4 Proof of Fund Alternatives for Nigerian Students
Many international students end their study abroad pursuit after receiving their admission letters.
How do you convince a student who has fought against odds to grab a slot in Harvard that she should forfeit the opportunity because of funds? With the alarming rise in the exchange rate, funds are a major hindrance that keeps many Nigerian students from studying abroad.
Whether you want to study in the UK, Canada, or other foreign countries, you must present a proof of fund (PoF) to prove your financial capability before a student visa is given to you.
Thousands of students watch their dreams crash every year because they can't meet their financial obligation. Thanks to financial platforms like Pay4Me, which offers international students from Nigeria and Ghana student loans, especially those travelling to the United States of America or Canada.
What is Proof of Funds (PoF)?
Proof of fund means financial evidence in custody, security, or bank statement proving that an individual can cover expenses for a period. PoF is a document with details of sufficient funds required for a specific task, like covering education expenses.
Without PoF, you may not receive a student visa and study permit in a foreign country. While you can get this financial proof from a commercial bank, we recommend that you follow the legal procedure to obtain your PoF.
If you submit a fraudulent PoF to a Consulate, you can lose your student visa or get banned from the country.
Alternatives to Show Proof of Funds
A sponsor can relieve your stress of finding ways to fund your account. Who can be your sponsor? Anyone can be your financial sponsor. Sometimes, you may not have loved ones who can sponsor your education, but you can find strangers who can help you.
So, you don't need the large amount in your accounts with the support of a sponsor. Instead, you can achieve your study abroad dreams with the sponsor's PoF and a letter explaining their relationship with you and why you need financial help.
With a scholarship letter, you may not have to show financial proof that you can take care of yourself abroad. A scholarship can handle such a request, especially if you earned a fully-funded scholarship.
On the other hand, if an agency sponsors you, you will receive an official scholarship letter detailing the amount you received and the terms associated with such a scholarship. If you don't have a fully-funded scholarship, you should provide documentation that can cover the remaining part of your study abroad.
Student loan makes it easier to study abroad without PoF. However, Nigerians may not find it easy to find this type of funding. However, Pay4Me has made it possible for students from Nigeria and Ghana to access student loans.
Get up to $100,000 in loans to study abroad in the United States and Canada. Applications are super easy. No cosigners, collateral, or US or Canada credit history is required.
Pay4Me Eligibility Requirements for a Student Loan
· An undergraduate or graduate student within two years of graduating or about to begin a 1- or 2-year program.
· An international student, DACA recipient, a U.S. citizen, refugee, or asylum-seeker.
· To refinance, graduate, and work in the US or Canada for a minimum of 3 months.
· Admitted to or attending one of our 350 approved schools in the U.S. or Canada.
With a Gift Deed, you can have a piece of documentary evidence that someone can foot your bills abroad. This type of funding comes from your sponsor’s account. Many Nigerians use the statement of account of their sponsors as PoF. However, if you have a close relative as your sponsor, you may not need Gift Deed.
Learn more about our student loan partners and application process here.