If you are Nigerian and planning to study at an international University but you don’t have enough finances to facilitate it, getting an international student loan can make your dream become a reality.
Here, we have compiled the best international student loan in Nigeria. Do well to read this article to the end to access the information it carries.
Education is one of the easiest and fastest ways to move abroad. Acquiring quality education is a luxury for most people, and as a result of this, their dream of going to college or post secondary institutions becomes abortive.
But the good news is that mediums in which this category of people can actualize their dreams have been made available. One of the mediums is international student loans.
International student loans provide financial aid for both international students studying in the USA and other international countries. The loan can be used for education-related expenses such as tuition, books, fees, insurance, and room and board.
Getting a student loan can be helpful, but paying back the loan could prove difficult, which could affect the standard of living of the individual.
To avoid unnecessary struggle in getting a student loan, we have decided to list out the best international student loans in Nigeria. Keep on reading to retrieve the important information on this topic.
Here is the best international student loan for Nigerians
- The Education Advisory Service
- Mpower Finance
- Prodigy Finance
- Future Finance
The Education Advisory Service
The Education Advisory Service is an excellent platform for Nigerians to access international student loans.
The Education Advisory Service 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 Education Advisory Service loan covers the applicant’s tuition fees, living expenses, and other costs of studying abroad.
It is important to know that the bank would pay all these directly to the institution you have chosen. See How To Get Startup Loan For Business with No Money.
Also, the Education Advisory Service 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 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 has fixed-rate loans from $2,001 to $100,000 total. No cosigner, collateral or credit history is required.
This is considered as one of the best international student loans. However, it supports only Canada & USA schools, for more information kindly visit their website.
For people who want to get the best international student loan to study in the UK, Mpower finance is also for you.
At Future Finance the loans range from £2,000 to £40,000 and a guarantor is required. The loan from Mpower Finance is accessible for both undergraduates and postgraduates.
Prodigy Finance is a financial institution that helps students realize 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).
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 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.
Afterward, 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.
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.
How To Be Eligible For International Students Loan
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
If you are matched with a lender you can then proceed with your application. The application process doesn’t take long even if you are a non-US citizen.
You will need to submit the necessary documents and paperwork to the loan company and they will decide whether you are approved or not.
These are the most common documents you will need to provide your lender. You may be asked to provide other documents if needed.
- Identification proof
- Proof of residence
- Academic records
- Valid passport & Visa
- Proof of admission to your university
- Extra-curricular certificates if appropriate
Once your application is conditionally approved, you will be notified of the interest rates (fixed or variable rate) and repayment terms.
Once you agree with the terms, your loan application will be approved and funds disbursed. This usually takes around 6 weeks.
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.
Everything you’ve just read was focused on the best international student loan in Nigeria, in it we highlighted various International Students loans that are available for Nigerians, eligible schools for the loan and lots more.
We believe it was helpful to you. You can reach us via the comment section if you have questions that are related to this article.