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 you Nigerian students’ study abroad loans.
Let me know if you have any questions or need further clarification. I will love to hear from you.
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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 even 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 as 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
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 counseling, 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.
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, among others.
Students studying in the US and Canada at approved universities can apply funding to their tuition costs.
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).
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 they graduate, 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 is a financial institution that helps a student make their dreams of studying abroad a reality 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).
Future Finance 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 has transferred its legal and beneficial title in respect of 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.
Afterward, you can repay as low as £5 per month during your studies and up to three months after you graduate.
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 if you want.
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 already 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 is fixed for the entire duration of the loan.
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.
Study Abroad Loans Application Guide
After choosing the student loan platform you prefer, the following steps will help you apply for the loan successfully:
- Prepare your Documents
- Wait for Approval
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. Although 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, you will be notified 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.
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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