International student loans are a good financial instrument for Nigerian students who plan to study abroad. The students obtain these loans to cover the high costs of tuition, accommodation, and other expenses while studying abroad.
For many, the cost of studying abroad is the main reason they have not started their study abroad journey, as they encounter some obstacles, such as a limited budget, the inability to get scholarships and grants, and very strict visa regulations.
That said, student loans are the answer to all these issues, as they enable students to have enough funds to accomplish their educational dreams.
These loans provide flexibility in repayment, low-interest rates, and the accumulation of credit history in a new country.
It could be hard to search for available international student loans strictly for Nigerian students as the majority of loan programs serve specific countries or regions. However, here are three options that Nigerian students could use:
International Student Loans from Nigeria
1. Prodigy Finance
Prodigy Finance is one of the leading international student loan providers. Nigerians are among the categories of students who can apply for loans to study abroad.
They loan internationally based on your future capabilities. All you need to do is choose a master’s program anywhere in the world, and then you get a chance to receive a certain loan amount from Prodigy Finance.
Nigerian students who wish to apply for this loan do not need to worry about security or a guarantor. Although they do not target Nigerian students directly, they grant loans to students from more than 18 countries, including Nigeria.
They look into future earning potential rather than relying only on credit history. So, it is good for students who might not have a built-up credit history.
How it works
1. Register your interest and discuss more about your study plans. They ’ll help you get everything ready so that applying for funding is effortless.
2. Apply for funding
In exchange for some additional details about your plans, you’ll receive a customized quote. If you’re still deciding where to study, you can apply to each school and compare offers.
3. Upload your documents.
Accept the quote that’s right for you and upload a few documents. They ’ll finalize our risk assessment, and you’ll join the waitlist while they confirm available funding.
4. Finalize your loan
They’ll match your application with the funds raised from their community of investors. If you’re matched, they ’ll notify you so you can commit to your loan and get an official letter to use when applying for your visa.
5. Sign on the dotted line
Sign your loan when you land on campus, and your money is on the way! Prodigy Finance send funds straight to your school, so you don’t have to worry about making complex international transfers.
6. Study first, pay later
Payments don’t start until 6 months after classes end if you study full-time, so you can focus on getting your degree and landing that dream job.
Eligibility
The representative APR for Prodigy Finance’s student loans is a 14.68% APR variable.
To qualify, borrowers must meet Prodigy Finance eligibility and underwriting requirements.
2. MPower Financing
MPOWER Financing is also among the top providers of international student loans and is focused on empowering students worldwide to realize their academic dreams. MPOWER, was set up to provide education to all, offers loans dedicated to international students, for instance, those from Nigeria.
This loan institution offers loans to international students pursuing their education in Canada and the United States. Although they are not restricted to serving just Nigerian students, they provide loans to students from many countries. They consider variables beyond their credit history, like academic achievements and future career goals.
MPOWER Financing offers student loans to undergraduate students as well as graduate students from Nigeria and other countries around the world who study in the U.S. You can borrow from US$2,001 to US$100,000 with 10-year terms of repayment that require no cosigner or collateral.
All MPOWER’s student loans come with a fixed interest rate; therefore, you don’t have to worry anymore if your rate increases over time. MPOWER has over 400 partner schools, all of which give out loans to their students. It offers visa assistance, career guidance, and the additional benefit of building a U.S. credit history as a student pays back the loan.
How does it works?
MPOWER assigns the school these funds, therefore easing a lot of financial problems. One loan is usually enough to cover an academic year, but students can still be eligible for additional loans if required after confirmation from the school about the amount.
Beyond simplifying student loans, MPOWER can refinance educational loans to come up with a new loan that is potentially more favorable through its refinancing option. In addition, it can refinance federal student loans and private loans as well, serving as a comprehensive debt management solution.
| Eligibility | An international student, DACA recipient, U.S. citizen, refugee, or asylum seeker; a citizen of one of more than 190 supported countries |
| Enrollment status | Undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program |
| State of residence | Admitted to or attending one of the 400+ approved schools in the U.S. or Canada |
3. Mod Education
Nigerian students will be able to access loans of up to ₦10 million to pursue any of the courses that are available from their partner institutions, whether it is an undergraduate or postgraduate course. This is how it will proceed: the bank will forward the money to the school instead of the parent or guardian.
The loan can only be applied for by a parent, guardian, or guarantor unless the applicant has an existing business with a good cash flow that can sustain monthly repayments on the loan.
MOD Education Fund provides educational loans to students who are willing to study in Canada, the United States, the United Kingdom, Australia, or Europe. Applicants from Nigeria can apply for this loan for any educational need, such as tuition, accommodation, and even living expenses.
International Student Loans Requirements and Eligibility
To access any of these international student loans from Nigeria, there are a few criteria that applicants must meet. They include the following:
- Proof of enrollment at any of the partner schools
- Study only in the supported countries, e.g., USA, Canada, UK, Australia, and Ireland.
- A valid visa
- A statement of purpose
- Resume
- Birth certificate
- A guarantor form from the parent or guardian
- And depending on your loan, a cosigner
- A valid visa
How to choose an international student loan
When choosing the right international student loan, take into account all the factors, like:
- Loan amount: Get an estimate of the total expenses for your education, such as tuition, fees, and other related costs, to name a few.
- Assess your capability to finance it through your savings, family support, scholarships, and part-time jobs before you choose the loan amount.
- Find the financing deficiency that would be covered by an international loan and take into account both short-term and long-term financing costs.
- Check out a variety of student lenders and loans open to Nigerian students who are hoping to study abroad.
- Consider the interest rates, repayment terms, loan limits, and eligibility criteria to determine which one to choose.
- Read the loan terms and conditions. Check whether the interest rates, fees, grace periods, and repayment options are appropriate.
Read also: Masters In Canada: Top 6 Canadian Scholarships for Nigerian Students
Conclusion
An international student loan from Nigeria can be an efficient instrument to solve financial students’ problems with their education abroad. These loans give students the chance to have their study abroad dream come true, which couldn’t have been possible through personal savings or otherwise.
Although educational loans for international students may not be the best option for every student, they are an effective mechanism for supporting those in financial need.
Students seeking study abroad loans must take time to thoroughly study the options available and carefully evaluate the loan terms to avoid defaulting on the loan.
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