancing. Its private loan is best for international students and existing Citizens Bank customers. To qualify for this loan, you must have a cosigner who is a citizen of Canada and priority will be given if the co-signer is a Citizens Bank customer. Borrowers with a Citizens Bank account when they apply get an additional 0.25% interest rate discount. There are various options of repayment and borrowers can borrow as little as $1,000 and as much as $500,000. Of all the lenders, Citizens seems to get the most complex process as its require borrowers parent to refinance first with you as a co-signer, then you can apply to refinance on your own.

9. EDvestinU Student Loan

Fixed APR: 3.91 – 6.28%

Variable APR: 1.86 – 4.23%

Repayment Options: 5, 10,15, or 20 years

Loan amounts: $7,500 to $200,000

This private student loans service offers international student loans as well as refinance loans in Canada. The student loan is a program from the non-profit New Hampshire Higher Education Loan Corp. Borrowers can borrow within $7,500 to $200,000, and they can pay across four different payment options. There is no need for a co-signer if the borrower has at least 700 credit scores. Co-signer is accepted instead of credit scores. You don’t need a degree to refinance student loans with EDvestinU, making the lender a good option for borrowers who didn’t finish school.

10. SoFi Student Loan

Fixed APR: 2.74 – 6.94%

Variable APR: 2.25 – 6.59%

Repayment Options: 5, 7, 10, 15, or 20 years.

Loan Amounts: $5,000 (minimum)

SoFi is among to provide loan service that offers international student loan and refinancing loan. Borrowers can borrow as little as $5,000 which can be paid across five different repayment options. Its rates are with the competitive range and the loan platform is best for those who want to refinance their student loans. It has no specific minimum income requirement and accepts borrowers whose highest education level is an associate degree. Also, there is no application or origination fee but there is a $5 late repayment fee.


International students who want to study abroad can apply for student loans if they are unable to fund their education. The amount of loan which you can apply for depends on your choice. While many of the platforms that offer student loans require co-signers, others just need you to have a good credit history. The Top 10 International Student Loans are only designed to sponsor your study expenses and must be used for the course. For more information, kindly drop a comment below.

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