Student Loans for Canadian Citizens in the US
Canadian citizens can earn a top education while studying in the US without having to obtain an F1 visa. However, studying inside the United States can pose a financial challenge for many international students. Explore your options as a Canadian citizen looking for funds to study in the United States.
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Start with ScholarshipsScholarships provide eligible students with funds that they don't have to repay; given the nature of scholarships, it's a great place to start when looking for financial aid to study in the US. There are two categories of scholarships that we recommend you explore:
Fill the Gap with Student Loans
Unfortunately, Canadian citizens are not eligible for loans through the US government. Students that still need financial assistance after all personal funds and scholarships have been obtained, can turn to a private student loan for help. However, not all lenders will work with international students, and lenders do not work with every US college and university.
It's important to research the loan and lender under consideration as not all student loans are the same. Here are a few important items to get answers on when comparing loans:
|APR||APR is short for annual percentage rate. An annual percentage rate is the yearly amount charged on loans to the borrower and includes the interest rate along with other fees. This amount will vary from one loan to the next.|
|Repayment Period||This indicates when you need to begin the repayment of your loan. A few items to take into consideration around the repayment period include if you will start repaying a portion or the full amount of your loan while still in school, if there are deferment options, and what penalties will be in place if you miss a payment.|
|Interest Rate||A loan interest rate is a percentage that is charged on loans to the borrower. Interest rates can be variable or fixed. A variable interest rate will fluctuate based on the market; a fixed interest rate will stay the same.|
|Cosigner Requirements||Many international student loans will require that a borrower has a cosigner. Cosigners will need to meet specific eligibility requirements to join the loan application. If you do not have a cosigner you will want to use our loan search tool to see if there are no cosigner loans available to you.|
Finding out which lenders will work for you as a Canadian citizen in the US can take hours of research, which is why we've created a loan search tool for students. To get started, visit the tool above, enter your basic information, and compare loans in seconds.