As of November 3, 2026.
International students cannot get Canada Student Loans, so borrowing for a Canadian education means one of three routes: a Canadian bank line of credit with a co-signer who is a Canadian citizen or permanent resident, a no-co-signer international lender, or an education loan from a bank in your home country. As of November 3, 2026, MPOWER Financing says it has reached its funding capacity and cannot offer new loans for 2026, and Prodigy Finance is taking waitlist sign-ups for its Fall 2027 intake, so the lender names most older guides lead with are not open on demand this year.
This guide compares the lenders and co-signer rules published on each lender's own website, shows what the loans cost, and explains how a loan fits into the proof of funds IRCC requires for a study permit. A Guaranteed Investment Certificate (GIC) is covered too, but it is your own money, not a loan. If you are still choosing a school, our guides to affordable colleges for international students in Canada and tuition fees at Canadian universities help you size the cost before you borrow.
Are international students eligible for Canadian government student loans?
No. The National Student Loans Service Centre says that to qualify for a Canada Student Grant or Loan you must be a Canadian citizen, a permanent resident of Canada or designated as a protected person, and a permanent resident of a province or territory that issues them. A study permit holder is none of these, so Canada Student Loans, Canada Student Grants and provincial student aid are closed to international students. See the NSLSC eligibility rules and the federal student aid page.
You become eligible for government student aid only after you obtain permanent resident status, which for many graduates comes through Express Entry or a Provincial Nominee Program. Until then, funding comes from the sources below.
International student loan options compared (co-signer rules)
The table lists what each lender's own site says as of November 3, 2026. Rates and limits change, and approval is always subject to credit assessment, so confirm with the lender before you plan around any line.
| Lender | Co-signer needed? | Who can borrow | What the lender publishes |
|---|
| RBC Student Line of Credit | Yes, in most cases. For an international student in Canada the co-applicant must be a Canadian citizen or permanent resident | International students with a Canadian co-signer; RBC says most also need a Canadian credit history | Approval depends on income, credit profile and overall financial situation |
| TD Student Line of Credit | Yes. TD says an international student may qualify with an eligible co-signer who is a TD customer and a Canadian citizen or permanent resident | International students with that co-signer | Book an appointment to confirm co-signer requirements |
| Scotiabank Student Line of Credit | Yes. A co-borrower who is a Canadian citizen or permanent resident | International students enrolled in a Canadian graduate program only | Graduate limits up to $100,000 for programs under 18 months; proof of enrollment required; the co-borrower is jointly liable |
| BMO Student Line of Credit | Co-signer (BMO's page says usually a parent) | BMO's student line of credit page lists Canadian citizens and permanent residents as eligible | Ask BMO whether an international student with a Canadian co-signer qualifies |
| MPOWER Financing | No co-signer or collateral | International students at its approved U.S. and Canadian schools (50+ schools); check the lender's site for eligible countries | US$2,001 to US$100,000, fixed rate from 9.99% (10.89% APR) with auto-pay, 10-year term. New 2026 loans paused: funding capacity reached, waitlist open |
| Prodigy Finance | No co-signer, collateral or Canadian credit history required | International master's students at supported schools | Canada example: 13.48% representative variable APR on US$40,000 over 180 months; 4.2% administration fee and US$500 processing fee. Waitlist for Fall 2027 |
| Home-country bank or education loan | Usually a local co-signer or collateral | Students and families in that country | Terms set by the home lender; IRCC accepts proof of a student or education loan from a bank |
Sources: RBC on student lines of credit, RBC international students page, TD Student Line of Credit FAQ, Scotiabank student line of credit, BMO student line of credit, MPOWER Financing, Prodigy Finance for Canada and Prodigy Finance home page. We list these lenders for comparison and do not endorse them.
CIBC publishes an Education Line of Credit, but its published terms do not clearly open it to international students, so ask CIBC directly. CIBC does run an International Student GIC program for proof of funds, covered below.
Which banks in Canada offer student loans to international students?
RBC, TD and Scotiabank each say an international student can qualify for a student line of credit if a Canadian citizen or permanent resident co-signs, and Scotiabank limits this to graduate programs. A line of credit is not a loan from the government. It is a revolving credit limit that you draw on for tuition and living costs, and the co-signer shares legal responsibility for the full debt. If you miss payments, the bank can collect from the co-signer.
Three practical points before you ask a relative to co-sign:
- The co-signer must be in Canada. All three banks name a Canadian citizen or permanent resident, and TD also asks that the co-signer be a TD customer.
- A co-signer is not a quick fix for a missing credit history. RBC says most international students need a Canadian credit history as well, and that approval depends on the co-signer's and your own income and credit.
- You usually apply in person or by appointment. TD and BMO direct applicants to book an appointment, and Scotiabank says the co-signer must give identification and proof of income.
If nobody in Canada can co-sign, the realistic options are a no-co-signer lender or a home-country loan.
What are the main sources of international student funding in Canada?
Most students combine several sources. Family funds, a home-country education loan, scholarships and a Canadian bank line of credit or international lender cover tuition, and a GIC or bank deposit covers living costs. IRCC lists these as acceptable proof of funds: proof you paid first-year tuition and housing, proof of a Canadian bank account in your name, a GIC from a participating Canadian financial institution, proof of a student or education loan from a bank, bank statements for the past 6 months, including the month you submitted your application or the month prior, a bank draft, or a letter from the person or institution giving you money. See IRCC's proof of financial support page, date modified August 28, 2026.
Canadian bank GIC programs
A GIC is your own money held at a participating Canadian financial institution and released to you in instalments after you arrive. It is not a loan. The IRCC page lists a GIC from a participating Canadian financial institution as one accepted proof of funds, but not a mandatory one. Banks that publish international student GIC programs include CIBC, which lets you apply online and transfer up to $50,000 CAD, RBC and Scotiabank through its StartRight program. Eligibility and the countries covered vary by bank, so check each program page.
The GIC does not pay your tuition. Tuition has to come from family funds, a loan or a scholarship.
Home-country education loans
Home-country banks lend in local currency and usually want a co-signer with strong local credit or collateral. Rates, limits and the schools they recognise are set by each lender and country, so we have not listed percentages that cannot be verified on a lender's site. Ask your home bank whether the loan is paid to the Canadian school directly and what letter it will issue, because IRCC wants proof of the loan from the bank.
A loan in your home currency carries exchange-rate risk. If your currency weakens against the Canadian dollar, the loan costs more in CAD terms over its life, so check how the repayment schedule handles that.
International lenders with no co-signer
MPOWER Financing and Prodigy Finance lend to international students without a co-signer or collateral. Both lenders limit loans to approved schools, so confirm your school and country on their eligibility tools before you apply. If you live in a country under sanctions, check the lender's eligible-country list first, because a lender that does not serve your country cannot help regardless of the school.
MPOWER's terms for all borrowers: fixed rate that never changes, 10-year repayment, interest-only payments while in school and for six months after graduation (capped at 30 months from disbursement), no prepayment penalty. Prodigy's terms: variable rate, tuition paid straight to your school, living costs paid to you in instalments.
How much funding do you need?
You have to prove you can pay first-year tuition, living costs and transportation without working in Canada. For applications on or after September 1, 2026, IRCC's living-cost figure outside Quebec is:
| People (including applicant) | Living costs per year (CAD) |
|---|
| 1 | $23,448 |
| 2 | $29,192 |
| 3 | $35,888 |
| 4 | $43,572 |
| 5 | $49,419 |
| 6 | $55,736 |
| 7 | $62,054 |
Each additional family member beyond 7 adds $6,318. These amounts exclude tuition and transportation. For applications from January 1, 2025 to August 31, 2026, the single-applicant figure was $22,895. Source: IRCC proof of financial support, date modified August 28, 2026.
Tuition is the larger number. Statistics Canada's 2026/2027 averages, released on September 16, 2026 from table 37-10-0045-01, are $42,062 a year for international undergraduates (Ontario $50,088) and $24,693 for international graduate students. See The Daily release and our university tuition guide for the average in your program. Add the IRCC living-cost figure, transportation, health insurance, books and housing deposits to get your real first-year number.
A post-graduate diploma at a Canadian college often costs less than a full degree while still leading to a Post-Graduation Work Permit (PGWP), which can shrink the amount you need to borrow. College programs need an eligible field of study for a PGWP, so check the program's CIP code first with our PGWP-eligible colleges guide.
What changed with the Student Direct Stream and the GIC?
The Student Direct Stream no longer exists. IRCC ended it, and the Nigeria Student Express, on November 8, 2024, per its official notice. Every study permit application now goes through the regular stream, which accepts a GIC as one form of proof of funds. A guide that tells you to buy a GIC to qualify for SDS is out of date. The GIC is still a clean way to show living-cost funds, but IRCC does not require it.
What does an international student loan really cost?
The sticker rate hides fees and the interest-only years. These illustrations use the lenders' own published terms. The payment figures are our own amortization arithmetic, not a lender quote, and they ignore fees and the interest-only period, so a real schedule will differ.
| Example | Rate | Term | Monthly payment | Total interest |
|---|
| US$40,000, MPOWER advertised rate | 9.99% fixed | 10 years | About US$528 | About US$23,400 |
| US$20,000 over-borrow, MPOWER rate | 9.99% fixed | 10 years | About US$264 | About US$11,700 |
Prodigy's Canada page states a representative APR of 13.48% (variable) on a US$40,000 loan over 180 months, a US$1,680 administration fee (4.2%) added to the loan on disbursement, and a US$500 processing fee payable before the loan is advanced. The APR includes the fees and the variable rate, which is why you compare APR, not headline rate. Rates and fees change, so run your own numbers on each lender's calculator.
What the numbers mean in practice:
- Borrow only the tuition gap. An extra US$20,000 at 9.99% for 10 years adds about US$11,700 in interest.
- Pay interest during studies if you can. MPOWER's in-school payments are interest-only, so the balance does not fall until repayment starts.
- Ask about refinancing after you work in Canada. Refinancing a high-rate loan after you have Canadian credit and income can lower the cost, but approval and rates are not guaranteed.
- Become a permanent resident as soon as you are eligible. PR opens Canada Student Loans and ordinary Canadian bank lending for any future studies.
Can you work while studying to cover living costs?
Yes, within limits. IRCC's off-campus work page, date modified April 15, 2026, says you can work up to 24 hours per week during regular school terms or semesters, and you can hold more than one job as long as you meet your study permit conditions. Our post on off-campus work hours covers the conditions. IRCC wants you to prove you can pay without working, so do not count future wages as proof of funds.
When should you involve an RCIC in your student funding plan?
Most students arrange financing with their school's international office and a lender. A Regulated Canadian Immigration Consultant (RCIC) is worth involving if your funding includes informal family loans that need careful documentation, you were refused once for insufficient proof of funds, you are from a sanctions-affected country and need help with banking compliance, or you are weighing college against university based on funding. An RCIC can also confirm your documents meet IRCC's current standard before you submit.
Start your free study assessment to map out the right funding pathway before you commit to a school. If a past refusal was about funds, read our guide on what to do after a study permit refusal.
Which tools help international students calculate their funding needs?
- Cost of Living Calculator: see what living expenses actually run in 8 Canadian cities so you can size the funding gap accurately
- Document Checklist: generate the financial documentation checklist for a standard study permit
- Visa Refusal Analyzer: if a previous study permit was refused on funds grounds, analyze the refusal letter before reapplying
What are the most common questions about international student loans in Canada?
Can international students get loans to study in Canada?
Not from the Canadian government. Canada Student Loans and provincial student aid are limited to citizens, permanent residents and protected persons. International students borrow through a Canadian bank line of credit with a Canadian citizen or permanent resident co-signer, a no-co-signer international lender, or a home-country bank.
Do you need a co-signer for an international student loan in Canada?
For RBC, TD and Scotiabank student lines of credit, yes: the co-signer must be a Canadian citizen or permanent resident. MPOWER Financing and Prodigy Finance do not require a co-signer or collateral, but each limits loans to approved schools and eligible countries.
Is MPOWER Financing available for Canadian schools?
MPOWER lends at its approved U.S. and Canadian schools (50+ schools), but on November 3, 2026 its site says it has reached its funding capacity and cannot offer new loans for 2026. It has a waitlist. Its rate is fixed from 9.99% (10.89% APR) with auto-pay, and loans run from US$2,001 to US$100,000.
Is Prodigy Finance available for Canadian programs?
Yes, for master's students at supported schools. It says no co-signer, collateral or Canadian credit history is required. Its Canada page shows a 13.48% representative variable APR on US$40,000 over 180 months, and it has a waitlist for the Fall 2027 intake.
Is the Student Direct Stream still available?
No. IRCC ended it on November 8, 2024.
What is the living-cost figure for a Canadian study permit?
$23,448 CAD for a single applicant outside Quebec who applies on or after September 1, 2026, plus tuition and transportation. Higher amounts apply to accompanying family members.
Can I use an education loan as proof of funds?
Yes. IRCC lists proof of a student or education loan from a bank among the documents it accepts, alongside a GIC, bank statements and a letter from the person giving you money. You still need to show funds for first-year tuition, living costs and travel, and explain how you will pay for the full program if it is longer than a year.
Can I get a Canadian government student loan as an international student?
No, not until you become a permanent resident.
Sources
Written by Rami Mamar, RCIC-IRB (License #R515110). Lender terms and IRCC figures were checked against each source on November 3, 2026. This article is general information, not legal advice. For a funding and study-permit plan tailored to your country and program, book a consultation with a licensed RCIC.
Disclaimer
This article is for informational purposes only and does not constitute immigration or legal advice. Immigration laws and policies change frequently. Each case is unique and outcomes depend on individual circumstances. Consult a Regulated Canadian Immigration Consultant (RCIC) before making immigration decisions.
