COMPANIES OFFERING INTERNATIONAL STUDENT LOANS TO NIGERIANS
One of the most important factors to consider when selecting your study abroad destination is the access to student loans. However, not all countries offer this opportunity.
In fact, it can be challenging to find a loan opportunity for international students anywhere in the world.
Therefore as a Nigerian student, you need to consider all the sources of financial aid available for you while planning to study abroad.
You can diligently source for scholarship and make sure that you complete the application. You may also turn to family and friend for fund raising.
It is also possible for you to safe ahead of time for your study abroad.
However, when all these means seem unavailable or not enough, there are companies offering international student loans to Nigerians. Discover below how you can benefit from them.
CHECK OUT COMPANIES OFFERING INTERNATIONAL STUDENT LOANS TO NIGERIANS
Below are institutions that can offer international student loans for Nigerian students to study abroad
This is a highly reputable institution that gives out loans to international students in U. S dollar currency.
MPOWER finance focus more on students whose study destinations are U.S and Canada. You can request the loan for financing your tuition, accommodation, living expenses and study materials.
MPOWER financing renders loans to international students with or with no cosigner. You can apply online by following some simple steps.
An institution that prides itself as lenders to the undeserved is one of the companies offering international student loans to Nigerians.
The system is simple.
You will need to submit your application online and get feedback about the following day.
you will upload all your documents and other necessary information.
Then, they will verify your documents properly and ask you to sign to sign a promissory note.
Once you do all these, Stilt Finance promise that you will receive your loan offer in less than a week. At this point you will be requested to set up schedule for payments.
You can repay your loan at once or pay it in regular sessions. You don’t need a security number or a cosigner before accessing loan from stilt finance.
The interest rate is low and the method of repayment is flexible.
This is also one of the companies offering international student loans to Nigerians currently or planning to study abroad.
While prodigy finance may tilt towards post-graduate students, they remain one of the fastest growing international student friendly lenders in the world.
Thousands of students remain grateful to them for helping them in the realization of their potentials.
So far, 10,300 students have received loan from Prodigy finance.
Citizens of 150 countries have become eligible to apply.
Students from 328 schools has benefited.
505 million US dollar has been given to students as loan.
Today, with the help of many investors, this organization still continues to extend their tentacles to reach more students, schools and countries.
This is good news for you if you are planning to or currently studying in the UK.
“We support both European Union and International Students” says Future Finance.
This UK based highly respectable lender will give you loan as long as you can provide a guarantor.
Your guarantor must be a citizen of the UK and more than 25 years old. He or she must be living in the UK and must have been earning income regularly for more than 4 years.
As a borrower, you must be admitted to a UK university either for an undergraduate or a full time programme.
Application process is and you should be sure of a quick response. Future Finance can offer you £2,000 – £40,000
Again, you don’t need a cosigner to assess loan from this institution.
According to them, they believe every student need some external sources of financial aids to support their study abroad. Therefore they want to help you achieve your goal.
You can request for loan to pay your tuition, buy textbooks or cover living expenses. Global Student Loan Corporation has an extensive relationship with many schools and they can disburse your loan offer directly to them.
They remain one of the best places to seek International Student Loans for Nigerian Students to study abroad.
The application process is online. start by confirming if you are eligible and then submit the required documents. You loan will receive your loan approval within a short time.
More places you can find companies offering international student loans to Nigerians are:
2. NOMAD CREDIT
HOW TO ACCESS INTERNATIONAL STUDENT LOAN AS A NIGERIAN STUDENT
The best place most international students usually source for study loan is their home country. This is because you can easily sort out issue of collateral value and any other security options with local lenders
Notwithstanding, to say that financial institutions in Nigeria are not yet generous in the offering of student loans to study abroad is difficult to fault.
So what should you do if your only option is to find an international student loan to fund your study abroad?
1. Get an international admission letter:
The most important document to present when seeking international student loan is a proof that you have been admitted to study abroad.
In most cases too, you will need to provide a student visa to complete your loan application although you can apply before your visa is approved.
If the loan is meant for school fees, lenders will disburse directly to your school after proper verification is done and your loan is approved.
You may apply for international student loan anytime of the year and reapply at the beginning of each of your school academic session.
2. Have a good academic standing:
Mark Kantrowitz, an expert in financial aid said that new lender now focus on student borrowers that will most likely not default and at the same time have a high tendency of succeeding in what they do.
It is assumed that if you have an excellent academic performance, you will easily get a good job and repay the loan after your graduation.
Therefore do not be surprised when international lenders request for your academic transcript in the last school you attended. Your past academic record is a metric to predict your future performance.
3. Find a cosigner:
If your study destination is in the United States, you will need a cosigner. A cosigner serves the same purpose of a guarantor in Nigeria.
Your cosigner will be made to pay back the loan in case you default. He or she must be living and working in the United State as either a permanent resident or a citizen.
A guarantor from your home country is not allowed. Your relationship with the person may be a close friendship or family relation (parents, siblings, uncles, aunts or even distant relatives and so on)
What happens if you have no cosigner?
Although having a cosigner will help in increasing your chances of getting a student loan and also expedite the process, there are lenders that overlook it in case you are not able to provide one.
Therefore always use the search term “no-cosigner loan for international students”
4. Study in a well rated institution:
When it comes to access to international student loan, the standard of your school matters. In most cases, lenders give out loans only to students from top universities across the world.
In fact, international students in some schools are considered not eligible for student loan just because their school is not qualified.
Therefore, if you intend to sponsor your education with international student loan, strife well to secure admission in a school that has a good global ranking
5. Choose your country of study wisely:
Today, it is obvious that countries differ in their admission and study visa requirements for international students.
Therefore, it is easier to get admission to some foreign countries than others. However, if your target is on getting access to international student loan, then, you will shift your focus from just getting admission into any foreign countries.
Some countries will give you easy access to international student loan than others. Although as earlier said, nearly all government of any country will not issue out loan to international students, some private lending institutions will do.
However, even these private lenders will only give out loan to students studying in certain countries(with or without cosigner)
HOW TO REPAY YOUR INTERNATIONAL STUDENT LOAN
Your loan term will explain this. However, it generally depends on your answer to the following questions?
When will you commence repayment?
There are different options you can choose from. It may be when you complete your study or even during the course of your study.
How long will you complete repayment?
This depends on the amount you collect but most lenders can give you up to 10-15 years period of time to complete your repayment.
In fact, lenders are now flexible and you can decide to round off your repayment earlier than schedule. If you have the means also, you can make a one-off repayment of your student loan.
There will be no penalty for doing so. However, it is not advisable not to pay up within the stipulated time.
Notwithstanding, in case a terrible situation will bar you from keeping to your maximum repayment period, you may apply for an extension.
Will you defer your payment?
Lenders permit you to defer the interest on the loan for some times while you pay the principal alone.
You can also choose to defer the principal for a while and be paying the interest on the loan alone. This is especially applicable as long as the student is yet to graduate.