The Best International Student Loans For African Students 2024

February 27, 2024

International Student Loans For African Students

The cost of education can be high, and it’s probably not the last time you’ve been told that. Inattention can cost you, although the real question here is what one of the two you would prefer to spend the money on.

For an African student who is leaving home, one of the methods that you can use to pay for the costs of your education is to take out loans. Many students do not qualify to receive a fully-funded scholarship, and that shouldn’t prevent you from taking advantage of studying in another country.

They can assist you in tackling the cost of tuition and help you allow you to make your dream of a study abroad experience a reality. There is a large number of loans for International students from African countries. However, the loan that International African students can benefit from is private. Another loan, referred to as federal (popular among students in America) US) is typically designed for permanent residents and citizens.

The issues

What are the requirements to apply for a loan? That is one of the most frequently asked questions by students amid their numerous worries. We all know that there are rules that are frequently outlined to the borrower to ensure they stay caught up to pay back their loans.

The most frequent requests are cosigner and collateral; however, lenders are now changing what they mean by terms. At present, there are International student loans, such as MPOWER Private Student Loan and Prodigy Private Student Loan, which only need one of these. In the case of most loans, you could be required to provide an additional cosigner who is a U.S. citizen or a permanent resident. The cosigner can be anyone very close to you, such as relatives.

Best international student loans that do not require a Consigner or Collateral

We examined it and discovered the most suitable student loans available for African students who do not need to secure collateral or have a cosigner.

Prodigy Finance

As a student from another country, it can be not easy to obtain loans, especially when you’re studying in countries such as Canada or the USA and Canada.

This is exactly the issue that Prodigy Finance is out to right. They’ve managed to come up with a solution to make sure that students from abroad get all their goals. With no collateral, credit history, or cosigner, it is possible to access an education loan.


Online Application Procedure The application process is accessible online, making it simple for students to apply for loans anywhere in the world.

No collateral or cosigner is required. Most lenders will only offer loans when the borrower is able to put in the collateral or a cosigner. Still, with Prodigy, the borrower will not be required to provide any of these, which makes it a desirable option, especially for students from abroad.

World Reach The loan is accessible to students from around 150 countries, including African countries, who wish to pursue their studies abroad.

Payment Terms Students have two options when it comes to the repayment of their loan. They can begin paying back the loan immediately or delay the repayments. Both choices have advantages. If you start repayment right away, you’ll avoid having to pay an excessive amount of interest. However, if you put off your payments, you’ll be able to make the payments in time, but you will be paying a higher interest rate on the loan. The loan terms are 7, 10, 15 or 20 years.

Rating of Credit In contrast to the traditional method that evaluates your credit score, this one is not analyzed using the standard credit risk-based models; instead, Prodigy Finance will evaluate based on your career path and earnings potential.

The loan’s interest and terms It is not necessary to have a credit score. However, they’ll conduct an informal credit check to determine the rate you’ll pay, and loan amounts vary from $15,000 to $220,000. The application fee is 2.5 percent of the loan. However, there aren’t any charges for late or prepayments. 11.18 percent is the minimal APR (APR) each student is able to obtain from them. As a variable interest rate, this could change with time.

MPower Financing

Mpower financing is more valuable than the majority of tailored student loans because it doesn’t need a cosigner or collateral. That makes Mpower financing a suitable option for international students to look into.

It’s no secret that these requirements, such as cosigner and collateral, may be challenging for a majority of students to complete. The loan company is making sure that your studies abroad do not have to end. But like Prodigy Finance, the loan is only accessible to international students who are taking classes in either the United States or Canada.


Online Application Method Students are able to apply online. Travel for a short distance is optional before you are able to submit an online application. The loan request will be granted if you accept the terms and conditions of the loan.

No Cosigner or Collateral required No: You do not require collateral or a cosigner to sign on your behalf to obtain the loan offered by MPower.

Global Reach: It is only available to international students taking classes in either the US or Canada. When said international students, it refers to students from all regions of the continent, which includes Africa (Nigeria, Ghana, South Africa, Kenya, Egypt, and so on).

Payment Terms Terms of Repayment: When you use Mpower Financing, it’s much simpler than you think. The repayment time can be up to 10 years, with there being no prepayment penalties.

This lets you better manage your finances throughout your studies and allows you the time to look for employment before you begin completing loan repayments.

Rating of Credit In the case of the Mpower loan, your credit score and credit report won’t be used to decide if you are eligible to receive this loan. Instead, it will be assessed in relation to your future earnings potential, including factors such as your field of study as well as the school’s reputation, which plays an important role.

The terms and interest for loan: If you are an undergraduate student, you can choose the option of borrowing with an interest rate fixed at 13.99 percent (15.01 percent APR3). A fixed-rate means that this rate will never be able to fluctuate or change.

  1. Student loans from abroad that require the help of a consignor
  2. Ascent Funding

Ascent Funding provides loans to students from abroad with the primary goal of assisting them in completing their programs in a timely manner. This offer is open to all students studying at universities or colleges across the United States, especially at the graduate level.


Online Application Procedure This Ascent Funding Application is entirely online, which means there is no requirement for manual applications, which could make anyone feel stressed. The application is completely free, and it can be extremely quick.

Cosigner required This requires an authorized signatory from a qualified person. Cosigners must be U.S. citizens or U.S. permanent residents who have an acceptable credit score and a minimum annual gross income of $24,000 in the prior and current year and be able to provide evidence of income.

Global reach Ascent Funding offers loans to students taking classes or attending college within the US.

Flexible Terms for Repayment: Students may receive flexible repayment plans with different repayment terms, such as up to twenty years and 15 years for fixed-rate loans. In order to be eligible, they have to be at a minimum of half-time in a qualified school. However, this is contingent on the loan plan.

Credit assessment: Determine whether you are able to have your minimum credit score in the first instance or not. A consignor may be necessary. Both the consignor and the student are analyzed, with the consignor being required to have a minimum average credit score of 620 in addition to other requirements.

Terms and interest on loans The institution offers flexible loan terms that can be repaid in 5, 7, 10, 12, 15, and 20-year terms. The variable APR ranges from 5.94% to 15.83%, while the Fixed APR ranges from 4.48%-15.38 %.

Earnest Student Loan

Your hopes and dreams don’t have to be put off because of financial difficulties, and they can still be attainable with the Student loans available to International Students. The loans enable you to achieve your goals even in the face of financial hardship. We present the earnest Student Loan.

Earnest is not like other providers who require cosigners. Even if there is no consignor from the US, you will be able to apply to get the loan. Prior to applying, you’ll be able to pass through a pre-qualification stage to evaluate your eligibility. This will take you about 2 minutes.


The Online Loan Application Procedure: There is no paperwork and no manual filling out of the application form. Your loan application is able to be completed online.

A cosigner is required; however, the best part is that they don’t require a residence within the US. Students who are pursuing an MBA, LLM/JD, or MS Engineering aren’t required to have a Cosigner.

Global Impact The reach is limited If you ask me, but If your destination of study is the US, You should get your device and then submit an application for Earnest Students Loan.

Payment Terms The repayment terms allow for repayment over 5, 7, or 10 years, with the option of a grace period of 9 months before you begin repaying the loan.

Credit assessment Credit assessment is more relaxed and will be determined by the minimum requirements. An average credit score of 650 is sufficient.

Terms and conditions for loans: students are able to get loans of up to $100,000 at a variable interest rate. In addition, if you sign up with Auto Pay, you can benefit from a 0.25 percent discount on your interest. It provides 5.64 percent APR up to 16.45 percent APR for loans.

Find Student Loans

Discover offers more than just loans to students in the Undergraduate program; it gives the same benefit to International Graduate students as well. The idea is to assist students to cover the costs of their schooling.

If you’re having difficulty paying your bills and have been struggling to pay them, consider using Discover and take advantage of their flexible terms of payment.


The Online Application Procedure The application is available online. There is no need to visit the office.

Cosigner required: A cosigner with creditworthiness who is an American citizen America or permanent resident is needed to sign the application. A cosigner who is creditworthy could also lower the amount of amount of interest you have to pay for the principal.

World Reach It is only accessible to international students studying at an eligible college or university within the United States.

Payback Terms Two sets of terms that could qualify for loans and have different loan lengths. For students, it can be up to 15 years, while graduates can expect to last at least 20 years. You may also select either deferred or in-school repayment options for student loans, and there’s never any penalty for payments in the early hours.

Credit assessment Cosigners with good credit scores are ideal. A minimum score for credit is different.

Terms and interest on loans The minimum amount that a student is able to take out is $1,000 and is as high as $150,000. A fixed annual percentage rate (APR) for Discover Student Loans can vary between 4.49 percent to 14.99 percent, while the variable APR varies from 6.37 percent to 16.62 percent.

Citizens Student Loan

The price of education continues to increase, and there is a large number of scholarships, particularly in Europe, which students are able to avail. However, the lack of space and more stringent requirements can create a challenge.

However, a student loan like the Citizens Bank Student Loan is an alternative that you can consider. This Citizen Bank student loan can be used to pay for fees, tuition, room and board, living expenses, books, and insurance.


Online application process Similar to the majority of loan applications for students, the element is able to be completed on the Internet. All you have to do is fill out the form, which should be at most 5 minutes.

Cosigner Requirement: A consigner is required for the loan. The person acting as your reference has to be a US Citizen or permanent resident.

Global reach: The service is only accessible to International students studying at any acknowledged centres of learning within the US.

Payment Terms The term of the loan is 5, 7, 10, 15 and 20 years, with the option for borrowers to postpone payment until the time of graduation.

Rating of Credit Borrowers is typically assumed to have a favorable credit score. Still, even if they do not the case, the responsibility falls to the cosigner to have a solid credit history. If you have a person with good credentials who is willing to sign along with you, it will increase the likelihood of being granted a loan. This also allows you to get the most favorable interest rate that you’re qualified for.

Terms and interest for loans Students are able to pick from fixed rates (APR: 4.43% – 12.86+) that remain the same and flexible rates (APR: 5.98% – 14.05% or more), which are subject to change. Additionally, they can enjoy up to 0.50 percent loyalty and autopay discounts.

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