Do you know you can fund your study abroad dream with a student loan?
Many people find it difficult to fund their study abroad program.
Lack of money is one of the reasons why international students find it difficult to complete their education abroad.
International student loans for Nigerian students are great ways to pay off your tuition or living expenses while studying abroad.
Finding a student loan, especially as a Nigerian student, does not have to be difficult.
Although federal loans are popular among students who are US citizens, Nigerians, and other foreign nationals cannot obtain loans from the US government; instead, they must qualify for an international student loan.
Meanwhile, I will advise you first exhaust all other avenues to get financial help, e.g. scholarships, grants, family loans, crowdfunding, and so on.
How To Apply For International Student Loans For Nigerian Students
Expensive overseas tuition, Unavailability of scholarships, and Lack of support system from your home country can be a reason why you will opt for an international student loan.
In some cases, the loans may also cover accommodation and educational expenses such as books, transportation, and living expenses.
After you have assessed your financial status and have decided to take a student or study loan, you must then know how and where to request one.
1.Seek Your Lender
The first thing to do is do good research and try to find out financial institutions that are willing to loan students money
Have a snapshot of all your conditions, and use that information to simplify your search.
Be sure you are eligible. Meet all your lender’s requirements. Also, confirm if your school is supported by your chosen lender.
Then check to see if the loan offer and repayment rule is something you can do, and make sure it aligns with your situation.
To be eligible for international student loans for Nigerian students, you must attend an eligible school in the US or Canada. You must also be enrolled as an undergraduate or graduate student and pursue a degree, certificate, or license.
3. Submit Your Online Application
Once you are now sure of your eligibility status, the next step is to submit your application to the loan company.
After your submission, the credit analysis team of the loan company will conduct a review.
4. Receive Your Offer
This is an important part of the procedure, you have to read and understand what you are getting into.
You should go through the terms and conditions multiple times before making any decisions. It can be very confusing to understand.
If you have any doubts, consult an expert before signing to accept your funds.
5. Final Approval
Once you agree to the loan terms and your documentation has been duly certified okay, final approval will be issued to the facility.
The next step is to receive the credit alert for the international study loan.
Once this is received, do not think you have won the lottery or that miracle money has happened in your life.
Use the money wisely, use it for the purpose that you have stated in the documentation.
Study Abroad Loans For Nigerians
The following are the study abroad loans for Nigerians;
- The Education Advisory Service
- Mpower Finance
- Prodigy Finance
- Future Finance
The Education Advisory Service
The Education Advisory Service (EAS) is a first-of-its-kind product in Nigeria, which allows aspiring Nigerians access to bespoke international education loans.
The EAS is an innovative joint offering between First City Monument Bank Limited (FCMB) and MOD Group.
The EAS loan covers the applicant’s tuition fees, living expenses, and other costs of studying abroad and the bank would pay all these directly to your chosen institution.
Also, the EAS loan only covers five study destinations, including the UK, USA, Canada, Australia, and Ireland.
The loan is only available through the First City Monument Bank (FCMB) branches and the bank’s contact avenues, such as social media pages, websites, emails, phone numbers, etc.
MPOWER international student loans provide financial aid for both international students studying in the USA and US citizens studying abroad.
MPOWER Financing offers study abroad loans without any collateral or co-applicant, at a reasonable interest rate of 6.49 – 12.49% to overseas students.
Supports students from 190+ countries, with No collateral required, No credit history required, and No guarantor required.
Noteworthy, Nigerian students can borrow the amount they need – from as little as $2,001 up to $100,000 total ($50,000 per academic period).
They can receive a one-time discount of 0.25% on their interest rates by enabling automatic loan repayment through their bank accounts.
Also, before they graduate, students will make interest-only payments toward loan repayment.
Prodigy Finance aims to provide affordable tuition fees and maintenance loans for those who are accepted onto selected full-time master’s courses
Low No collateral required, No credit history required, No guarantor required, No hidden fees, Flexible repayment plan
Prodigy Finance supports courses at over 750 schools in over 18 different countries, which means it should be easy to find funding for your postgraduate studies.
Also, the repayment period for the Prodigy student loan is up to 20 years, and students can pay to start six months after the college course has ended.
The institution’s services are limited to business, public policy, law, medicine, science, technology, engineering, and math (STEM).
Future finance offers loans to all students with a UK-domiciled address (assuming they meet appropriate credit checks, and are 18 or over), regardless of which level of study they are pursuing.
You can apply online quickly and receive a decision on your application as soon as possible.
Immediately after your loan is approved, the money will be sent both directly to your university to cover tuition fees and to you to cover living expenses.
Thereafter, you can repay as low as £5 per month during your studies and up to three months after you graduate.
You can loan as much as £40,000, the interest rate is 17.6-20%. Guarantors are required, and they support only UK students.
Please note that Future Finance has currently suspended loan applications from new customers until further notice.
When it comes to financing your graduate degree Lendwise aims to provide you with a loan that is financed by its Lender members.
It is a peer-to-peer lending system, which matches each applicant to a finance provider, depending on their circumstances and funding requirements.
If you are looking for how to pay for your graduate degree, then Lendwise may be right for you.
Lendwise is based in the UK and is regulated by the UK’s Financial Conduct Authority.
The approved students have access to a grace period that enables them to repay the loan after graduation.
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Frequently Asked Questions
1.Which bank in Nigeria gives student loans to study abroad?
This new loan package by Wema Bank in partnership with MOD Group (An Education Advisory organization) offers up to N5,000,000 in school fees in advance to finance the payment of school fees of primary, secondary, and undergraduate /postgraduate education both in Nigeria and abroad over a 12-month tenure.
2.Which bank is best for international student loans?
Punjab National Bank abbreviated is also known as the best bank for study loans for abroad studies. The Punjab national bank offers education loans for abroad studies under the PNB Udaan scheme.
3.Can I get a 100% loan to study abroad?
Yes, you can get a 100% education loan for your education abroad.
4. What is the max student loan amount?
The maximum amount you can borrow depends on factors including whether they’re federal or private loans and your year in school.
Undergraduates can borrow up to $12,500 annually and $57,500 total in federal student loans. Graduate students can borrow up to $20,500 annually and $138,500 total.
This article covers everything you need to know about International Student Loans For Nigerian Students
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