Education loan for studying in Canada
Canada adds something the other destinations do not: on several routes you must place money in a Guaranteed Investment Certificate before applying. That is cash held, separate from tuition, and it is the detail that most often surprises families budgeting a Canadian plan.
The GIC is a separate requirement
- It is money held and released to you in instalments, not money spent.
- It sits alongside the first year's tuition, which is usually also required up front.
- Several lenders will fund it as part of the loan — ask explicitly, because it is not assumed.
- It must be in place before the permit application, so it sits early in the timeline.
A loan sized to tuition and living costs but not to the GIC leaves a gap at exactly the moment the application must go in.
Sequencing
- Secure the letter of acceptance.
- Arrange the loan, confirming it covers the GIC and first-year fees.
- Place the GIC and pay the fees.
- Apply for the study permit.
Check /visa-guide/canada/financial-requirements for the current rules, including whether your route requires a GIC at all.
Lenders covering Canada
12 lenders from the twelve we list, with the rate each one publishes and how old it is on their own page.
For Canada — FAQs
2 questions
Several lenders will fund it. Ask explicitly when applying, because it is not included by default.
It is released back to you in instalments after you arrive. It is held rather than spent, but it is cash you must have up front.
Not sure which lender fits? A counsellor compares what you would actually be offered across all twelve — free, and with no application.
Sources
Checked against these sources on 1 October 2026.