Many international students planning to study in Canada will be looking for financial help to meet their educational costs. For a limited number of students, some financial help is available as a grant or scholarship which does not have to be repaid. These popular options may meet only a part of the total study costs, and most students will need a loan to cover some, or all, of the remaining costs.
Most international students who wish to apply for a loan will also need a co-signer. This is a responsible person with a good credit record who, together with the student applicant, is prepared to guarantee that the loan will be repaid on time. A co-signer is necessary because loan providers feel most students will not have enough evidence to establish their own personal credit record.
Different loan providers have different rules about co-signers. Sometimes a co-signer can be a resident of your home country – perhaps a family member. For some loans, graduates may borrow most, or even all, of their education costs without the need to have a co-signer guarantee the loan. Read the whole article.
This article was originally published on The Student World.