While studying in Canada as an international student, financial support can be very challenging especially if the student did not plan properly to take care of living expenses and tuition costs. It is safe to say however, that this is not peculiar to students studying in Canada, it applies to all students studying outside their home countries. One of the reasons why international students loan program is not popular is because many Banks and other lending institutions worry about the student loan repayment strategy.
In Canada, students loans are available to only Canadian students and permanent residents of Canada. There are several ways that international students can pay for their tuition and living expenses.One obvious means is to secure a scholarship before coming to Canada or apply for scholarship while studying in Canada.
However, International students can obtain student loans through a student loan institutions. One of such institution is Paras Education Foundation. Paras Education offers interest rate between 7-9%. It is important that the student review the loan payment options or at least use a student loan repayment calculator to estimate the loan repayment process. Students can Click here to apply through Paras Education Foundation
Another organization that offers student loan to international students is the International Education Finance Corporation (IEFC) . According to the organization, they provide education loan programs for international students studying abroad. They also offer student loans to Canadian Citizens studying abroad. According to them, students can borrow up to $45,000 US per academic year. It is important to note that Student loan repayment starts exactly 6 months after graduation and have up to 25 years to repay the loan.
For more information and to apply online visit www.iefc.com or call 1-888-296-4332.