RC/YAE/2023/B/2607 from July 2023 / NIU : M072318478553A
Study in Canada and pay later
Bridging Financial Gaps for Global Education
For years, Kitasarl has cultivated international partnerships to facilitate global educational opportunities for Cameroonian students. Throughout this journey, we have consistently identified financial constraints as the primary barrier preventing talented individuals from pursuing advanced education abroad.
Recognizing that Canadian tuition fees present significant financial challenges, we have strategically partnered with leading financial institutions to create tailored solutions that remove economic barriers to world-class education.
Our education financing program is designed to empower aspiring students by providing structured financial support, enabling you to focus on academic achievement without the burden of immediate financial pressure. Through these collaborative partnerships, we transform educational aspirations into attainable realities.
Below, we outline the comprehensive loan program designed to support your academic journey in Canada:
Passage International Student Loan Program
Financing your Canadian education dreams with flexible loan options designed for international students
What is Passage?
Passage is a financial services provider that offers specialized loans to international students accepted into designated Canadian learning institutions. We understand the challenge of proving financial capacity for a study permit and provide a solution to cover significant education costs.
Master's & PhD Programs
Requirement: Proof of Final Admission
Applicants must have received and accepted a formal Letter of Acceptance (LOA) from a designated Canadian learning institution before initiating a loan application.
Diploma & Certificate Programs
Requirement: Conditional Application Support
Applicants may initiate the loan application process prior to receiving a final Letter of Acceptance to demonstrate financial readiness.
Core Loan Types
Comprehensive Loan
Covers: Tuition Fees + Living Costs
This loan is designed to cover the two major expense categories for your study permit application:
- Full tuition paid directly to your school
- Estimated living expenses for your first year
Tuition-Only Loan
Covers: Tuition Fees Only
This loan is for students who have already secured proof of funds for their living expenses through other means:
- Only covers program tuition fees
- Requires documented proof of living expense funds
Understanding the Cost of Borrowing
Fixed Interest Rate: 11.95% APR
Passage offers a fixed interest rate that will not change for the entire life of your loan, protecting you from future market increases.
The APR (Annual Percentage Rate) is a broader measure of your loan's cost. It includes the interest rate plus any other standard costs of borrowing, expressed as a yearly percentage.
A key feature of Passage loans is that the interest rate and APR are typically the same, indicating no hidden fees (like origination or application fees).
Two-Part Repayment Structure
Part 1: Upfront Collateral Payment
Approximately 25% of total tuition cost
This payment acts as collateral (security for the loan) and immediately reduces the total amount you need to finance.
Part 2: Affordable Monthly Payments
Payment Start Date: After program commencement
Loans are typically structured with a long repayment period (e.g., 84 months/7 years) to keep monthly payments manageable.
No prepayment penalties - pay off your loan early without fees!
Key Benefit: Proof of Financial Support
Once your loan is approved and the collateral is received, Passage will issue you an official Proof of Financial Support letter.
This letter is a critical document for your Canadian study permit application. It demonstrates to immigration officers that you have secure funding for your studies.
Important: This letter is a courtesy of Passage. It is your responsibility to ensure your study permit application meets all IRCC requirements.
Loan Process Overview
1
Get Accepted
Secure admission to a Canadian DLI
2
Get a Quote
Use Passage online calculator
3
Formal Application
Submit complete application
4
Loan Approval
Receive formal approval with terms
5
Provide Collateral
Make upfront payment
6
Receive Support Letter
Get Proof of Financial Support
Example Loan Calculation
Based on a typical 2-year diploma program with annual tuition of 8,217,000 FCFA:
| Description | Amount (FCFA) |
|---|---|
| Total Tuition (2 years) | 16,433,910 |
| Upfront Payment (Collateral - ~25%) | 4,095,000 |
| Amount Financed | 12,338,910 |
| Interest Rate (Fixed) | 11.95% |
| Loan Term | 84 months |
| Monthly Payment | 240,916 |
| Total Repayment | 20,236,986 |
Frequently Asked Questions
Can I repay my loan early?
Yes. Passage does not charge any prepayment penalties. You can pay off your loan early, potentially saving on interest costs.
Does Passage guarantee my study permit will be approved?
No. While our Proof of Financial Support letter strengthens your application, visa approval is at the discretion of immigration authorities.
Why is there a ~25% upfront payment?
The upfront payment acts as collateral, which allows us to offer more favorable terms, including the fixed 11.95% interest rate and longer repayment period, making the monthly payments more affordable.
What if my actual tuition is higher than estimated?
You are responsible for any difference between the loan amount and actual tuition fees. We recommend confirming exact costs with your institution.
When do monthly payments begin?
Payments typically begin after your program start date, allowing you to focus on your studies first.