| Study Period | 2020 - 2030 |
| Market Size (2025) | USD 3.56 Billion |
| Market Size (2030) | USD 4.29 Billion |
| CAGR (2025 - 2030) | 3.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Canada Student Loans Market Analysis
The Canada Student Loans Market size is estimated at USD 3.56 billion in 2025, and is expected to reach USD 4.29 billion by 2030, at a CAGR of 3.8% during the forecast period (2025-2030).
In Canada, students can apply for grants and loans to help them pay for their post-secondary education through the Canada Student Financial Assistance Program. The support is available for both full-time and part-time students. The application is done through the student’s province or territory of residence. There is no need to pay back grants, and the loans become payable after finishing post-secondary education. There are huge variations in the cost of undergraduate tuition fees depending on the field of study, with degrees in the medical field being the most expensive. The highest tuition fees in 2021/22 were for dentistry, USD 22,731, medicine, USD 14,604, and veterinary medicine, USD 14,374. However, graduates from these programs are likely to have a higher median employment income two years after graduating compared to other fields of study.
In recent years, higher education tuition fees have been on the rise, and so has the amount of student debt in Canada. Even though Canadian students can receive grants and loans from the Canada Student Financial Assistance Program, many are forced to use student credit cards, student lines of credit, and personal bank loans to cover the rising cost of fees and living. Approximately 1.9 million Canadians owed the federal government a total of USD 23.5 billion in student loans as of July 2022, a number that only keeps growing further when including provincial loans and private debt. The tuition fees are now 13 times more than they were 50 years ago. Over 1.7 million Canadians have student loans.
Canada Student Loans Market Trends
Increased Cost of Tuition Fees is Driving the Market
Canada is a popular study destination for international students, offering prestigious universities, vivid student cities, and a well-organized lifestyle. Tuition fees in Canada for international students in 2023 reflect the many opportunities the country has to offer: there are both expensive and cheap universities in Canada. Tuition fees at Canadian universities are a bit high but generally lower as compared to countries like the United Kingdom, US, or Australia. University fees may vary yearly.
Full-time students enrolled in undergraduate programs paid USD 6,693 in tuition fees in the 2021-2022 academic year. The average fees were up 1.7% from the previous year. The average cost of graduate programs rose by 1.5% to USD 7,472. The fees did not change in Ontario or Newfoundland and Labrador but rose in other provinces and territories. Increases in undergraduate tuition fees ranged from 1.1% in Prince Edward Island to Alberta’s 7.5%. The large increase in Alberta was because of the restructuring of tuition fees in the whole province. This is expected to lead to the growth of the student loan market in Canada.
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Canada Student Financial Assistance Program is Expected to Boost Growth of the Market
The Government of Canada recognizes the importance of student financial assistance to help post-secondary students achieve their educational goals and, ultimately, succeed as contributing members of a productive workforce. Through the CSFA Program, the Government of Canada funds about 60% of a full-time student’s financial need. The province or territory covers the remaining 40%. In this way, the CSFA Program works collaboratively with provincial and territorial governments to deliver student financial assistance to eligible students. Quebec, Nunavut, and the Northwest Territories do not participate in the CSFA Program but receive annual alternative payments in support of their student financial assistance programs. Applicants in the remaining 10 jurisdictions are assessed for federal and provincial grants and loans through a single application process.
In the 2021 to 2022 academic year, over 763,000 post-secondary students received financial assistance from the CSFA Program in the form of grants, loans, or in-study interest subsidies. The CSFA Program provided USD 3.3 billion in non-repayable Canada Student Grants (CSGs) to approximately 544,000 students and USD 2.9 billion in Canada Student Loans (CSLs) to 558,000 students. In addition, the 3 non-participating jurisdictions will receive USD 999.2 million in alternative payments based on the CSFA Program’s expenses and revenues for the 2021 to 2022 academic year.
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Canada Student Loans Industry Overview
The Canadian education/student loans market is consolidated. The Government of Canada, through the Canada Student Loans Program, provides the majority of student loans to Canadian students. Some of the major players in the market are Loans Canada, HDFC Credila, CIBC Bank, BMO Bank, and HSBC Bank.
Canada Student Loans Market Leaders
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Loans Canada
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HDFC Credila
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CIBC Bank
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BMO Bank
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HSBC Bank
- *Disclaimer: Major Players sorted in no particular order
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Canada Student Loans Market News
- July 2023: HSBC Bank Canada raised its prime lending rate by 25 basis points, bringing it to 7.20% from the previous rate of 6.95%. HSBC Bank Canada, a subsidiary of HSBC Holdings plc ('HSBC Group'), stands as the prominent international bank in the country. The bank assists companies and individuals throughout Canada in conducting business and managing their finances both domestically and globally. They operate through four primary businesses: Commercial Banking, Global Banking, Markets and Securities Services, and Wealth and Personal Banking.
- February 2023: BMO Financial Group and BNP Paribas announced a long-term commercial agreement and a new cross-border framework to improve coverage and access to a global network for their commercial banking clients. Additionally, they will initiate a comprehensive leasing services partnership. Within the scope of this collaboration agreement, both banks will continue to provide and expand on international services available to their clients.
Canada Student Loans Industry Segmentation
A student loan is a specific type of loan made for students to assist them in covering the costs of their post-secondary education and any related expenses, including tuition, books, supplies, and living costs. These are typically provided by government agencies, private financial institutions, or educational institutions themselves. These loans are designed to assist students who may not have the immediate financial means to cover the full cost of their education.
The Canadian education/student loans market is segmented by type, repayment plan, age group, and end-user. By type, the market is segmented into federal/government loans and private loans. By repayment plan, the market is segmented into the standard repayment plan, graduated repayment plan, revised pay as you earn (REPAYE), income-based, and other repayment plans. By age group, the market is segmented into 24 or younger, 25 to 34, and above 35. By end-user, the market is segmented into graduate students, high school students, and other end-users. The report offers market size and forecasts in value (USD) for all the above segments.
| By Type | Federal/Government Loan |
| Private Loan | |
| By Repayment Plan | Standard Repayment Plan |
| Graduated Repayment Plan | |
| Repayment Plan, Revised Pay As You Earn (REPAYE) | |
| Income Based | |
| Other Repayment Loans | |
| By Age Group | 24 or Younger |
| 25 to 34 | |
| Above 35 | |
| By End-User | Graduate Students |
| High School Student | |
| Other End-Users |
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Canada Student LoansMarket Research FAQs
How big is the Canada Education/Student Loans Market?
The Canada Education/Student Loans Market size is expected to reach USD 3.56 billion in 2025 and grow at a CAGR of 3.80% to reach USD 4.29 billion by 2030.
What is the current Canada Education/Student Loans Market size?
In 2025, the Canada Education/Student Loans Market size is expected to reach USD 3.56 billion.
Who are the key players in Canada Education/Student Loans Market?
Loans Canada, HDFC Credila, CIBC Bank, BMO Bank and HSBC Bank are the major companies operating in the Canada Education/Student Loans Market.
Which is the fastest growing region in Canada Education/Student Loans Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Canada Education/Student Loans Market?
In 2025, the North America accounts for the largest market share in Canada Education/Student Loans Market.
What years does this Canada Education/Student Loans Market cover, and what was the market size in 2024?
In 2024, the Canada Education/Student Loans Market size was estimated at USD 3.42 billion. The report covers the Canada Education/Student Loans Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Canada Education/Student Loans Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Canada Student LoansIndustry Report
Statistics for the 2025 Canada Student Loans market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Canada Student Loans analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
