Can I Use a Loan as Proof of Funds for my Study Permit Application?

Studying abroad can be very expensive. Many international students rely on funding from personal savings and investments, family & friends, employers, and scholarships. However, these are not the only source of funding available to international students. According to IRCC, proof of a student or educational loan from a financial institution can be used as proof of funds to apply for a study permit to study in Canada!

You would need a loan approval letter clearly stating the terms and conditions as well as the amount of the loan and the duration of the loan.

Not every company is open to granting loans to international students, so, here are 3 reputable financing companies that can assist you with financing your study in Canada dreams!

1. MPower Financing

• Supports only US & Canadian Institutions

• Can give you a loan of up to $100,000

• You need no cosigner, collateral, or credit history

2. Prodigy Finance

• You need no cosigner, collateral, or credit history

• Loans for both tuition and living expenses

• No hidden fees

• Interest rate varies

3. Ascent

• 2021 winner of the best international student loan with the lowest interest rates by Forbes Advisor

• Only US citizens or permanent residents will not need a co-signer

• You can start repayment up to 9 months after your course ends

• You can access up to $200,000 in loans depending on your credit history

• 1% cashback reward upon graduation

4. Regular bank: (financial institution)

Many local banks may offer personal loans to individuals planning to immigrate to Canada. Keep in mind that interest rates and loan terms may vary depending on the bank and your individual circumstances. It is essential to carefully consider the terms and conditions of any loan agreement before you apply.

This was the case with a family of 5 who secured a loan from a financial institution to achieve their Canadian dreams

Please note, that these companies do not grant loans to all schools and programs in Canada. Therefore visit their website to verify if your intended school and program are covered.

This is the story of our client, Mrs. Ify,

Who contacted us after her first Study Permit application was refused. She started with our Visa Refusal Management Services and our consultants submitted her re-application after addressing all of the officer's concerns. Mrs. Ify included a loan from MPower Financing as part of her Proof of Funds!

Her Study Permit was approved back in June! (yay for Mrs. Ify!)

Is studying in Canada your dream?

Start your journey with our Study In Canada Consultation! This consultation is an opportunity to discuss your Canadian study plan with an expert. Studying in Canada is a huge investment and you want to ensure that you are starting with a good foundation to ensure maximum return on your investment.