How to get a student loan in Canada as an international student from Botswana

Canada wants your tuition, but not necessarily your financial problems

International students pump billions into their education system every year, yet when it comes to financial aid, you’re often left standing outside the door. In 2024, the average tuition fee for international undergraduate students in Canada is approximately CAD 40,115 per year, with some programs reaching up to CAD 63,000 annually. 

Add to that the cost of living, which Immigration, Refugees and Citizenship Canada (IRCC) estimates at a minimum of CAD 20,635 per year for a single student. This brings the total annual expense to over CAD 60,000, a significant sum for many families in Botswana.

The system isn’t built for you and that’s not an exaggeration because while universities love to market their “inclusive” campuses, the process of funding your degree as an international student is anything but inclusive. You’ll need to make peace with the fact that you’re paying significantly more than your Canadian classmates with fewer financial safety nets.

But this isn’t a hopeless story. It’s just a real one. Because despite all the gatekeeping, there are options if you know where to look. In this comprehensive guide, we’ll explore these options in detail, providing you with the information needed to make informed decisions and bring your Canadian education aspirations to fruition.

Also read: Starting lending in Canada? Here’s how to get licensed

What’s really available for Botswana students in Canada?

It is important  to understand what’s available for Botswanan students seeking loans in Canada. Not all loans are the same, and knowing your choices can prevent future stress and save you money. Here’s an overview of what’s offered.

Federal and provincial student loans

Canada’s federal student loan program is not available to international students. It is designed strictly for Canadian citizens and permanent residents. This means that if you’re coming from Botswana, you’re not eligible for financial aid from the Canadian government. There are a few exceptions, such as students who are considered “protected persons” (like refugees), but these are rare and do not apply to the  majority of international students. 

Similarly, provincial student loan programs, such as those offered by Ontario or British Columbia, primarily cater to residents of those provinces. While some provinces and institutions might offer limited bursaries or grants for international students, these are usually small, merit-based, and highly competitive. For most international students, including Botswana, government-funded loan support simply isn’t an option.

Canadian banks

Several major banks in Canada offer student loans or lines of credit to international students, but with one major condition you’ll almost always need a Canadian co-signer. The Royal Bank of Canada (RBC), for instance, offers loans of up to CAD 80,000 with flexible repayment options, but a Canadian co-signer with good credit is typically required. Scotiabank provides student loans that can cover up to 100% of your education expenses, including tuition, books, and living costs, with repayment terms of up to 15 years, but again, a co-signer is often needed. 

For students from Botswana who do not have relatives or trusted connections living in Canada with strong financial profiles, this requirement can be a significant barrier.

Specialized lenders

Fortunately, there are private lenders specifically designed to support international students without the need for a Canadian co-signer. Mpower financing is one of the most accessible options, offering up to USD 100,000 (approximately CAD 135,000) to eligible international students in Canada and the U.S. MPOWER doesn’t require a co-signer, collateral, or Canadian credit history. Instead, they assess your academic background and future earning potential. They also provide added services like visa support, financial literacy resources, and career guidance. 

Similarly, Prodigy finance offers loans without requiring a co-signer, with a focus on graduate programs in fields such as business, engineering, and public policy. Their lending decisions are also based on future income rather than credit history, and they typically disburse funds directly to the school. However, both Mpower and Prodigy work with specific partner universities, so it’s essential to check that your chosen institution is eligible before applying.

Also read: How to start a lending business in Nigeria from Canada, UK, and the US 

Alternative funding options

Loans aren’t your only means of survival when it comes to studying abroad.There are other ways to lighten the financial load without starting your adult life in debt. Let’s explore smarter ways to fund your education.

Scholarships and bursaries

The idea of getting free money to study abroad sounds like a dream, and scholarships make that dream very possible. Many Canadian universities offer scholarships specifically for international students, including Botswana. Some are based on good grades, leadership, or community involvement, while others are need-based. 

Big names like the University of Toronto and University of British Columbia (UBC) offer scholarships that can cover almost everything from tuition to books and even accommodation. So, if you’re a strong student or have a compelling story, it’s definitely worth checking out what your chosen school has to offer.

Aside from universities, the Canadian government and private organizations also offer scholarships that don’t always get enough attention. Platforms like EduCanada make it easier to find these opportunities in one place and you’ll find scholarships like the Vanier Canada Graduate Scholarships and Commonwealth programs there. 

Then there are bursaries, which are a bit different. These are based purely on financial need and are meant to help students who may not have the means but definitely have the ambition. While they might not always cover your full fees, bursaries can ease a big chunk of your financial pressure and every little bit helps.

Working while studying

Even with scholarships or loans, most students still need to earn a bit of extra cash to get by and thankfully, Canada allows international students to work part-time while studying. You’re allowed to work up to 20 hours a week during school and full-time during holidays. That means you could take up a job on or off campus, whether it’s in the university library, a coffee shop, or even an internship in your field. The pay might not be sky-high, but it’s usually enough to handle your groceries, transport, and other personal expenses.

Some universities also run work-study programs where you can work part-time in roles tied to your course or campus services. These jobs aren’t just a great way to earn, they also help you build real-world experience, connect with mentors, and strengthen your resume. 

That said, balancing work and study is key. The main reason you’re in Canada is to study, so time management is super important. But if you plan it well, working while studying can be a game-changer both for your pocket and your career.

Also read: How to get a lending license in Botswana

The loan application process

Here’s a practical, step-by-step breakdown to guide you through the loan application process from the research phase to repayment planning.

Research lenders that fit your profile

Start by identifying which banks or private lenders are available to you as a Botswana student. Look out for key factors like whether a co-signer is required (and if so, must they be a Canadian resident?), what the interest rates are (fixed or variable), how long you’ll have to repay the loan, and whether there are any hidden fees like origination or processing charges. 

For instance, traditional banks like RBC or Scotiabank usually require a Canadian co-signer, whereas lenders like Mpower financing and Prodigy finance  do not, making them more accessible for students who don’t have ties in Canada. Take your time comparing offers. This isn’t something you want to rush.

Prepare all the necessary documents

Once you’ve shortlisted a lender, start gathering your documents. These typically include your passport, study permit, proof of enrollment in a designated Canadian learning institution, and bank or financial statements. If you’re applying through a traditional lender that requires a co-signer, you’ll also need that person’s identification, credit report, and income documents (like pay slips or tax returns). 

Lenders use these to assess how reliable you or your co-signer are when it comes to paying back the loan. Make sure your paperwork is up to date and neatly organized as it makes the entire process smoother and faster.

Submit the application

Most lenders now allow you to apply online, which is super convenient. The application form will ask for your personal details, educational information, and financial background. Double-check everything before submitting because simple mistakes or missing fields can delay your application or lead to rejection. 

If you’re applying with a co-signer, they’ll also be required to fill out a section of the application, or in some cases, a separate form altogether. Some lenders may reach out for clarification or additional documentation, so keep an eye on your email.

Undergo a credit check

Next comes the credit evaluation. If your loan involves a co-signer, the lender will conduct a credit check to assess their financial reliability. For lenders like Mpower financing or Prodigy finance, which don’t rely on credit history, this step may be skipped or replaced with an assessment of your academic program and future earning potential. 

Either way, it’s important to understand that this step helps lenders determine how risky it is to lend money, and it plays a big role in whether your loan is approved and on what terms.

Get approved and receive the funds

Once approved, the lender will send you an official offer showing the loan amount, interest rate, repayment plan, and terms. If you accept the offer, funds are either disbursed directly to your university (to cover tuition and fees) or deposited into your account to handle other expenses like accommodation and books. 

Keep in mind that loan disbursement timelines vary; some are fast, while others might take a few weeks, so it’s best to apply well before your fees are due.

Understand repayment terms and plan ahead

Before spending a single dollar of your loan, take time to understand how and when you’ll need to pay it back. Some lenders offer a grace period typically six months after graduation before repayments begin. Others may require interest-only payments while you’re still in school. 

Familiarize yourself with repayment schedules, interest accrual, and options for deferment or assistance if you fall into financial difficulty. If your lender offers flexible plans or resources like budgeting tools, take advantage of them. Knowing what to expect in repayment helps you manage your finances long term and avoid falling into debt traps.

Also read: How to get a student loan in the UK as an international student from Botswana

Funding school abroad is tough not impossible

Getting a student loan or figuring out how to pay for school in Canada as a B0tswana student isn’t exactly straightforward  and that’s the truth. There’s paperwork, eligibility rules, co-signer requirements, and sometimes, just plain luck. But what makes the difference is knowing what’s actually on the table and what’s just noise. Not every option will work for you, and that’s fine. The goal isn’t to do everything, it’s to find what makes the most sense for your situation and build from there.

If nothing else, let this be your reminder that plenty of students from Botswana and around the world have figured this out not because they had it all sorted from day one, but because they stayed informed, asked questions, and took it one step at a time. You don’t need perfect finances to start, but you do need a plan, some patience, and the willingness to adapt. Start there, and you’re already on track.