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Loan FAQs

Whether you’re a prospective client, a partner, or a supporter, find out more about our loan program here.

What can an Oasis Loan be used for?

Our loans may be used to fund a variety of costs related to post-secondary education and career development. This includes:

  • Program tuition from a recognized post secondary institution. A list of eligible institutions can be found here

  • Education and training programs of two years or less, including courses to help you advance your career

  • Fees for licensing and qualifying exams

  • Living allowance to support you during your program, licensing, or relocation

  • Credentials assessments, like ones from WES, ICAS, IQAS, or MIFI

  • English or French language training

  • Housing fees and school meal plans 

  • Relocation costs for employment

  • Travel expenses to take courses or exams not available in your area

  • Books, course materials, and work equipment

  • Professional association fees

Who is eligible for an Oasis loan?

To be eligible for an Oasis loan, you must be an international student on a legal study permit, a refugee with a legal status or an internationally-trained individual living in Canada on a permanent status. Internationally-trained individuals must have completed post-secondary education outside of Canada and/or have a minimum of one year of post-secondary work experience before coming to Canada.

Whether you're currently pursuing your education, intend to work in the same field you trained in outside of Canada, or you wish to apply your transferable skills to a new career, you must demonstrate that you have a Career Success Plan that requires funding.  You must not have an undischarged bankruptcy or a consumer proposal that has been active for less than 6 months. You can check your eligibility by going through the eligibility criteria.

What Immigration Statuses are eligible for Oasis Loans?

To be eligible for an Oasis loan, you must be a Student on a Study Permit, Permanent Resident, Convention Refugee, Protected Person or Canadian Citizen. 

Am I eligible for a loan if I am already working in my field?

Yes, you would qualify if you find yourself in an underemployed position (where your education and experience are not fully utilized), if you’re aiming for professional development to gain a competitive edge in the job market or secure a promotion, or if you’re considering a career switch to a field where your transferable skills are applicable.

How can an Oasis loan help me balance my studies with my work and family responsibilities?

Whether you're an international student with a part-time job or underemployed with a family, our loans may be used to help pay for short-term living expenses, i.e if you need to quit your job or reduce your hours at work while you are attending school or studying for exams. Applications for living allowance are considered on a case-by-case basis.

How much may I borrow?

From Jan 1, 2024, all new Oasis loans in Canada are set at a fixed interest rate of 7% for the entire loan duration.

Why does Oasis charge interest?

The interest we charge helps replenish the loan fund and pays for the bank charges and operational costs that we incur in the process of providing affordable loans. We have been able to keep payments of principal and interest within the loan fund, helping to ensure the sustainability of the loan fund. As a registered not-for-profit, Oasis does not make any money from the loans. Future clients will benefit from the interest paid by today’s clients.

Still, have questions? Our team would be happy to answer your questions and help you get started on your application. Contact us here.

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