Student Loans in Nigeria for Overseas Education

Understanding the landscape of student loans for Nigerian students is an important part of planning an international education in a postgraduate program. This article offers an overview of what Nigerian students, like you, need to know about student loans as well as other funding avenues, including scholarships and grants.

How to get student loans as a Nigerian student

Most likely, your quest to finance your study abroad begins with a fundamental question: How to apply for student loans? Here’s a step-by-step guide to getting started:

Research: Dive into research on options for student loans available for Nigerian students. Look into both local options provided by Nigerian banks and international lenders that offer private student loans to international students.
Check your eligibility: Always review the eligibility criteria, which can vary widely from one lender to another. Some may require a cosigner, while others may offer no-cosigner student loans.
Apply: The student loan application process can be intricate, especially with some lenders. Prepare all necessary documentation before applying, including admission letters, academic records and proof of financial need.
Compare: Carefully compare interest rates, repayment terms and any potential fees associated with each loan option.

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Private student loans for Nigerian students

Private student loans can be a viable option for Nigerian students looking abroad. These loans are typically offered by international lenders and are designed to cover a wide range of expenses, including tuition, accommodation and books. Here are some key tips:

Research lenders: Find private lenders that cater to international students and specifically Nigerians. Look for those with a history of supporting students from diverse backgrounds and a clear understanding of the Nigerian educational context.
Consider terms: Look for favorable loan terms, such as low-interest rates and flexible repayment options, such as grace periods after graduation or income-based repayment plans that adjust according to your earnings post-study.
Understand the impact: Recognize how taking a student loan will affect finances in the long-term, especially when studying in countries with higher living costs. Factor in currency exchange rates between the Nigerian Naira and the currency of your study destination, as fluctuations can affect repayment amounts.

Beyond international student loans: Other financial aid options

In addition to loans, Nigerian students can explore other financial resources. These options can reduce the amount of student loans Nigerian international students need to take or cover the gap in cases where student loans still aren’t enough to fund studying overseas. Regardless of student loan status, Nigerian students can explore the following routes and see what options are available:

International scholarships: University financial aid offices may offer scholarships to international students.
STEM scholarships: Nigerian students pursuing a degree in science, technology, engineering or mathematics can look for STEM scholarships that cater to these fields. MPOWER Financing offers a scholarship designed for women in STEM from across the globe.
External grants: Nonprofit organizations, governmental agencies and private institutions may offer grants to help students pay for college.
Work-study programs: Some countries allow international students to work while studying. In the U.S. For example, there are often limitations, so it’s important to review the guidelines for work as an international student. For example, students studying in the United States using an F-1 visa may work up to 20 hours per work at an on-campus job. Off-campus jobs come with more limitations. Understanding visa requirements is crucial, as well.

Why choose MPOWER?

MPOWER Financing stands out as a provider of student loans tailored to the needs of Nigerian students pursuing higher education abroad. Central to MPOWER’s philosophy is a forward-looking focus, offering no-collateral loans that don’t require a cosigner, emphasizing a student’s future potential rather than their past or present circumstances. Here’s an in-depth look at what MPOWER offers:

Visa support: Alongside loans, MPOWER offers students visa support letters to help with the visa application process, ensuring students have one less thing to worry about.
Ease of application: MPOWER simplifies the loan application process, allowing students to apply online quickly and receive a conditional offer within days. This streamlined process is designed to alleviate the stress of waiting for financial approval.
No cosigner or collateral: One of the significant hurdles for Nigerian international students is the requirement for a cosigner or collateral. MPOWER eliminates this requirement, offering loans based solely on the student’s future potential and academic merit.
Inclusivity and acceptance: Founded by two former international students, MPOWER Financing understands the diverse backgrounds students come from and provides loans to a wide range of nationalities, including Nigerian students. MPOWER supports students at more than 400 U.S. and Canadian schools and offers loans ranging from US$2,001 to US$100,000.
Credit impact: By making on-time MPOWER loan payments, Nigerian students can build their U.S. credit history.
Value: MPOWER offers fixed-rate student loans, meaning the rate and loan payment stays the same through the life of the loan, shielding students from inflation and market volatility.
Convenience: From application to disbursement, the entire process is seamless. MPOWER’s approach is to make the experience as convenient as possible for Nigerian students, recognizing the multitude of challenges they’ve already faced when planning to study abroad.

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FAQs

What types of financial resources are available for Nigerian students studying abroad?

Nigerian students can access various types of financial support, including scholarships, grants, work-study programs and private student loans.

How can Nigerian students find scholarships for international studies?

Students should research international scholarships offered by their chosen university, private organizations and foundations. They should also look for scholarships specifically designed for Nigerian students or those geared toward their field of study.

What should Nigerian students consider when choosing a student loan?

When selecting a student loan, Nigerians should consider the interest rate, repayment terms, loan amount and whether the loan requires a cosigner. It’s also important to understand how currency fluctuations may impact loan repayments.

Nigerian students can better prepare for the financial aspects of their international educational journey by thoroughly understanding the options for student loans and leveraging scholarships and grants.

DISCLAIMER – Subject to credit approval, loans are made by Bank of Lake Mills or MPOWER Financing, PBC. Bank of Lake Mills does not have an ownership interest in MPOWER Financing. Neither MPOWER Financing nor Bank of Lake Mills is affiliated with the school you attended or are attending. Bank of Lake Mills is Member FDIC. None of the information contained in this website constitutes a recommendation, solicitation or offer by MPOWER Financing or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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Student loans in Nigeria: What international students need to know