Borrowing for education costs
Student personal loans in Canada: compare your options first
First, explore government grants and student loans before you consider a private personal loan. GoodLoan may consider eligible students who have verifiable income, enough time left on their permit and the ability to manage regular payments.
Government student aid versus a personal loan
Government grants
Grants usually do not require repayment if you continue to follow the program rules.
Government student loans
These loans may offer repayment help. They may also provide protections that regular personal loans do not offer.
Personal installment loans
Payments usually start based on your agreement. In addition, the interest rate, APR and term affect your total borrowing cost.
Therefore, review federal and provincial aid first. Also, consider school payment plans, scholarships, bursaries, work income and family support before using higher-cost private credit.
Eligible education-related uses
For example, you may request a student personal loan for an eligible tuition gap, textbooks, required technology, transportation, moving costs or necessary living expenses. However, GoodLoan must first complete its review and approve the purpose under the loan agreement. A personal loan should also fit within a practical education budget.
Who may be eligible?
- Canadian citizens and permanent residents who meet the requirements
- Qualifying open work permit holders
- Qualifying study permit holders with enough time left on their permits
- Applicants with verifiable income and an active Canadian bank account
- Residents of a province where GoodLoan offers the product
- Applicants who pass identity, affordability and underwriting reviews
However, student enrolment alone does not make someone eligible. GoodLoan also reviews income and other details to decide whether an applicant can manage the payments.
Documents students may need
GoodLoan may ask for government ID, proof of address and a study or work permit. In addition, applicants may need to provide enrolment details, recent paystubs, bank statements and other proof of income. For example, GoodLoan may ask for more information when income changes each semester or employment is temporary.
Understand the cost before borrowing
Private personal-loan interest may start right away. Also, you may need to make regular payments while you remain in school. Therefore, review the interest rate, APR, payment schedule, number of payments, total borrowing cost and total repayment before signing.
Student borrowing questions
Can an international student apply?
Yes, a qualifying study permit holder may apply. However, GoodLoan will review the applicant’s permit validity, income, affordability and identity before making a decision.
Do I need employment income?
Generally, GoodLoan requires enough verifiable income to support the proposed payments. Therefore, enrolment by itself does not count as income.
Will approval affect government student aid?
Rules differ by program and personal situation. Therefore, ask the correct student-aid office how other loans or resources may affect your eligibility.
Are student personal loans interest-free?
No. Instead, review your GoodLoan offer for the interest rate, APR and total borrowing cost that apply to your loan.
Start with lower-cost student resources
First, review government assistance and school-based options. Then, decide whether a private personal loan fits your needs and budget.
GoodLoan reviews eligibility, identity, affordability, underwriting and provincial availability. GoodLoan does not guarantee approval or funding. Your agreement and cost-of-borrowing disclosure show the final terms.