If you are an African student seeking to pursue your education overseas, the cost of studying abroad may be a barrier for you due to high tuition fees.
Although federal loans are popular among students who are US citizens, Africans cannot obtain loans from the US government; instead, they must be eligible for an international student loan.
In this article, I will show you the best international students loan available for Africans. Let’s get started!
Overview
If you are an African Student and want to study abroad regardless of your financial situation, student international 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. See Student Loan for International Students in Nigeria.
The Challenge of Getting Student Loan For African Students
The major challenge with finding reputable lenders that support students from Africa or emerging marketing is collateral and cosigner requirements.
Popular student loan providers require students to provide a cosigner before they can qualify for a loan. Some financial institutions require collateral.
What is a Collateral?
A collateral is a valuable asset a borrower pledges as security for a loan to protect the lender’s interest. If the borrower defaults on repayment, the lender can seize the collateral and sell it to recoup the loss. Student loans from a lender in your country, in most cases, will require collateral.
What Is A Cosigner?
A cosigner is a person (often a parent, close family member, or friend) that takes full responsibility for paying back a loan, together with the primary borrower.
The co-signer is obligated to pay any missed payments and even the full amount of the loan if the borrower doesn’t pay.
A cosigner should have a good credit score. The cosigner will also need to be a U.S. citizen or a permanent resident. It provides your lender with additional assurance that the loan will be repaid.
Unfortunately, most students do not have a valuable asset to present as collateral. They don’t have family members to stand in as cosigners. This is a major barrier preventing most students from accessing student loans.
The Solution to The Challenges
The good news is that a few innovative financing companies are redefining the requirement for student loans.
Rather than evaluating students based on how much assets they or their parents have or by who they know. These companies evaluate students based on their future careers and earning potential. See Personal Loan For International Students in the UK
Get admission at a reputable university or college for a course with high market demand and earning potential. You can get a student loan to cover part or your entire study cost – from tuition to living expenses.
Hence, the best international student loans for African students do not require collateral or a cosigner.
Here are the best international student loans for African students
- Mpower finance
- Stilt Finance loan for immigrants & under-served
- Prodigy Finance
- Global student loan corporation
Mpower Finance
This is an institution that is established to assist 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. See Personal Loan for International Students in Canada.
Stilt Finance loan for immigrants & under-served
Here no cosigner is required and no prepayment fees. There is room for low-interest rates & flexible repayment plans.
Prodigy Finance
Prodigy Finance is an online lender that provides loans for international graduate students pursuing masters in business, engineering, law, and public policy degrees
Prodigy Finance is known for its innovative approach to student loans, offering loans with no cosigner, collateral, or credit history.
Global student loan corporation
It is the only comprehensive education loan for international and distance-learning students that does not require a co-signer in the host country.
Global student loan corporation also offers student loans for international students that do not require a US citizen or permanent resident to co-sign the loan.
Global student loan corporation works with financial institutions and banks located around the world to provide financing for the student’s education.
Conclusion
That’s all on this topic. Let us know if you have any questions or need further clarification on it. We will love to hear from you.
