The cost of studying abroad may be a barrier for any Nigerian student seeking to pursue their education overseas.
Tuition fees for private universities can reach $75,000 annually, whereas they can cost about $50,000 for state universities.
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.
In this article, I will show Nigerian students’ study abroad loans.
Let me know if you have any questions or need further clarification. I will love to hear from you.
Table of contents
Study Abroad Loans
If you are a Nigerian and want to study abroad regardless of your financial situation, study abroad loans may be your best bet.
Getting these loans would help you pay your tuition while you study abroad.
You can get these loans from the government, institutions, or banks.
Usually, the college you choose would calculate your tuition costs and forward the same to the institution.
The loans may also cover accommodation and educational expenses such as books, transportation, and living expenses.
Depending on the institution giving you the loan, you may or may not need collateral.
Study Abroad Loans Eligibility
To be eligible for a study abroad loan, Nigerian students must be accepted into a suitable school in the US, Canada, or any other country specified by the institution.
It would be best if you also were admitted as an undergraduate or graduate student and pursued a degree, certificate, or license.
Some eligible schools in Canada include;
- Alberta University of the Arts
- Brandon University
- Dalhousie University
- Crandall University
- McGill University
Study Abroad Loans for Nigerians
The following are the study abroad loans for Nigerians;
- The Education Advisory Service
- Mpower Finance
- Prodigy Finance
- Future Finance
- Lendwise
The Education Advisory Service
The Education Advisory Service (EAS) is an excellent platform for Nigerians to access international student loans.
The EAS is a joint partnership between MOD Group, First City Monument Bank, and a trustworthy institution.
The MOD hub provides counselling, admission assistance, and other services to eligible students, such as accommodation, flights, and airport concierge services.
The EAS loan covers the applicant’s tuition fees, living expenses, and other costs of studying abroad.
Note that 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.
It is also available through the MOD Education offices and their social channels.
Application Process
- Apply online, by email, phone call, or in person at any of their office in Ghana
- Provide necessary academic and personal documents
- Apply for visa
Mpower Finance
Mpower Finance is an institution to help students access education abroad without financial limitations.
The loans obtained can be used for academic-related expenses such as tuition, books, meal plans, housing, and health insurance.
Students studying in the US and Canada at approved universities can apply funding to their tuition costs.
Nigerian students can borrow the amount they need – from as little as $2,001 up to $100,000 total ($50,000 per academic period).
Also, recipients of this loan will get fixed interest rates for the entire duration of their studies.
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 graduation, students will make interest-only payments toward loan repayment.
When these students graduate, they will be given a six-month grace period before a ten-year repayment term begins.
Prodigy Finance
Prodigy Finance is a financial institution that helps students realise their dreams of studying abroad by providing student loans even without collateral or co-applicant.
The loans offered by Prodigy Finance cover all your educational costs.
Hence, a 100% coverage on all expenses, including tuition and living expenses, and caution deposit/building fund/refundable deposit.
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.
To be eligible for a Prodigy Finance loan, you must attend a school and pursue a course supported by the institution.
Also, the institution’s services are limited to its services are limited to business, public policy, law, medicine, science, technology, engineering, and math (STEM).
Asset Link Capital (No.9)
Asset Link Capital (No.9) is a loan company targeted at helping students study abroad without financial limitations.
Although the company no longer accepts loan applications for new and existing customers, it has received many outstanding reviews.
The loans offered by Future Finance are repayable over either 7 or 10 years, and students can apply for up to two payment breaks of three months each during the loan period.
Future Finance is based in the UK and transferred its legal and beneficial title regarding its customers’ loan agreements to Asset Link Capital in November.
Also, the loans are only available for students who want to study in the UK, and you can borrow from £2,000 to £60,000 with a loan term of 7–10 years.
You can apply online quickly and receive a decision on your application as soon as possible.
Once 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.
Afterwards, you can repay as low as £5 per month during your studies and up to three months after graduation.
Then you can continue to refund the remaining loan cost for up to 10 years, with the option of taking two three-month repayment holidays.
Lendwise
If you are looking for how to pay for your graduate degree, then Lendwise may be right for you.
The institution supports students, including Nigerians looking to fund their education at top universities.
Lendwise is based in the UK and is regulated by the UK’s Financial Conduct Authority.
Any full-time student approved for a Lendwise loan will have access to a grace period that enables them to repay the loan after graduation.
Noteworthy, the interest rate offered by Lendwise is quite competitive and fixed for the entire loan duration.
This, however, depends on the overall applicant’s profile. Also, the application process is easy as it is done online.
You can also borrow up to £100,000 and don’t need a guarantor.
Key Features
- Applications are assessed based on future earnings potential, not just a credit score
- Borrow up to £100,000
- Fixed interest rates
- No early repayment fee
- No repayments during full-time study
Study Abroad Loans Application Guide
After choosing the student loan platform you prefer, the following steps will help you apply for the loan successfully:
- Apply
- Prepare your Documents
- Wait for Approval
Apply
Visit the website of the loan provider and then proceed with your application.
Note that the application process doesn’t take long and is easy even if you are a Nigerian.
Also, you will need to submit the necessary documents to the loan company, and they will decide whether your application should be approved or rejected.
Prepare your Documents
The next thing is to start getting your documents ready. However, every loan company may have specific requirements.
Here are the most common documents required:
- Identification proof
- Proof of residence
- Academic records
- Valid passport & Visa
- Proof of admission to your university
- Extra-curricular certificates, if appropriate
Wait for Approval
After your application will notify you that your loan has been approved.
Before then, you will be notified of the interest rates (fixed or variable rate) and repayment terms of the company you are working with.
Once you have agreed with the stated terms and conditions, your loan application will be approved, and the funds will be disbursed.
Depending on the company, the process may take about six weeks.
How to Get a Credit Report in Nigeria
To get your credit report in Nigeria, you can follow these steps:
- Visit the Credit Bureau of Nigeria website at https://www.creditbureau.com.ng/.
- Click on “Get My Credit Report” or a similar button.
- Fill out the application form, providing your details such as your name, address, date of birth, and identification number.
- Select the credit bureau you would like to request your report from. Nigeria has four credit bureaus: CRC Credit Bureau, CreditRegistry, CR Services (Credit Bureau) Plc, and FirstCentral Credit Bureau.
- Choose the type of report you want to receive, including a free account or a more comprehensive one for a fee.
- Provide any additional information the credit bureau requires, such as proof of identity or payment information.
- Submit your application and wait for the credit bureau to process your request and provide your credit report.
Once you have obtained your credit report, you can provide it as part of your application process.
Conclusion
Several Nigerians hope to leave the country to further their education abroad.
However, achieving this ambition is expensive and may drill a hole in your pocket.
This is where studying overseas loans come into play.
Fortunately, this article has discussed the study abroad loans for Nigerian students and how you can apply for one.
Let me know if you have any questions or need further clarification. I would love to assist you.
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Please how can I get a loan from Access bank when I don’t have an account with them
Sure, here are some ways you can get a loan from Access Bank without having an account with them:
1. Access Bank QuickBucks Loan: This is a short-term loan that you can apply for via USSD, the Access Bank Mobile App, or the QuickBucks App. You don’t need to have an Access Bank account to apply for this loan.
2. Access Bank Payday Loan: This is another short-term loan that you can apply for via USSD, the Access Bank Mobile App, or the QuickBucks App. You don’t need to have an Access Bank account to apply for this loan.
To apply for any of these loans, you will need to provide some basic information, such as your name, address, and phone number. You will also need to provide proof of income and employment.
The interest rates and terms of these loans will vary depending on the loan type and your credit history.
If you are approved for a loan, the funds will be disbursed into your bank account.
I hope this helps!
Hello, is it possible to get student loans as a Nigerian hoping to study in North Cyprus? I got admission to Cyprus International University and I would need extra funding to be able to attend by September. Are there loans available that I am eligible for?
Yes, it is possible to get student loans as a Nigerian student hoping to study in North Cyprus.
There are a few different lenders that offer student loans to international students, including:
1. First City Monument Bank (FCMB) offers a student loan program for Nigerian students studying abroad. The loan amount is up to NGN10 million, and the interest rate is 12% per annum.
2. Access Bank offers a student loan program for Nigerian students studying abroad. The loan amount is up to NGN5 million, and the interest rate is 13% per annum.
3. Stanbic IBTC Bank offers a student loan program for Nigerian students studying abroad. The loan amount is up to NGN10 million, and the interest rate is 15% per annum.
To be eligible for a student loan from these lenders, you will need to meet certain requirements, such as having a good credit score, providing proof of admission to a recognized university, and having a cosigner. You will also need to provide documentation of your financial need, such as tax returns and bank statements.
In addition to these lenders, there are also a number of private student loan companies that offer loans to international students. These companies may have different requirements and interest rates, so it is important to compare your options before you choose a lender.
Could you please place the links to apply for this loans or guidelines to follow when applying?
Yes, Felicia
I have added relevant links to the post.
Let me know if you have further questions.
I went to several of these banks listed to make inquiries but they said that they do not offer student loans.
Felicia,
That is not true.
Visit the websites and get in contact with any of the loan companies.
Hello Felicia
Im also looking for a way to get a loan…mine is also in cyprus
The eligibility requirements for some of these banks is that you must be a parent or guardian. What can I do about that?
Felicia,
Are you requesting the loan for yourself?
What country?
Hello, is it possible to get student loans as a Nigerian student hoping to study in North Cyprus? I got admission to Cyprus International University but will need extra funding to be able to attend. Which student loans in Nigeria can I be eligible for?
Yes, it is possible to get student loans as a Nigerian student hoping to study in North Cyprus.
There are a few different lenders that offer student loans to international students, including:
1. First City Monument Bank (FCMB) offers a student loan program for Nigerian students studying abroad. The loan amount is up to NGN10 million, and the interest rate is 12% per annum.
2. Access Bank offers a student loan program for Nigerian students studying abroad. The loan amount is up to NGN5 million, and the interest rate is 13% per annum.
3. Stanbic IBTC Bank offers a student loan program for Nigerian students studying abroad. The loan amount is up to NGN10 million, and the interest rate is 15% per annum.
To be eligible for a student loan from these lenders, you will need to meet certain requirements, such as having a good credit score, providing proof of admission to a recognized university, and having a cosigner. You will also need to provide documentation of your financial need, such as tax returns and bank statements.
In addition to these lenders, there are also a number of private student loan companies that offer loans to international students. These companies may have different requirements and interest rates, so it is important to compare your options before you choose a lender.
How easy is it to get loan from Future Finance and lend wise that are situated in United Kingdom? I have been admitted but still struggling to get funds in Nigeria, can I apply for the loans while I am still in Nigeria. My resumption is Sept 2023
Future Finance
Future Finance doesn’t specify whether international students can apply from outside the UK, it’s advisable to reach out to their customer support or visit their website to check if they accept applications from students in Nigeria or if there are any specific requirements for international applicants.
Lendwise
Lendwise is open to international students, it’s recommended to directly contact their customer support or visit their website to confirm if they accept applications from Nigeria or if there are any specific requirements for international students.
Hi.
Please can you send their website to me ?
Chiamaka,
Check the original post for the direct link.
Cheers
Hello, please can someone with an admission offer from a uk university, currently living in Nigeria request for a loan from lendwise to fund a masters education?
Yes, Korede
It is possible.
If you fill the online form for Lendwise, you will not be able to submit. I have tried it. I later contacted them and they told me that they don’t support international students. They can support you if you live in the UK.
Sir,
Is there any loan institution in Nigeria that can assist for tuition deposit in Canada college.
Yes, there are loan institutions in Nigeria that can provide assistance for tuition deposits or funding for studying abroad, including in Canada.
These institutions offer educational loans or financing options specifically designed to support students pursuing higher education internationally.
1. Nigerian International Student Loan (NISL): NISL offers loans to Nigerian students seeking to study abroad, including in Canada. They provide funding for tuition fees, living expenses, and other related costs.
2. Stanbic IBTC Bank: Stanbic IBTC Bank offers educational loans to Nigerian students for studying abroad. They have partnerships with several institutions and provide funding for tuition fees, living expenses, and travel costs.
3. First Bank of Nigeria: First Bank offers an educational loan scheme for students pursuing undergraduate and postgraduate programs abroad. They provide financing options for tuition fees, accommodation, and other expenses.
4. Access Bank: Access Bank provides educational loans to Nigerian students for studying abroad. Their loan options cover tuition fees, living expenses, travel costs, and other related expenses.
I got an offer for a top-up program from the department of Electronics/Electrical engineering, university of Sunderland, please need an international loan in other to settle my fees.thanks
Congratulations on receiving an offer for a top-up program from the Department of Electronics/Electrical Engineering at the University of Sunderland! Securing an international loan to cover your tuition fees is a common option for many students pursuing their studies abroad.
Here are some steps you can take to explore international loan options:
1. Reach out to the University of Sunderland’s financial aid office or international student services to inquire about any specific loan programs or scholarships available for international students. They may have information on loan providers or scholarship opportunities that can help finance your education.
2. Explore Government or Institutional Funding: Depending on your home country, there may be government-sponsored loans or scholarships available specifically for students studying abroad. Additionally, the university itself may offer scholarships, grants, or funding options for international students. Research these possibilities to see if you qualify for any financial assistance.
Hello,
How can I get the student loan platform of a loan provider in order to visit their website.
Am looking out for FUTURE FINANCE or THE EDUCATION ADVISORY SERVICE.
Anticipating your kind and swift response.
Hello Kristee,
Have you tried applying to these loan services?
Thank you so much for this article
The article is just a bomb.
Among all the lending companies or agencies you have mentioned, which one of them is the most sure lender with minimum criteria and certainty of a borrower having access to their loan?
Hello Jeremiah,
It is nice to hear from you.
You can try any of the loaning companies. There requirements are flexible.
Good luck.
Nice article. Pls can I apply for study loan from Nigeria or I must be resident in the UK? Thank you
Hello,
It depends on the type of loan you are applying for to study at the United Kingdom.
Thank you for this information. Please how do I get my credit report in Nigeria for Lendwise?
Hello, Jennifer
To get your credit report in Nigeria, you can follow these steps:
1. Visit the Credit Bureau of Nigeria website at https://www.creditbureau.com.ng/.
2. Click “Get My Credit Report” or a similar button.
3. Fill out the application form, including the date of birth and identification number.
4. Select the credit bureau from which you would like to request your report. There are four credit bureaus in Nigeria: CRC Credit Bureau, CreditRegistry, CR Services (Credit Bureau) Plc, and FirstCentral Credit Bureau.
5. Choose the type of report you want to receive, including a free account or a more comprehensive one for a fee.
6. Provide any additional information the credit bureau requires, such as proof of identity or payment information.
7. Submit your application and wait for the credit bureau to process your request and provide your credit report.
Once you have obtained your credit report, you can provide it to Lendwise as part of your application process.
What are the eligible schools through which a Nigerian student can access this loan? A list of schools preferably.
Thank you
Chris,
What country are you applying to study abroad, and for which study category?
Pls I need office address, because I need one on one discussion.
Thanks
Hello Israel,
I do not have a physical office yet.
You can let me know here if you have any questions. I will ensure to assist you as much as possible.