SOURCES OF FINANCIAL AIDS FOR NIGERIANS TO STUDY ABROAD
Studying abroad is a major career dream for so many students, and it’s no surprise, because international studies opens up a bigger and better career path to one.
Unfortunately, the cost of college education increases by 6% every year, most students, especially those in the third world countries , find accessing funds a major ache.
You will find out that the majority of international students that are interested in going to the UK are not able to support themselves. Hence, they need to look at other options with which to fund their studies.
So, for the student with no clue as to how to get funding for their studies; let’s take a look at some common sources of financial aids
1. Home country
Unknown to many people, your home country can be a great source of financial aid for studying abroad.
This could either be the government; at the local, state and federal levels, or from countries based in your home country.
You can contact your state or local government to see whatever is up for grabs. Next you can also reach out to big companies in your country to see what funding opportunities there may be.a
In Nigeria there are federal government agencies like the NNDC, TETfund and the PTDF that sponsors Nigerians for international education.
Also, the federal government of Nigeria through the Ministry of Education has some Bilateral Educational Agreement (BEA) program with some countries. This enables a number of their students to receive free international education.
Some of these countries include Russia, Serbia, Hungary, Turkey, Romania, Ukraine, Macedonia, Turkey, Cuba, China, Japan, South Korea, Morocco, Algeria and Egypt. The partnership provides a study scholarship for Nigerian students to study for undergraduate and postgraduate degrees.
2. International Organizations
A lot of organisations like Fulbright Commission that grant financial aid to students all over the globe.
Here’s a list of other big organisations that give funding assistance to students;
- The United Nations
- World Council of Churches
- Soros foundation
- World Health
These organizations will require that you apply from your home country, so you will need to plan ahead for this.
3. Student loan
Student loans are another great option for students looking to study abroad.
First you’ll have to understand the whole loan process to be able to evaluate which loan option works best for you.
Next, apply right online.
Then your loan will be evaluated, and if approved you will need your school’s authorization.
Student loans are funds that you have to pay back, and basically function like any other loan, aside from a few slight differences.
You can get a student loan from a private bank either in your home country or the country you wish to study in. Some loans are based on financial needs, while others are much like any other loan and are based on your credit score.
If you have taken out a student loan for tuition fees, you don’t need to pay back until after you must have graduated; usually from six months after graduation or completing the degree.
Now, depending on the amount of the loan, you may be required to repay the loan within five to ten years. However, certain European countries allow a window period of fifteen years.
Acquiring a student loan is actually a really good option, still you need to be very cautious about the whole process. It surely won’t hurt to over – check and do your homework and research thoroughly.
Since taking out loans are generally a very big decision to make, its really important to think it through, before taking the leap.
4. Student prizes
Student prizes, mostly range from $5000 to $15000.
They are academic programs organised to reward the efforts and achievement of outstanding students.
Prizes can be awarded to students within any discipline and at any level at all.
Student prizes are a great source of financial aids. It ultimately encourages young people to study abroad as part of their tertiary education. This is important for them experience and explore new countries, cultures and languages.
An example of a student prize award program is the global study awards. It was launched in August 2015 together with ISIC association and British Council. It offers students the chance to receive up to £10,000 to expand their horizon and study abroad.
The Global Awards recognises studying abroad as a positively life changing experience for many students. It will open their minds to alternative ways of personal life and professional career. Intercultural understanding and tolerance will also be promoted.
5. Scholarships and grants
Here is one of the sources of financial aids for Nigerians to study abroad.
There are maybe a hundreds and more scholarships available for students looking to school abroad. Most scholarships come in the form of tuition fees and other living expenses. Of course, not all scholarships are created equal.
Some only cover living expenses, while some others offer a partial cash grant.
Still, there are those scholarships which cover everything ranging from; tuition fees, living expenses, and sometimes include travel costs, text book allowance, insurance, and so on.
Fully – funded scholarships usually provide most, if not all of your total costs for studying abroad.
Here’s a comprehensive list of some fully – funded scholarship programs
- Fulbright foreign student program
- British Chevening Scholarship
- Endeavor Post – graduate awards
- Swiss Government excellence scholarship
- Swedish scholarships for international students
- New Zealand development scholarships
- Gates Cambridge Scholarships
- Clarendon Scholarships at University of Oxford
- Warwick Chancellor’s international scholarships
- Westminster international scholarships
- University of Bradford Global Development Scholarships
- Adelaide Scholarships International
- University of Sydney International Research Scholarships
- University of Maastricht High Potential Scholarships
- Amsterdam Excellence Scholarships
- ETH Zurich Excellence Masters Scholarship Program
- International Leader of tomorrow award at university of British Columbia
- Lester B. Pearson International Scholarship Program at University of Toronto (Canada)
6. Your family members
While the financial situation in the country may look a little grim in this supposed post-recession period; It is not entirely hopeless.
Students who are planning to get international education can still look to their family members for financial support. As a matter of fact, the first and best place to go seeking for financial aids is your family! Ask your parents, your uncles, your aunties, cousins and even your siblings.
I encourage you to reach out to your family and really close family friends for financial aid to study overseas.
According to a recent studies by the Institute of International Education (IIE), nearly 65% of all international students were being funded by their family and relatives.
This is quite true; the biggest source of funding for international students comes from their own family.