One of the most critical challenges of studying abroad is financing the education. Getting a Canadian student loan that covers the expenses of living and studying abroad can be overwhelming. This is where Passage comes in to help.

Generally, the maximum amount you can receive depends on your loan provider. For international students looking to study in Canada with a private student loan, the typical maximum amount is equal to the full cost of tuition and living expenses. 

Many factors can affect the loan limits, including the school you are studying at, your program, whether you are a full-time or part-time student, and whether you are applying with a co-signor.

Passage provides student loans to international students, helping to make studying abroad in Canada a simple process. Passage's maximum student loan amount is CAD $65,000 for tuition and living expenses. 

If you're interested in estimating your loan to study abroad in Canada, use our loan calculator! This tool gives you a quick overview of how much financial assistance you can receive to start your educational program.

Student loans - a commonly used financing option

Student loans are a specific type of financial assistance used to finance higher education expenses such as tuition fees, books, living expenses, and other educational resources. These loans can be facilitated through a private lender or the federal government in the country of study.

You must be a Canadian permanent resident or citizen to apply for Canadian federal student aid or Canada student grants. Foreign students cannot apply for a student loan through the Canadian government - instead, they should apply for private loans to cover their educational costs.

Passage helps international students find educational programs and provides student loans to study in Canada. Through Passage, international students can acsess affordable, low-interest loans with no early repayment penalties. Check your eligibility here to understand the full amount of a Canada student loan you are eligible for.

Annual loan limits for students

An annual loan limit refers to the maximum amount of money a student can borrow for a single academic year. Annual loan limits exist to prevent students from borrowing more money than they need. Student loans cover tuition, books, and living expenses for a specific period of time. Any expenses outside of that are not intended to be covered by the student loan.

Although at Passage, financing up to C$65,000 for tuition and living expenses, your annual loan limit may be lower than this, depending on your eligibility.

Factors that affect student loan eligibility

Full-time students vs. Part-time enrollment

Whether you are enrolled full-time or part-time at your university or college can affect the maximum amount of the student loan you are eligible for. To be considered a full-time student, you must be enrolled in at least 60% of a full course load (40% if you have any permanent disabilities). Part-time students are those enrolled in 20%-59% of a full course load (20%-39% if you have any permanent disabilities).

For part-time students, because their tuition fees will be lower, their maximum student loan amount is also typically lower.

Passage offers full-time education opportunities to international students looking to study in Canada. To understand the exact cost of a loan to study at a full-time higher education program, use our loan estimation tool.

Average tuition fees for full-time international students in Canada:

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Here’s a detailed breakdown of part-time post-secondary education costs in Canada for international students at different colleges:

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Educational Program

Your study period will also affect the size of the loan you are eligible for. Longer post-secondary education programs and doctoral studies may require higher tuition fees and thus larger financial aid. Shorter college certificates often have smaller tuition fees, and foreign students would need a smaller student loan to study there.

Financial need

The financial need of the individual student will greatly affect the total amount of the loan necessary to study abroad. A typical student loans program will ask first how much the student is able to contribute as a down payment. A larger down payment will reduce the amount of loan needed. Having a co-signor can also affect the loan balance, as well as information found on bank statements.

In the case of Passage, a cash collateral payment is required. Each month a portion of the cash collateral is used to reduce the monthly payment that student needs to make to pay back the loan.

Here is an example of Information Systems Business Analysis program at George Brown College:

Eligibility - Who qualifies for student loans?

For student loans from the government of Canada, you must be a Canadian resident or citizen to be eligible. For student loans through a private lender, there are a variety of eligibility requirements:

• Enrollment in an eligible post-secondary program
• Must meet visa or study permit requirements
• Eligible credit score
• Positive income history
• Government-issued ID
• Co-signer (dependent on lender)
• Educational transcripts (dependent on lender)

FAQs

What is the lifetime limit on student loans?

Lifetime limits on student loans are set by the lender and are based on your creditworthiness, school tuition fees, and total borrowing history. Your lifetime limit is also dependent on the educational program you choose. You can talk with our team once you're approved for a loan to understand your funding cap.

What is the loan repayment like for student loans?

With Passage, you won't be hit by early repayment penalties. Repayment terms are shown once you've determined your loan eligibility.

Does my family income affect my student loan amount?

Family income can influence your student loan amount. The amount of money you can demonstrate access to on bank statements, as well as the money you put down as an initial deposit, will affect the amount of student loan you qualify for.

‍Are there any interest-free student loans?

Finding an interest-free student loan is very difficult. At Passage, we offer a fixed interest rate of 11.95%.

‍What are the best areas to study in Canada as a foreign student?

If you’re thinking about studying in Canada, it’s worth focusing on programs that open doors to work after graduation. Some of the best areas to study right now are in skilled trades, healthcare, and STEM (science, technology, engineering, and math). These industries are in high demand across Canada and offer strong career opportunities for international students who want to stay and work after finishing school.