Study Abroad Loans for Nigerian Students 2023/2024

As a Nigerian student, you can become whatever you desire to be in the future by applying for Study abroad loans as a student. You can get a student loan from the government or a private bank and these are funds that you have to pay back.

In this post, we have you covered on this:

– Study abroad loans for Nigerian students
– Study abroad loans for Nigeria
– Study abroad loans for international students
– GTB study abroad loan
– Study abroad loan in Nigeria
– Study abroad loan in Nigeria Nairaland
– Loans for Nigerian students who intend to study in the UK
– International student loans for African students.

Documents Needed To Apply For Study Abroad Loans

Visit the website of the loan provider and then proceed with your application. You will need to submit the necessary documents to the loan company, and they will decide whether your application should be approved or rejected.

Here are the documents required to apply for study-abroad loans as a Nigerian student:

• Valid passport and visa
• Proof of residence
• Identification proof
• Academic records
• Extra-curricular certificates
• Proof of admission to your university
• Extra-curricular certificates
• Wait for Approval. After your application, you will receive a notification that your loan has been approved.

Before then, you will be notified of the interest rates (fixed or variable rate) and repayment terms of the company you are working with.

Once you have agreed with the stated terms and conditions, your loan application will be approved, and the funds will be disbursed.

Study Abroad Loans For Nigerian Students

The following are the study abroad loans for Nigerians;

• Mpower Finance
• Prodigy Finance
• Future Finance
• Lendwise
• Education Advisory Service

Mpower Finance

Mpower Financing is a public-benefit corporation whose stated mission is to reduce the financial barriers to international education. It is based in Washington, DC, with an office in Bangalore, India.

It was founded by Manu Smadja and Michael Davis in 2014, both of whom attended INSEAD in Paris where they met. This institution helps students access education abroad without financial limitations.

It requires you to make interest-only payments while you are in school and for the six months following your graduation. These interest-only payments allow you to focus on earning your degree and getting a job before you enter full repayment while also building your credit history.

Get a fixed interest rate for the entire duration of their studies. You can receive a one-time discount of 0.25% on their interest rates by enabling automatic loan repayment through their bank accounts.

Students studying in the US and Canada at approved universities can apply funding to their tuition costs.

Nigerian students can borrow the amount they need – from as little as $2,001 up to $100,000 total ($50,000 per academic period).

Cise is a peer-to-peer loan platform, authorized and regulated by the Financial Conduct Authority (FRN 782496).

Lendwise Ltd is not covered by the Financial Services Compensation Scheme. Registered in England (Co. No. 10466048) with registered office at 3 More London Riverside, London, United Kingdom, SE1 2AQ. Registered with the Office of the Information Commissioner (No. ZA281795). Based in the UK and is regulated by the UK’s Financial Conduct Authority.

It provides private Postgraduate Student Loans and Professional Qualification Study Loans. The institution supports students, including Nigerians looking to fund their education at top universities.

Any full-time student approved for a Lendwise loan will have access to a grace period that enables them to repay the loan after graduation. You can also borrow up to £100,000, don’t need a guarantor, no early repayment fee, and no repayments during full-time study.

Education Advisory Service

Education Advisory Service (EAS) is an excellent platform for Nigerians to access international student loans. A joint partnership between MOD Group, First City Monument Bank, and a trustworthy institution.

The MOD hub provides counseling, admission assistance, and other services to eligible students, such as accommodation, flights, tuition fees, living expenses, and other costs of studying abroad and airport concierge services. These would be paid directly by the bank to your chosen institution and also, the EAS loan only covers five study destinations, including the UK, USA, Canada, Australia, and Ireland.

Also, see: Student Loan ACT – Fastest Way To Apply For Student Loan In Nigeria

Study Abroad Loans For International Students

Here are international student loans that require a co-signer.

Ascent Student Loans For International Students

If you are not a U.S. citizen or U.S. permanent resident, and you have a creditworthy cosigner who lives in the U.S. Your cosigner must:

• Be a U.S. citizen or U.S. permanent resident.
• Meet a minimum gross annual income.
• Be able to submit satisfactory proof of income.
• Have a minimum credit score. The minimum score required is subject to change and may depend on your credit score.

The lender offers a wide range of repayment terms, which can vary based on your loan type, and borrowers can postpone payments after graduation for up to 9 or 36 months, depending on the loan program.

Discover Student Loans For International Students

Discover Student Loans offers private student loans for international students who are attending an eligible US college or university.

International students require a creditworthy cosigner who is a US citizen or permanent resident. They also cover up to 100% of all of your school-certified college costs. International students do not need a Social Security number to apply.

Citizens Bank Student Loan For International Students

To be eligible for a Citizens Bank student loan, you must have a creditworthy cosigner who is a U.S. citizen or permanent resident.

If you choose student loans that require a co-signer: The interest rate you get will depend on the credit of the borrower and/or the cosigner, and your cosigner must have a reasonably strong credit history.

How To Get A Credit Report In Nigeria

As a Nigeria student, to get your credit report in Nigeria, you can follow these steps below: Visit the Credit Bureau of Nigeria website at https://www.creditbureau.com.ng/.

• Login to the site and click on “Get My Credit Report“
• Fill out the application form, providing your details such as your name, address, date of birth, and ID number.
• Nigeria has four credit bureaus: (CRC Credit Bureau, CreditRegistry, CR Services (Credit Bureau) Plc, and FirstCentral Credit Bureau).
• Then, select the credit bureau you would like to request your report from.
• Choose the type of report you want to receive, including a free account or a more comprehensive one for a fee.
• Provide any additional information the credit bureau requires, such as proof of identity or payment information.

Submit your application and wait for the credit bureau to process your request and provide your credit report.

In conclusion

If you are looking for how to pay for your graduate degree, Study abroad loans for Nigerian students may be right for you.  You can apply online quickly and receive a decision on your application as soon as possible. Share, like, and comment on this post.