For international students, earning a degree in countries like the UK, the US, or Canada is a major milestone. An international education not only opens the door to high-quality education, but also global career opportunities and life-changing experiences. However, one significant challenge can stand in the way: how to fund your education. Education costs are rising across the globe and many international students have stated that affordability is their top concern. While you might work part-time during your courses, this may not provide enough income to offset your expenses.
Other options, like loans or financing, can also be difficult to obtain. Banks often require collateral, extensive proof of income, or a co-signer with a strong credit history. For students who don’t own or have access to property, or who have limited financial paperwork, this can be a dead end, even if they’ve been accepted into top-ranked institutions.
At ApplyBoard, we believe that quality education should be accessible for every student. That’s why we’re working with six global banking partners to offer student loan solutions specifically for international students who need help funding their education, but who don’t meet the strict requirements of traditional lenders.
Before you begin your studies abroad, create a detailed budget so that you can ensure you have enough to cover your expenses. Use our cost of living guides for Canada, the UK, and the US to help build your budget.
Why Traditional Loans Are Out of Reach for Many International Students
Securing a loan through a bank can be a complicated process, especially if you’re an international student. Financial institutions typically ask for assets like land or a home to be pledged as collateral. They may also request bank statements and proof of income from your parents or guardians.
The problem is that many students—especially those who are the first in their families to study abroad—don’t have access to those kinds of resources. Even if you’re academically qualified to study abroad, failing to provide financial documentation that meets a bank’s standards can be a substantial barrier.
On top of that, many destination countries have increased their proof of funds requirements in recent years to keep up with a rising cost of living. Demonstrating the financial ability to support yourself during your studies is crucial for student visa acceptance. Collecting and submitting this financial paperwork can prolong your visa application, which often comes with strict deadlines. It’s a lot to manage during what should be an exciting time in your life.
Canada’s minimal financial requirement is scheduled to increase to C$22,895 on September 1, 2025. Likewise, the UK’s proof of funds requirements increased to £1,136 (£1,483 in London) for international students on January 2, 2025.
ApplyBoard’s Flexible Loan Solutions
ApplyBoard Student Loans take a different approach. We evaluate you based on your academic strength, your program of study, and your offer of admission. We know your acceptance into a college or university is proof of your potential and a strong signal of your future success.
Instead of asking for property or proof of income, we look at your educational journey. This makes our loans more accessible to students who are trying to build a new path for themselves, even if they don’t have the financial history which bank loans usually require.
What Makes ApplyBoard’s Student Loans Different?
ApplyBoard Student Loans are designed to make financial readiness easier for international students:
No Collateral Required
You don’t need to own a home or land to qualify. Apply for funding based solely on your acceptance letter and academic background. This makes loans more accessible to students from families that may not have high-value property or extensive savings.
Quick Funding Decisions
Applying for a bank loan can take months. With ApplyBoard Student Loans, eligible students can receive a funding decision in a few weeks. This gives you more time to focus on your studies, visa preparation, and travel plans.
For More Than Just Tuition
Our loans are built to cover the full cost of studying abroad. This includes tuition fees, living expenses, flights, housing, and even study materials. With fewer out-of-pocket costs, you can plan your studies without worrying about how you’ll cover daily expenses after your arrival.
Grace Period for Repayment
We understand that it takes time to settle into a career after graduation. That’s why we offer loans without an Equated Monthly Installment (EMI) period. You’ll have up to two and a half years to get your finances in order before you need to start making repayments. This can give you time and space to focus on job hunting and adjusting to life after your studies without immediate financial pressure.
Fair Interest Rates and Repayment Terms
Our loans have competitive interest rates which start at 6%. Plus, you can repay your loan on a standard or accelerated schedule: you can pay your loan off early without penalty, helping you stay in control of your finances.
Who Is a Good Fit for an ApplyBoard Student Loan?
Our student loans are especially helpful for students who:
- Have been accepted to a university or college in the UK, US, or Canada
- Can’t access traditional loans due to lack of collateral or proof of income
- Have limited banking history
- Need to meet short timelines to arrange their visa and pre-study arrival
- Are aiming for competitive programs in countries where living and course fees are high
ApplyBoard Student Loans are built to give more students the ability to pursue their education goals, even if they can’t meet the traditional requirements set by banks.
Looking for other options to help finance your studies? You can also find up-to-date scholarship information directly on the ApplyBoard platform!
How To Apply
Apply for an ApplyBoard student loan by following five simple steps:
- Fill out our registration form: Share your contact details, where you plan to study, and what program you intend to enrol in.
- Check your eligibility: Using the ApplyBoard platform, check your eligibility for your intended course of study to ensure you’ll have a high chance of acceptance.
- Apply for your study program: Submit your application to your chosen institution, based on the program and intake period you want.
- Get your loan sanction letter: Once you’re accepted by the institution, we’ll provide you with a loan sanction letter you can include with your student visa application.
- Start your journey: Submit your student visa application and get ready to start your international education!
If you’re working with a study abroad counsellor to support your application, they’ll be able to assist you through this process.
To learn more, visit our Student Loans page. Or, if you’re ready to take your first step toward funding your studies, apply now.
We know that deciding to study in another country is a serious commitment, and making it work financially is often one of the hardest parts to figure out. By creating accessible loan options, we hope to remove one of the largest barriers to international education.
If you’ve already received your offer of admission and are wondering how to pay for your studies, consider ApplyBoard Student Loans. We want you to focus on your future—not your financial limits.
Ready to start your study abroad journey? Use our free ApplyBoard platform today to find a program that matches your educational goals!
