Do you want to know How To Get a Loan To Study Abroad In Nigeria? Then follow up on this content.
Distraction will be glued to you easily if you are not financially buoyant in your education while studying in a foreign country.
Financial constraint is one of the major reasons why international students never reach their physical and academic superpowers when they are studying.
So when you seek a student loan, especially as a Nigerian student does not have to be difficult. In this article, you will have broad information on how to get a loan to study abroad.
READ MORE: Get STUDY ABROAD LOANS in Nigeria
Why Do You Need International Student Loans?
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International student loans are a great way for you to pay your tuition or living expenses when you are studying abroad, I recommend that you have to exhaust every avenue to get financial help like grants, family loans, scholarships, crowdpleaser
etc.
There are many reasons why someone will need an international student loan. The reason includes:
- Expensive cost of tuition fees.
- When there are no grants and scholarships.
- Where there is strong competition.
- No support system from the government of your country.
READ MORE: How To Get Federal Employee Loans
How To Apply For International Study Loans
When you have evaluated your financial situation and decided to take the student study loan then you must then know how and where to request It:
Moreover, this is the breakdown of how your international study loan should go from the beginning to disbursement with any interruptions.
Search For A Lender
You have to do proper research on the financial institution that are ready to lend to a student like you. You can send them all your conditions and use that details to streamline your search.
Eligibility
You need to check your chosen lenders maybe you are qualified. Also, try to confirm the school will support the chosen lender. Also, I o check with you to see if the loan offer and repayment terms align with your situation.
The Submit Your Application
Then make sure you submit your application to the loan company. When you do that then the credit analysis team of the loan company will do a proper review of it.
Accept Your Offer And Terms
The next step is that an offer will be sent to you to read and agree with. You must read, digest and understand the conditions of the loan you are about to take.
The Final Approval
When you agree to loan terms then your documentation will be duly certified as the final approval is issued to the facility.
Disbursement
What next you need to do is to receive the credit alert for the study loan. When it is received don’t be carried away by the volume of the money, rather than use it for the purpose that you have stated in the documentation. Most lenders pay the school directly.
Who Is The Major Provider For Loans Study Abroad In Nigeria?
The first thing you need to know is about obtaining loans to study abroad in Nigeria which these loans are mostly funded by foreign bodies.
Also, there is a handful full of government full-time scholarships to send indigenes abroad. In essence, you are left with one of two options.
Then apply for the global scholarships directly or you can use the indigenous education advisory service.
The Global scholarships will leave you to fend for yourself as you apply directly to international scholarship bodies across the world.
Moreover, you can go through the indigenous education Advisory Service which will make the process a lot easier.
What Is Education Advisory Service?
The education advisory service (EAS) is a unique institution that will help Nigerians have access to the benefit of educational loans.
Furthermore, they will counsel, process your admission, technical support, and manage support for individuals.
The enrolment managed the support that includes flight, accommodation and airport temporary accommodation for the qualified students.
Moreover, EAS is a reliable institution that is formed with the joint corporation between MOD Group and First City Monument Bank (FCMB).
Things That The Study Abroad Loan In Nigeria Will Offer?
When it is successful the EAS loans will cover for your tuition fees, living expenses and other things you will need when studying abroad.
Also, the successful applicants will have to get the money that is donated directly to the school’s account on their behalf.
However, there are several available loan features on the platform of EAS, that act as the middleman rather than giving loans for themselves.
Benefits For The Education Advisory Services
Presently, obtaining the scholarship through the EAS platform has many benefits:
- You will enjoy discounts for your travel fares as it covers major airlines that include Virgin Atlantic, Etihad, Delta and Lufthansa.
- The complementary money card for your choice either through MasterCard or Visa Educational loan support which is close to $25,000 in school fees.
- There is a fair deposit rate with zero banking charges on every transfer you make for your school fees payment.
Countries That Are The EAS Eligible For Loans To Study Abroad In Nigeria
When you apply directly, then you have many options to pretty much apply to any school in the world. In reality, it is because most of the applications can be done online.
However, you can choose to apply through the EAS, your options will become limited to the following countries:
- Canada
- United Kingdom
- United States of America
- Ireland
- Australia
Also, the EAS is available to the members in the public with an account in FCMB. You can also ask for more details by visiting any of the official outlets. Furthermore, they are available through any of the OD group educational offices.
READ MORE: Global Student Loan Corporation
Conclusion
To make research for loans to study abroad is not tedious as the application process when you miss a step. Therefore, that is why many recommend registering with an institution like EAS, as it provides support for you. Then you can choose to go indirectly that depending on your preference. For More Join Us Here
