In this article, we show you how to get a student loan for colleges in the US, Canada, the UK, and Europe.
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MPower Financing is a social benefit corporation created by international students for international students. Therefore, you receive loans based on your potential, not those you know or your family’s assets or income.
You get fixed-rate loans from $2,001 to $100,000 to cover your tuition fees, accommodation, living expenses, etc.
Note: You should have applied, been accepted, or enrolled in one of the eligible 400+ partner universities and colleges in the US or Canada to apply for a loan.
As an official MPOWER partner, we advise and guide students applying for MPOWER loans, right from selecting schools and courses to maximizing their loan eligibility to complete the loan application form.
We will answer any questions you may have before or during the process of applying for a loan. We help you avoid common errors that disqualify most students.
You get our service at no cost to you.
To get started with the loan application, if you have applied for, been accepted for, or are enrolled to study in the US or Canada, fill out the Loan Qualification Form.
Once you complete the form, we will send you the full details to apply if you qualify.
If you have a friend or family member who has admission to study in the US or Canada and is looking for a loan to fund their studies, kindly forward this link to them. You may save a dream!
Having considered the different types of loans and the loans available to African students living in Europe, let’s now look at some loan service providers that offer international student loans.
Prodigy Finance was founded in 2007 and it is a fintech organization with an office in London, United Kingdom. So far, Prodigy Finance has disbursed over $1.4 billion. The 2022 impact report from Prodigy Finance states that they have served over 28,000 students globally in 850 schools in 150 countries. They do not require any collateral or cosigner.
Supported schools: Prodigy Finance currently supports about 850 schools in 150 different countries.
Maximum amount: the amount to be borrowed is dependent on the school and the course of study but can cover up to 100% of the tuition and living expenses.
Ease of application process: the application process for Prodigy students is online.
Eligibility conditions: The basic requirements to endorse eligibility include:
Eligible countries: Prodigy Finance supports about 800 schools offering Master’s courses in the various programs listed above. To find out the list of schools supported by Prodigy Finance, click on this link.
Repayment term: Payment doesn’t start until 6 months after studies if you study abroad on a Prodigy loan. They have a flexible repayment term of 7 to 20 years.
Supported programs: Prodigy Finance currently supports programs in business, STEM, public policy, law, and health science courses. To begin the Prodigy application process, click here.
Interest rate: the minimum annual percentage rate (APR) they offer is 11.18%. Individual rates differ according to the circumstances, the loan amount, and the term. The average APR for student loans is 14.88%.
Lendwise is a private loan provider in the U.K. They also offer loans to international students. This means that African students living in Europe can apply for international student loans. They are also committed to providing education aid by offering loans to U.K. residents to help fund their postgraduate, short courses, or professional qualifications in top schools in the U.K. They also do not require a guarantor or a cosigner.
Supported schools: Lendwise supports schools in the U.K.
Maximum amount: Students can borrow from $5,000 to as much as $100,000 but terms and conditions apply.
Ease of application process: the application process is equally online. To begin the application process, click this link.
Eligibility condition: As an international student who wants to apply for a loan, you are to meet the following conditions:
To learn more about the eligibility criteria, click here.
Eligible countries: Lendwise offers loans to U.K. residents; however, other European or international candidates can equally apply for loans if they have an offer from a U.K. university.
What do the loans cover? Lendwise loans primarily only cover tuition fees. However, a small maintenance fee can be included and disbursed into the student’s account when they start the course.
Repayment term: The repayment period is 10 years.
Supported programs: Lendwise supports postgraduate programs in the U.K. To learn more about the schools and programs they support, click this link.
Interest rate: They have a fixed interest rate that ranges from 7% to 12%. The interest rate differs based on the type of loan you are applying for.
HSBC Student Loan is another student loan provider in the U.K. They offer loans to graduate and postgraduate students. International students can also apply for loans from them.
Supported schools: they equally support schools in the U.K.
Minimum amount: The minimum amount they offer is $5,000.
Ease of application process: The application process is equally online.
Eligibility condition: Click this link to learn more about the eligibility requirements.
Eligible countries: they are open to students in the U.K. and international students.
What do the loans cover? The loans cover your tuition fees and living expenses.
Repayment term: The repayment term is within 7 to 10 years.
Supported programs: They support graduate and undergraduate programs too.
Interest rate: They offer a variable interest rate of 4.5%.
Furthermore, other loan options for African students living in Europe include Future Finance, CUJ loans, Global Student Loans, and others. If you find this post helpful, subscribe to our newsletter, Afterschoolafrica for more.
Read Also:
30+ Fully Funded Undergraduate Scholarships in USA for International Students 2025
5 Challenges of Studying in the USA
These Universities in Canada Have Low Tuition Fees and Low Entry Barriers
This post was last modified on January 8, 2024 1:17 pm