Nigerian students who may wish to study abroad may find finances a barrier to their academic ambitions. This is because tuition fees can be very expensive, reaching $75,000 for private schools and $50,000 for state or federal universities.Â
Therefore, the only way most Nigerians can afford these universities is to apply for and qualify for international student loans that are accessible to them. However, federal loans are only accessible to US citizens, and there are certain requirements for a Nigerian student to qualify for them.
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In this guide, AfterschoolAfrica will show you which International Student Loans accept Nigerian Students.
Table of Contents
Overview of Student Loans In Nigeria
In 2023, the Access to Higher Education Act, also known as the Student Loan Act, established the Education Loan Fund to aid Nigerian students who are struggling to cope with their tuition fees.
This loan is to be paid in installments two years after the student has completed their National Youth Service Corps (NYSC) program.
Furthermore, the Nigerian Education Loan Fund handles all requests for loans, grants, disbursements, and recuperations of the loans. The sources of the loans include:
- one percent of all profits accruing to the federal government mineral resources
- one percent of taxes,
- levies and duties accruing from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS), and Nigerian Customs Service (NCS);
- education bonds
- and education endowment fund schemes.
Lastly, the Education Loan will also get funding from donations, gifts, grants and endowments.
Who Can Apply for The Nigeria Student Loan?
According to the Act:
- Only students of government-owned institutions (universities, polytechnics, colleges of education, and vocational schools) can apply for the loan.
- Applicants whose income or family income is less than N500,000 per year can apply.
It is required that students who wish to apply must have at least two guarantors;
- one civil servant of at least level 12 and
- a lawyer with at least 10 years of post-call experience,
- or a judicial officer
- or a justice of peace.
However, it is stated that a student will be disqualified if they are found guilty of examination malpractice, felony, or any dishonest offense by the school they attend.
Facts About Nigerian students studying abroad
Nigeria is a nation that values the importance of quality education and has since gained international exposure and affluence for many of its achievements in the academic world. The nation ranks 10th on the International Student Leading place of Origin.
Furthermore, Nigeria has over 14,000 students studying in the USA alone which represents 12% of the total numbers studying in other countries. This further shows the preference of Nigerian students to study in the USA.
This leads to benefits like The United States Consulate in Nigeria awarding scholarships worth over $4 million to 30 Nigerian students in the 2021 academic year.
Most Nigerian students abroad focus on STEM (Science, Technology, Engineering, Mathematics), which leads many of its students to courses such as Engineering, Health professions, etc. While courses like Arts (Fine/Applied), and Social Sciences continue to develop in the Nigerian academic space with less than 20% enrollment ratios.
The Best International Student Loans For Nigerian Students
#1. Mpower Finance:
Mpower Finance is a student loan company that can assist Nigerian students with financial limitations to study abroad. The loans they provide can be used for expenses like tuition, textbooks, food, accommodation, and healthcare.Â
Now, Nigerian students can borrow from $2000 to $100,000 in loans to study in the USA and Canada at approved universities. After graduation, students are given a six-month grace period before the ten-year repayment term begins.
#2. Prodigy Finance
Prodigy Finance helps finance education abroad for students with financial limitations without collateral or a co-signer. Additionally, the loans cover all educational costs, from tuition to accommodation.Â
Furthermore, their repayment period is up to 20 years, and students are given a six-month grace period after graduation.
Also, the repayment period for the Prodigy student loan is up to 20 years, and students can start six months after the college course has ended.
However, to be eligible for the Prodigy Finance loan, you must attend a university and choose a course that is supported by the institution.
#3. Lendwise
Lendwise is one of the best choices when looking for a student loan company to assist with your education abroad. They are a UK-based company that is regulated by the UK’s Financial Conduct Authority.
Students who get approval from Lendwise gain access to a grace period after their graduation Note that their interest is fixed throughout the loan period.
Additionally, you can get up to £100,000, and you do not need a guarantor to get it.
The Best Local Student Loans For Nigerian Students
#1. Access Bank Student Loan
The Access Bank Student Loan is a type of advance fee that helps finance the tuition fees for students with financial limitations
It has Features like:
- To make sure you have an uninterrupted education.
- Students can get up to ₦5 million
- You have the option to refinance the loan
- Finally, there are remittance services available
Requirements for the Access bank Student LKoan:
- A filled application form
- Admission letter
- Tuition advice
- Also, a letter of domiciliation of your salary account or the salary account of your parent’s/sponsor’s salary.
- A copy of employment ID or valid ID card belonging to you or your parent/sponsor
- BVN
- Credit checks
2. GT Bank Student Loan
GT Bank’s student loan is an advance given to a student in Nigeria to cover the payment of school fees in Nigeria only.
Its Features are:
- Students can get up to ₦5 million
- You get a maximum tenure of 4 months per request
- Immediate access to the loan
Requirements
- Submit your application form
- An employer undertaking form
- School fees bills, and credit insurance
3. Federal Government Education Loan
As stated above, the Federal Government Education Loan allows students easy access to loans to finance their academic fees. However, it is limited to only government-owned institutions in Nigeria.
Contact EdXtra For Your Loan Application SupportÂ
At EdXtra, we understand that to build an inclusive global economy, education should be based on the potential for value creation.
Through our global education lending partners, we now help and support African students to fund their graduate education in the US, Canada, the UK, Italy, France, and the Netherlands. Note that you don’t need collateral or a Cosigner.
Are you an African graduate student with future career potential? Edxtra Student Loan Support Service will provide you with the needed expert support and guidance to get student loans from our global lending partners to study at leading global universities
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