HOW NIGERIANS CAN GET INTERNATIONAL STUDENT LOAN TO STUDY ABROAD
Access to international education is a tremendous and exciting opportunity that gets many Nigerian students really excited. It is therefore necessary to explain how Nigerians can get international student loan to study abroad
One can talk about the enormous power and benefits of international education but the cost can be a real nightmare in many cases.
A university education in well-developed countries such as the USA, Canada and the UK is very expensive — for citizens and international students alike.
Undoubtedly student loans serve as a saving grace for students to pay for tuition and cover living expenses.
Meanwhile, student loans for international students are often difficult option: you will not be eligible for federal loans, and even where that is possible, the process is a little more complicated.
However, in this article, we will discuss everything you need to know about getting an international student loan, figuring out what type of loan is right for you, and smart ways to go about it.
Evidently, most international students spend their time seeking loans and grants to sponsor their education. These options are definitely more desirable.
In reality however, even the students who get them may also need additional financial assistance. This happen because you can get scholarships and grants in a variety of amounts.
The scholarship may not be full time such that it only covers only a percentage of you tuition and living expenses. Also, scholarship or grants could be lost or reduced over the course of your study.
As international students, you are ineligible for most loan offers from the federal government of your host country.
Notwithstanding, there are companies offering international student loans to Nigerians. These loans do come at a price though but they are a more widely available and reliable source of funding your study abroad.
HOW TO PROCESS INTERNATIONAL STUDENT LOAN
Student loans have a number of variables. Some loan package may be better for you than others, depending on your situation.
At the same time, the factors to consider when applying for loan are generally similar: check below for the important ones:
How much should you get as a loan?
At first glance, a loan might seem like an awesome way to get a huge sum of money and spend the way you want. However, don’t forget — you will have to pay this money back eventually.
Again, the interest on a large loan will add up very quickly.
Therefore, when on the hunt for the perfect international student loan — a good place to start is determining how much you really need.
Also, how much you can afford to pay back. You will not want to be applying for loans that you don’t really need.
This is not meant to discourage you but simply make you become aware of what lies ahead. After all, the education you are seeking will make the repayment of these loans both possible and well worth it in the long run.
What about the interest rate?
As expected, interest rate on a student loans is determined by many factors. Federal student loans usually offer lower interest rates but are not available for non-citizens as earlier stated.
Lenders also consider you’re the level of education you want to borrow for your credit history and your ability to provide a cosigner. The rating of your school and your past academic performance is also cogent.
Credit does not usually come into play for international students, as they have no credit upon coming to the USA, Canada or the UK. Undergraduate borrowers might pay more interest rate when compared their graduate counterparts. Cosigners are discussed in-depth later on.
Averagely, you should expect to pay between 2 to 14 per cent as interest rate on most international student loan.
How do the terms and conditions look like?
When assessed from a far, processing Student loans can look complex. However, the process is getting simplified day by day. Let us first talk about available repayment options.
It is good to know the general loan repayment option despite that each lenders may have some varying alternatives. This background information will guide you while making your loan search.
1. Standard and Extended Repayment
Here, there is a fixed amount you pay monthly for a period of time. You may pay it for up between ten to fifteen years. You can also extend the repayment should there be an important reason.
2. Graduated Repayment
As the name implies, your repayment amount will gradually gear up with time. This is because when you graduate and get a job, you will have the capacity to increase your repayment rate.
3. Income-Based Repayment
Here, you are allowed to vary your repayment amount in line with your level of income at any given time. This is of course flexible and has a little more security. Your payments will not jump up when your level of income is constant or even lowered at given time.
When is the best time to apply?
When it comes to the application, the sooner the better. If you follow the steps above and provide all important documents, your loan should be approved within two weeks.
What are the required documents?
Right. This will largely depend on the ‘lender’ and your own peculiar requirements. This part of the process should be relatively easy as they will usually not require anything more than the documents you used while processing your admission.
Proof of acceptance to a university or college: you will need to show enough proof that you have been properly accepted into a higher learning institution. This is the most important criteria to fulfill while seeking international student loan
Visa: Your student visa will need to be valid at the time of application
Study destination Address: It does not mean that you have to be a permanent residence, but you will have to provide the address of the location you plan on staying in in your host country.
A cosigner: If you are an International students applying for loans in the USA or Canada,you will need to provide a cosigner required.
However, in case you do not have access to a cosigner there are companies offering international student loans to Nigerians without cosigner. According to law,He or she will have to repay the loan should the borrower default.
Someone who would be cosigner must be a permanent resident and have good credit. he must have been living and working in the USA or Canada for more than two years.
He can be a friend or family member.
Is there a limit to the amount I can apply for?
International student loan can cover your tuition and other living expense as stated earlier. So, you can request for an amount that will be enough for them.
It is good to get information from the financial aid department of your school. They will guide you on the amount of loan to take.
They may have other sources of financial aid for you. Once your loan application receives approval, the lender will pay the tuition directly into your school account.
Also, if you apply for loan that caters for living expenses, you will receive the payment directly into your account
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