An increasing number of Nigerian students travel to the U.S. to earn their undergraduate or graduate degrees, and they’re looking for funding to pay for college.
According to the Nov. 14 Open Doors Report on International Educational Exchange, 14,438 Nigerian students studied in the U.S. in the 2021-22 year, an increase of 12.3% from the previous year. The majority of these students were studying at the graduate level, though 31% were pursuing their undergraduate degree.
If you’re part of this Nigerian student population, you may be searching for international student loans to fund your studies. Earning a degree in the U.S. can be expensive, with average costs of attendance ranging anywhere from US$9,700 to US$38,800 per year. Fortunately, there are several student loan options for students from Nigeria. Here’s a closer look at some of your education loan options.
MPOWER Financing offers student loans for undergraduate and graduate students from Nigeria and other countries around the world who are studying in the U.S. You can borrow between US$2,001 and US$100,000 with repayment terms of 10 years and no cosigner or collateral required.
MPOWER’s student loans all come with fixed interest rates, so you don’t have to worry about your rate increasing over time. MPOWER provides funding for students at over 400 schools, as well as offering visa support, career services and the added perk of building your U.S. credit history while you make on-time loan payments.
Citizens is a full-service bank providing student loans to international students with a qualifying cosigner. Your cosigner must be a U.S. citizen or permanent resident, as well as meet the bank’s credit and income requirements.
Undergraduate students can borrow up to US$150,000, while graduate students can borrow up to US$350,000, depending on their program. You can choose between fixed rates, which stay the same over the life of your loan, or variable rates, which can fluctuate with market conditions.
Sallie Mae is another lender that provides student loans to international students with a U.S.-based cosigner. You can borrow up to your school-certified cost of attendance and choose loan terms of 10 or 15 years. Sallie Mae offers student loans for both undergraduate and graduate students.
The requirements to borrow an international student loan will vary by lender. Most require that you’re attending an eligible program or school, and some cater to students who are one or two years away from graduating.
MPOWER Financing specializes in serving international students and doesn’t require you to apply with a cosigner or collateral. Many other U.S.-based lenders do ask that you apply with a cosigner who’s a U.S. citizen or permanent resident if you’re an international student. These other lenders also require that your cosigner meets certain requirements for credit and income. That generally means an established credit history, a credit score of 650 or higher and proof of sufficient, steady income to pay back the loan.
While a cosigner can help you qualify for a private student loan, there is some risk involved in cosigning debt. Your cosigner becomes equally responsible for the loan and will be expected to repay it if you miss payments. Plus, their credit will be impacted by your loan payments.
If you prefer to borrow on your own (or don’t have someone who can cosign for you), opting for a student loan from an international student loan provider like MPOWER may be the better fit.
As you’re comparing your options for international student loans, consider the following features to pick the right loan for you:
While student loans can be a useful tool for financing your education, they’re not your only source of financial aid. Take some time to apply for scholarship awards, as these offer gift aid that you don’t have to pay back. Reach out to your financial aid administrator about opportunities and use scholarship search engines like International Student’s scholarship search, BestColleges.com and College Board for more options. MPOWER Financing offers several scholarships, as well.
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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