Looking to study abroad but worried about the costs? Check out our guide to the top educational loan firms for Nigerian students in 2023.
These companies offer loans of up to $100,000, making studying overseas more accessible and affordable.
Don’t miss out on the opportunity to pursue your dream education abroad.
Why Nigerian Students Want to Study Abroad
Nigerian students are interested in studying abroad for several reasons.
The desire is to obtain a superior education, elevate their living standards, and access improved career prospects.
Moreover, Nigeria’s high unemployment rate is making it necessary for students to seek better education and career options.
Importance of Finding Financial Aid for International Students
Finding financial aid for international students, including Nigerian students, can be difficult.
Therefore, it is essential to identify companies that provide international student loans to Nigerians.
Some companies that offer such loans are Education Advisory Service, Mpower Finance, Future Finance, Lendwise, and Prodigy Finance.
Loan Providers for Nigerian Students
Nigerian students have various loan providers they can consider when seeking financial aid for their international education.
Each loan provider has unique features, eligibility requirements, and loan terms. Some loans offer fixed interest rates, grace periods, and repayment vacations.
Additionally, loan providers offer services in specific regions or fields of study, such as the UK, USA, Canada, Australia, and Ireland, or business, public policy, law, medicine, science, and technology.
The Education Advisory Service (EAS)
The Education Advisory Service (EAS) is a collaboration between First City Monument Bank and MOD Group.
Only FCMB is authorized to offer the EAS loan, which covers the UK, USA, Canada, Australia, and Ireland.
The loan covers the applicant’s tuition, living costs, and other study-related expenses. The bank will pay all of these expenses to the institution of the applicant’s choice.
Mpower Finance provides loans for students who want to pursue higher education overseas regardless of their financial situation.
Nigerian students can borrow between $2,001 and $50,000 per academic year, with a total limit of $100,000.
Additionally, recipients of this loan will pay fixed interest rates for the duration of their studies.
Future Finance, a UK-based loan provider, previously aimed to help students free up money for studying abroad, but it no longer accepts loan applications from new and existing clients.
However, the company has received positive feedback.
In November, Future Finance transferred the legal and beneficial title of the loan arrangements involving its clients to Asset Link Capital. UK students can borrow £2,000 to £60,000 for 7 to 10 years to finance their studies.
Lendwise might be the best option for Nigerian students who want to pay for their graduate degree.
Lendwise helps Nigerian students pay for their education at prestigious universities.
Full-time students who are authorized to borrow from Lendwise can enjoy a grace period to repay the loan after graduation.
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Studying abroad can provide Nigerian students with a better education and advanced career opportunities, but it can be costly.
Nigerian students have access to international student loans from companies such as the Education Advisory Service, Mpower Finance, Future Finance, Lendwise, and Prodigy Finance.
It is essential to research each option carefully since each loan provider has unique features, eligibility requirements, and loan terms.