Student Loans in Canada 2025 Pursuing higher education in Canada is a dream for many, but the rising cost of tuition, living expenses, and other student-related costs can make it financially challenging. Thankfully, Canada offers a range of student loan options for both domestic and international students to help cover these costs.
If you’re planning to study in Canada in 2025, this comprehensive guide will walk you through how to apply for a student loan, what options are available, eligibility criteria, repayment details, and more.
1. Types of Student Loans in Canada
There are two main types of student loans available in Canada:
✅ Federal Student Loans (Government of Canada)
The Canada Student Loans Program (CSLP) offers loans to eligible full-time and part-time students through the National Student Loans Service Centre (NSLSC).
- Who can apply: Canadian citizens, permanent residents, and protected persons.
- Key feature: Interest-free while you’re in school full-time.
- Application: Apply through your province or territory’s student financial aid office.
✅ Provincial or Territorial Student Loans
In addition to the federal loan, each province and territory in Canada offers its own student loan and grant programs.
For example:
- Ontario: OSAP (Ontario Student Assistance Program)
- British Columbia: StudentAid BC
- Alberta: Alberta Student Aid
💡 Most provinces allow you to apply for both federal and provincial loans through a single application portal.
Student Loans in Canada 2025 Can International Students Get Loans in Canada?
Yes, some Canadian banks and private lenders offer student loans to international students, but you’ll typically need:
- A co-signer who is a Canadian citizen or permanent resident
- Proof of admission to a designated learning institution (DLI)
- Valid study permit and identification
- Bank statements or financial documentation
Banks offering student loans for international students include:
- RBC Royal Bank
- Scotiabank
- CIBC
- BMO
- ICICI Bank Canada
⚠️ Note: Government student loans are generally not available to international students.
3. How to Apply for a Student Loan in Canada
Here’s a step-by-step guide for applying for a student loan in Canada in 2025:
Step 1: Choose Your School & Program
Make sure your school is a Designated Learning Institution (DLI), which is required for government aid.
Step 2: Apply for Financial Aid in Your Province
Visit your province’s official student aid website. For example:
- Ontario: osap.gov.on.ca
- British Columbia: studentaidbc.ca
- Alberta: studentaid.alberta.ca
Complete the application with:
- Personal information
- Income & tax details
- Proof of enrollment
Step 3: Wait for Approval
Once submitted, your application will be reviewed. You’ll receive a Notice of Assessment that shows how much aid you qualify for.
Step 4: Sign Your Loan Agreement
You’ll be asked to sign a Master Student Financial Assistance Agreement (MSFAA). This is a legal document outlining your loan terms.
Step 5: Receive Funds
Funds are deposited directly into your bank account or sent to your school to cover tuition.
4. How Much Can You Borrow?
Loan amounts depend on your province, financial need, tuition, living expenses, and dependents (if any). On average:
- Full-time students: Up to CAD $350–$500 per week of study.
- Part-time students: Up to CAD $10,000 in total (in most provinces).
💸 Grants (non-repayable aid) may also be included depending on your financial situation.
5. Loan Repayment in Canada
Repayment typically starts 6 months after you finish school or drop below full-time status.
Key Points:
- No interest accrues while in full-time school (for federal loans).
- You can make early payments without penalty.
- Repayment can be done online via your NSLSC account.
Repayment Assistance:
If you’re struggling, you can apply for Repayment Assistance Plans (RAP) that reduce or pause your payments based on income.
🧾 6. Tips to Get Approved for a Student Loan in Canada
- Apply early (3–4 months before your term starts)
- Ensure your documents are accurate and up-to-date
- Choose an eligible institution
- Don’t overestimate expenses or underestimate income
- For international students, find a creditworthy co-signer
💡 7. Alternatives to Student Loans
Loans aren’t the only way to fund your education. Consider:
- Scholarships & bursaries: Based on merit or need
- Work-study programs: Part-time jobs on or off campus
- Grants: Often non-repayable, offered by government or private orgs
- RESP (Registered Education Savings Plan): For Canadian residents
Final Thoughts
Getting a student loan in Canada in 2025 is more accessible than ever — especially with the government enhancing support for students. Whether you’re a domestic student applying through your province or an international student seeking private funding, there’s a path for you.
Make sure to plan ahead, explore all your funding options, and apply early to avoid any last-minute stress. Education is an investment, and the right financial support can make your dream of studying in Canada a reality.
🔎 FAQs
Q1: Can I apply for a loan after starting my studies?
A: It’s best to apply before classes begin, but some provinces allow mid-year applications.
Q2: Is credit score required for a student loan in Canada?
A: Not for government loans, but private loans may consider credit or require a co-signer.
Q3: Do student loans affect my PR application later?
A: No, having a student loan doesn’t negatively affect your Canadian permanent residency application.