The world of higher education has expanded far beyond the confines of one’s homeland, offering a plethora of opportunities for intellectual and professional growth. For Nigerian students, pursuing a study abroad experience can be a transformative journey, opening doors to diverse cultures, cutting-edge research, and global networks. However, financing such aspirations can often pose a significant challenge.
Study Abroad Loans for Nigerian Students
Fortunately, a growing array of study abroad loans cater specifically to the needs of Nigerian students, providing financial assistance to make their global education dreams a reality. These loans can help cover the costs of tuition, accommodation, textbooks, travel expenses, and living stipends.
Types of Study Abroad Loans for Nigerian Students
There are two primary types of study abroad loans accessible to Nigerian students:
- Co-signer Loans: These loans require a creditworthy co-signer, typically a parent or guardian, to guarantee repayment in case the student defaults.
- No-Cosigner Loans: These loans do not require a co-signer, making them more appealing for students who may not have a suitable co-signer. However, these loans often have higher interest rates.
Eligibility Criteria for Applying for Study Abroad Loans
To qualify for study abroad loans, Nigerian students must typically meet the following criteria:
- Valid Student Status: Students must be enrolled in a recognized academic program at an accredited institution abroad.
- Citizenship and Residency: Students must be Nigerian citizens with a Nigerian passport and should not have any outstanding debts in the country.
- Creditworthiness: Applicants may be required to demonstrate a minimum level of creditworthiness, even for no-cosigner loans.
Some eligible schools in Canada include;
- Alberta University of the Arts
- Brandon University
- Dalhousie University
- Crandall University
- McGill University
Loan Application Process and Documentation Requirements
The application process for study abroad loans varies among lenders. However, it typically involves completing a detailed application form, submitting supporting documentation (student transcripts, financial statements, and visa information), and providing an online or in-person interview.
Lenders Offering Study Abroad Loans for Nigerian Students
Several reputable lenders offer study abroad loans specifically designed for the needs of Nigerian students. Here are a few notable options:
- 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 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.
- 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 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 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.
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.
- 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
- 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.