Today one of the biggest challenges that international students have to deal with while pursuing a degree in university of Canada is the arrangement for funds for paying the tuition fee. It is very costly to study abroad and there is no doubt that it is costlier than studying in the home country. Due to this many international students can not afford the Cost of studying in Canada.
If you are also among those students who are wishing to pursue their higher education in the Universities of Canada then you can have the opportunity to take an educational loan and repay it with interest later on. Today in this article we have presented you with complete information about the top source for Education Loan in Canada.
What is the process for Applying for an Education Loan?
The process for the application of student loan is a lengthy process. Just after you get the acceptance letter from the University you have applied to study then it is very important for you to start applying for the Study Loans for study in Canada. An application of Student Loan is a very complex and tedious process as it should be approached carefully. You will get the idea of expenses required for both living and studying in Canada Once you are accepted at a University.
How Can You Get an Education Loan to Study in Canada?
Those International Students who are looking forward to studying in Canada but unable to afford the expenses of education with the help of an education loan must start their process at least 6-7 months before their study begins in Canada. In this article we have listed the steps for applying for a student loan which are as follows:
- You have to do a fine research about the banks which are providing international education loans for Canada, it’s eligibility and document requirements.
- You have to calculate the total funds required for studying in Canada.
- For loan application you need to get an acceptance letter from the admission office of the respective university in Canada.
- It becomes very important for you to compare the different loan options provided by the different banks and loan providers for studying in Canada and select the one which suits your needs and you are comfortable with.
- You need to fill the loan application form once you select the bank and finalise the loan amount required for your study.
- You are required to submit the documents such as identification proof, letter of admission security and collateral documents, etc
- Once the loan provider grants the permission for your education loan to study in Canada, it will issue a loan document which needs to be signed by you.
- The bank or the education loan provider will disburse the amount to you as agreed just after signing the document.
Factors that you need to consider for education loan to study in Canada
Before you apply for a student loan to study in the Universities of Canada, it is very important for you to have a clear picture of how much funds you will need and how much you are going to manage on your own without the help of an education loan. Other important factors are:
- It is very important to decide on the university and course you want to study in Canada.
- After deciding the University and Course calculate the total amount you will require to study in Canada.
- After all your calculations Make a list of all the documents required while applying and collect them accordingly to submit during the study loan application.
- After application make sure that you need to be ready with the collateral or guarantor.
- After doing that it is very important for you to apply for the Study loan for study in Canada three months before applying for a student visa for study in Canada.
- Estimate the time of fund disbursement which will be done by the bank.
Eligibility criteria to apply for a Study loan in Canada
There are some basic eligibility criteria to apply for a Education Loan for study in Canada. You are required to consider these factors before applying for a study loan in Canada which are mentioned as below:
- Being a student you must have applied and been accepted in a recognised institution of Canada for a full-time program.
- Being an applicant you must be 18 years old. If you are younger than 18 then your parents will have to apply for the study loan in Canada.
- The bank will only provide you the student loan if you have a fantastic academic record.
- In Canada you are required to be admitted into any of the job-oriented study programs in Canada.
Calculate the amount of fund required to study in Canada
After completing all the above steps now you have to estimate the fund requirements for your studies in Canada. Below are some of the expenses which are included in different types of Study Loans for Canada:
- Tuition Fees – It is the academic fee for each academic period in the universities of Canada which are required for your studies.
- Accommodation / Hostel Fees – This expense includes both on-campus or off-campus living expenses. such as: Rent expense, price of Regular meals, etc.
- Travel Expenses – This expense covers the cost of airfare, parking permit, monthly bus/train pass etc
- Cost of Study Materials – This expense covers the purchasing of books, stationery and laptop/computer.
Top Universities of Canada
- University of Toronto
- McGill University
- University of British Columbia
- University of Montreal
- University of Alberta
- McMaster University
- University of Waterloo
- Western University
- Queen’s University at Kingston
- University of Calgary
The list of Canadian colleges does not end here, instead there are many different best universities in the country for your higher study in Canada. Therefore, you get plenty of options for the best universities in Canada where you can pursue your further studies.
For this type of study loan you are not required to have a cosigner, collateral, or credit history. Study loan for study in Canada offers you a fixed interest rate from $2,005 to $40,000. Any international student from over 190 countries can easily apply for an education loan.
All over, a study loan for study in Canada proves to