Study Abroad Loans for Nigerian Students
Ahmed Ali's father's business had crumbled because of a bad loan. The bank exchanged the family's golden spoon and left them with a clay spoon when it took everything the family-owned to repay the loan. Ahmed struggled through school, and a study abroad opportunity came for his Masters's in the United Kingdom, but there was no funding.
Someone told him about studying free and paying later with a study abroad loan for international students in the UK. He didn't allow the information to settle in his mind before rejecting it. Five years have gone since that opportunity came, and the Nigerian economic situation has not spared him. The exchange rate and overseas immigration policies have become fierce, and regrets about not considering international student study loans will not spare him.
Many students need to realize that they could use study loans to fulfill their dreams of studying abroad. While many Nigerian families have bad experiences with refinancing loans, here is why you need to know about study-abroad loans for Nigerian students:
Read:International Student Loans For Nigerians Traveling to the USA & Canada
Prodigy Finance
Prodigy Finance offers Nigerian students loans without a co-applicant or collateral to help them realize their study abroad dreams. With the loan, students don't have to worry about their educational expenses. For instance, all costs, including living expenses, tuition, and a few fees, are covered.
Life abroad could be challenging for international students, and Prodigy understands this. You can begin refinancing your Prodigy student loans six months after graduation, and this payback period is up to 20 years.
However, students must take approved courses in schools before qualifying for this loan. Furthermore, Prodigy Finance accepts medicine, law, public policy, science and technology students, and business.
Primary Documents Required:
1. Proof of identity (your passport)
2. Proof of income
3. Proof of savings (if applicable)
4. Proof of admission
5. Proof of address
6. Proof of scholarships or company sponsorship (if applicable)
7. Financial aid form (if applicable)
Pros
1. No co-signer, collateral, or credit. You don’t have to struggle with a co-signer or producing collateral. Prodigy Finance offers loans based on your future earning ability.
2. 7 to 20 years repayment loan period. Note: A longer term will lower your monthly payment but increase your interest rate—unless you pay off the loan early.
3. Lots of assistance with funding.
4. Quotes for some programs
5. Assistance with funding, visas, admissions, and other supports, especially when using Pay4Me App for your study loan application.
Cons
1. Funding is limited to certain schools, countries, and degree programs
2. Only available for international graduate students
Loan Eligibility and Approval
1. Be at least 18 years old
2. Be from an eligible country and study in a different eligible country.
3. Be accepted into an eligible graduate degree program and college
Read: US Study Abroad Guide for International Students
Are Co-Signers Required for Prodigy Finance Loans?
No, you don’t need co-signers in applying for a Prodigy Finance loan.
Is Loan Pre-Qualification Available?
Yes, you need to pre-qualify by filling out an application to get a provisional loan offer valid for two weeks.
Prodigy Finance Loan Approval and Disbursement Period
Prodigy Finance adds international students to a funding waitlist after their pre-qualification filling and loan offer. The waitlist can take a week to be reviewed before a funding match is offered.
Mpower Finance
Mpower Finance offers international students opportunities to study abroad with educational loans regardless of their financial status. Students can pay for their housing, health insurance, books, or tuition with the loans acquired.
However, students must attend eligible universities in Canada and the United States of America. Nigerian students can borrow between $2000 and $100,000 ($50,000 each academic year).
Students start their loan payback payments at least six months after graduation and complete it within a ten-year repayment term.
Read: Health Insurance for International Students: A Guide
Pros
1. No co-signer requirement
2. A repayment period of ten years
3. Offers significant interest rate discounts
4. No need for a credit score or history
Cons
1. Offers one repayment term of 10 years
2. Not all schools are eligible for the loans
Loan Eligibility and Approval
1. MPOWER Financing loans are available to students at select schools in the US (all 50 states and DC) and Canada.
2. You must be a student
3. You'll need to maintain half-time enrollment at an eligible school.
4. You must be the age of majority in your state of residence.
Are Co-Signers Required for MPower Financing?
No, MPOWER Financing does not require a co-signer before it can offer international student loans.
Is Loan Pre-Qualification Available?
No, MPOWER does offer loan pre-qualification but provides a short pre-qualification application.
MPower Financing Loan Approval and Disbursement Period
It can take at least 30 minutes to fill out your in-school loans, and the loan disbursement timeline can vary depending on the student. It takes at least seven business days to review a student’s loan application, including a four-day rescission period.
Which banks in Nigeria give student loans to study abroad?
Some companies like Pay4Me App offer Nigerian students study abroad loans like Mpower Finance and Prodigy Finance.
Are Nigerians eligible for Prodigy Finance and Mpower Financing loans?
Yes, Nigerians can apply for MPOWER Financing and Prodigy Finance without a co-signer or collateral.
How to get a student loan to study in Canada from Nigeria?
Use Pay4Me App to qualify for a loan as an undergraduate or graduate student.
Is it possible to get a student loan in Nigeria?
Yes, Pay4Me App can help you with student loan applications to study abroad.
How to Apply For Study Loans in Nigeria with Pay4Me
One of the best ways international students can apply for a study abroad loan in Nigeria is through a reliable-trusted payment platform like the Pay4Me App. With Pay4Me App, you can process your MPower Financing or Prodigy Study loans in minutes without leaving home.
Follow the steps below to apply for your study loan:
Step 1: Download the Pay4Me App from the Google Play Store or Apple Store. Sign up using your full legal name, phone number, and country of residence.
Step 2: Navigate to offers and click on study loans.
Step 3: Click on "Begin Assessment." Answer a few questions to find the study loan options and services matching your need to help Pay4Me produce a suitable loan provider for you
Step 4: Proceed to any loan options and start your application.
In Conclusion
You don't have to suffer like Ahmed for your study abroad pursuit because of a lack of funds. With Pay4Me, you can solve your cross-border challenges like payments and funding.