With the alarming number of postgraduate applications, there has been an increase in the number of companies that offer study abroad loans in Nigeria.
Study abroad loans are funds you borrow to finance your academic expenses, hoping to pay back with interest in time.
As a prospective international student currently in Nigeria, you need huge financial resources to study abroad.
Your academic expenses to study in a foreign country can cost an arm and a leg.
Therefore, amongst other sources of funding, getting a student loan is a major way to finance your studies abroad.
If you didn’t save enough, you can access education loans to study abroad from these companies in Nigeria.
1. Vicson Study
As one of the best educational agencies in Nigeria, Vicson Study provides students with study abroad loans.
The loan is accessible to only international students who secured admission through their agency.
To tackle the challenge of insufficient funds in achieving your academic goals, they provide up to $100,000 in loans.
They focus on providing education loans for study in universities in the US or Canada.
2. MOD Education
MOD Education is not only a study abroad agency but also offers an Education Advisory Service (EAS) in Nigeria.
Part of its work as EAS is to enable International students from Nigeria to access international loans for their education.
First City Monument Bank (FCMB) liaises with MOD Group to provide an EAS loan that covers your tuition fees and other educational costs.
MOD Education provides finance for international students in specific study destination countries, which include Ireland, Canada, the USA, Australia, and the UK.
3. EdFin Microfinance Bank (Edfinmfb)
If you want access to the best study abroad loans in Nigeria, EdFin Microfinance Bank provides the financial resources for your education.
Committed to its resilient support to Nigerians studying abroad, EdFin microfinance bank is the first edu-specialized Microfinance Bank in Nigeria.
They provide up to N30 million naira in funding for proof of funds and study purposes.
To get an education fund from EdFin MicroFinance Bank, you need to fill out the application form.
You can access the form online on their website or visit their head office located in Lagos, Nigeria.
4. Sheds Financials Limited
Seeking a Nigerian indigenous education loan company that can support your academic goal?
Sheds Financials Limited is here to smash your financial barrier to studying abroad.
Building on the foundation of financial education, Sheds Financials Limited makes loans available to prospective international students
5. Ascent Funding
Aside from providing a loan for your education, Ascent funding also provides you with resources for financial success while in school and after graduation.
They provide loans of $200,000 for undergraduate students and $400,000 for graduate students in more than 2200 colleges in the US.
This makes Ascent funding a final stop for all your education funding.
You can get study loans from Ascent Funding with or without a Consigner.
With an array of flexible options for repayment plans, you can start payments after nine months of graduation.
You can also choose to repay with either fixed or varied interest rates.
6. Prodigy Finance
Though an international study abroad loan agent, Prodigy Finance still extends its helping hand to international students from Nigeria.
If you are tired of all the bottlenecks associated with getting study abroad loans from indigenous Nigeria loan apps, you can opt for Prodigy Finance.
With their digital application process, you can easily apply for study abroad loans as a Nigerian.
You will need an acceptance letter from one of their partner schools to get the loan.
7. Future Finance
If you are a Nigerian living permanently and studying in the UK, you are eligible for this loan.
You can access loans from €2,000-€15,000 and pay up in 7-10 years.
The loan can cover tuition payments and living expenses.
8. MPower Financing
Did you get admission to a university in the US or Canada and you are currently seeking a student loan for your education?
Then, you shouldn’t miss out on the MPower finance study abroad loan.
With available $2,001- $100,000 loan options for international students, MPower Financing is here to meet your academic needs.
You don’t need a collateral or cosigner to access this loan for your bachelor’s program, postgraduate, and diploma.
To access the Mpower Financing study loan, you need to be a full-time student in one of their partnering universities in Canada and the US.
They partnered with Union Bank to ensure access to loans for international students from Nigeria.
9. Global Student Loan Corporation (GSLC)
With their strong partnership with financial institutions in various parts of the world, GSLC provides study loans to students from different backgrounds.
This fund covers school fees, housing, travelling and other relevant expenses.
10. Global Education Management Services
In helping international students like you cater for their expenses, GEMS provides these loan services.
You need a cosigner to access this loan.
However, you can decide to free your cosigner from the loan agreement after graduation once you meet the required terms and conditions.
You can use the loan for your career training and degree programs.
Global Education Management Services collaborates with Sallie Mae to offer loans to students.
They provide loans ranging from $1000- $30,000 depending on the need at hand.
How To Get These Study Abroad Loans
You can access a study abroad loan by:
- Visit their office or the company’s website for the application form.
- Submit your required documents to the office or upload your documents on the website for approval.
- Wait for your loan approval and offer.
- Receive the loan through your academic institution or your account.
You need to provide the following before you can access study abroad loans in Nigeria.
- Identity cards and passport photograph.
- Bank Verification Number and statement
- Admission letter and guarantor form
- Payment Advice from the school
- GSI and Direct Debit Mandate
- Completed application form.
Why Do You Need To Study Abroad?
According to the UNESCO report (2023), Nigeria ranks 10th country in the International Student Leading Place of Origin.
With 71,753 Nigerians studying abroad, this is an indicator that international study is a diamond in the rough.
Here are reasons you need to consider studying abroad.
- Studying in top academic institutions in the world will give you international exposure to gain global skills.
- Studying abroad presents you with the platform to interact with diverse cultures, people and networks.
- International education provides a better learning experience to promote your career growth and development.
- With a life-changing study abroad learning experience, you get to boost your employability skills and access better job opportunities on a global scale.
Travelling abroad for your study is a great opportunity to travel to different regions of the world and possibly get a better place to settle.
It will improve your communication, independence, problem-solving, critical thinking, and resilience skill.
Studying abroad is a tough yet worthwhile adventure that has helped many Nigerians get better opportunities and quality of life.
Frequently Asked Questions
Can I get a student loan in Nigeria to study abroad?
Yes, you can get loans to study abroad from individuals, local and foreign financial institutions, and study abroad agencies.
What are the study abroad loans in Nigeria?
Studying abroad loans in Nigeria include loans from MOD Education, Vicson Study, Edfin Microfinance bank, Sheds Financial Limited, and Prodigy Finance.
Can I get an education loan to study abroad without collateral?
Yes, you can get a study abroad loan without collateral.
Conclusion
You can’t afford to jeopardize your big dream of studying abroad at top universities in the world because of financial limitations.
Because quality education remains the passport to the future you desire.
Therefore, you can choose to fund your education using study abroad loans from both local and foreign financial institutions.
Or you can apply to some of the best scholarship opportunities for Nigerians.