Thinking of how to get a Study Abroad Loan in Nigeria? Well, you are not alone! Studying as a Nigerian student abroad is becoming more expensive due to the constant rise and fall of the Nigerian currency.
In this guide, I will walk you through different options on how you can get a Study Abroad Loan in Nigeria. Whether you are going for your undergraduate, master’s or Ph.D.. degree, you can get funding from this company. Additionally, you’ll learn how to apply for these loans. Let’s dive straight in!
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Why Do International Students Take Loans To Study Abroad?
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These loans for students to study abroad are a great way to pay your tuition or living expenses.
However, before considering a student loan, ensure you have exhausted other financial options like scholarships, crowdfunding, family loans, grants etc.
There are many reasons why international students take loans to study abroad. Some of these reasons are:
- Expensive schooling fees.
- No access to grants and scholarships.
- Tough competition for scholarship opportunities.
- Lack of support system from your country.
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How To Get A Study Abroad Loan In Nigeria
After calculating your financial cost and deciding to take a student loan, then you need to know how and where to request one. Here’s how to get a study abroad loan in Nigeria
- Research Lending Options
Ensure you properly research for the financial institution willing to lend study loans. Have a snapshot of all your conditions and use that information to streamline your search.
- Eligibility
Check the eligibility requirements of the available lenders. Also, confirm if your school (abroad) supports the chosen lender. Remember to check to see if the loan and repayment terms align with your situation.
- Submit Your Online Application
You can start by submitting an online application to the loan company. When your submission is completed the credit analysis team of the loan company will be reviewing.
- You Will Receive Your Offer And Other Terms
An offer will be sent to you for you to accept after reading it. It is very essential for you to carefully digest the content they are offerings and the conditions of the loan you are about to take.
- Final Approval
When you agree to the loan terms, and your documentation has been certified, the final approval will be issued to the facility.
- Disbursement
What is next is for you to receive a credit alert for the international study loan.
Once you receive it, avoid being swayed by the volume of the money; rather, make use of it for the purpose that you have stated in the documentation. However, some lenders can pay directly into your school account.
Companies That Offer Study Abroad Loan To Nigeria Student
Here are the top companies that offer study abroad loans to Nigerian students.
1. MPower Finance
This is a company that offers loans to international students in Nigeria. MPower Finance understands the challenges of financing higher education, thus offering flexible repayment terms and special programs geared toward students.
MPower operates online and offers custom student loans, allowing you to choose how you want to make use of it.
They also offer other services like free credit scores and credit reports that help students track their progress till graduation time.
MPower was established in 2015 with a team of financial experts who saw the need to give better financing options to Nigerian students in the USA.
The company is dedicated to simplifying the finance process to help students focus on what matters in their education.
2. Smart Credit Education Loan
This loan is only available for Nigerian students as they offer affordable repayment terms and a minimum monthly payment of $50.
Also, the program gives incentives for timely payment and it is possible to repay the loan after one month of your graduation.
This program is specially made for Nigerian students through the Standard Chartered Bank branch network.
Standard Chartered Bank is among the leading world’s financial services groups.
3. LendKey
The LendKey loan company has no upfront fees, no income verification, and no application fees.
LendKey accepts all Nigerian students regardless of their credit history. It has partnered with several lenders, including credit unions, banks and online lenders, that will provide loans to Nigerian students.
This company has a team of financial advisors that will help you navigate the process of applying for a student loan and assist you in choosing the best option for your situation.
You will also receive advice on how to save for your college, how to pay for your college and how to be on track toll with your educational goals.
4. Prodigy Finance
The Prodigy is an international loan company that accepts Nigerian students. However, you will have to fill out a separate application to be accepted.
After submitting your application, you will receive an email notification if you are accepted or denied.
You can also go ahead and apply for consideration up to a year after you are denied first. Prodigy doesn’t require you to have any standardized test scores or a specific GPA for admission.
This site is a good resource for students who want to have information about scholarships, grants and financial aid.
5. Access Bank Tertiary Education Loans Program
Access Bank is a reputable bank in Nigeria and offers a student loan program known as the Access Bank tertiary education loan program.
This is a program that was created to support Nigerian tertiary students with their educational expenses. It offers various benefits that include longer repayment terms, flexible payment options, and low interest rates.
However, you will need to meet certain eligibility requirements before you may qualify for scholarships or grants.
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Conclusion
Many companies offer student abroad loans in Nigeria to help you get valuable tertiary education. Join Us for more information on Student Loans and how to access them.
