Which international student loans accept Ghanaian students?

February 27, 2024

international student loans for Ghanaian student

As a Ghanaian student who is planning on studying abroad, Applying for loans for international students allows you to realize your dreams. While various opportunities, such as grants and scholarships, can assist you in your educational pursuit, student loans are more affordable than the other two options.

If you are looking to get student loans, it’s preferential to get one that is federal rather than a private loan since the interest rates are lower. While student loans might not be the ideal option for students, getting the best student loan that is right for you is a viable option. In this piece, we’ll examine the various student loan options for Ghanaian students and all the information you must know about them.

Student Loan Options for Ghanaian Students

In the academic session 2020/2021 in the 2020/2021 academic session, approximately 4,200 Ghanaian students studied as undergraduate or graduate students in the United States. If compared to the figures from the 2016/2017 session, the number of students was recorded as 3,215, with a rise of 36. This figure is expected to increase in the coming years.

A lot of Ghanaian students who are studying abroad usually pay for themselves, receive assistance from family members, apply for scholarships or get fees waived or reductions from their university. However, this aid will not always pay for all expenses, which is why it is important to have student loans.

However, before you decide to take out a loan for students, there are a few important things to consider. This will help you navigate and assist you in choosing the best loan option as well as an appropriate payment plan. To learn more about this, click here.

Let’s look at the different types of international student loan options available to Ghanaian students. The list below is:

  1. MPower Finance

MPower Finance is chartered by the government of the United States of America. It is mostly used for charitable, social, educational, and recreational purposes. It has the sole interest of the general public in mind instead of making money. Below are some important things to consider when evaluating MPower financing.

Current statistics: Over time, MPower has reported 60 million in equity funding and more than 200 million dollars in debt financing. MPower currently supports more than 400 schools across different countries.

Schools supported:Mpower currently supports about 400 schools across different countries. Up to date, 500 students have graduated because of MPower’s loan-supported

Maximum amount:Students can borrow from $2,100 to $100,000 to pay for the expenses of their education. The fixed rate of interest will not change.

Easy application process:the application process for the MPower loan is now online!

Eligibility requirements for international students to be eligible for MPower loans, they need to be able to satisfy the following requirements:

  • You must be enrolled at one of the more than 400 schools that MPower is associated with.
  • Must be a graduate student or undergraduate student with less than two years from graduating
  • You must provide an unexpired and valid ID card.
  • You must provide all documents necessary to support the request.

It’s important to keep in mind that the process could take weeks or even months, which is why it is recommended to start early in order to be able to finish the process on time. To find out more about eligibility requirements, visit this link.

Countries eligible: MPower Finance currently helps prospective students expand their knowledge of Asia, Africa, and the South American continents, respectively.

What does the loan cover? The loans offered by MPower currently provide all but 100% of living and education costs as well as the cost of living.

Repayment period:students start repaying the loans 45 days after the release of funds. At this time, the repayment will be interest-free until graduation, with an additional six-month grace period. The remainder of the repayment period is calculated based on the 120-month amortization plan.

Programmes supported:MPower Finance supports all kinds of degrees, such as Master’s degrees, MBA, PhD, Bachelor’s, J.D., Diplomas and associates (Canada only), LL.M, M.D., D.D.S., and Select boot camps.

Rate of Interest:they have a fixed interest rate of 12.99 percent (13.98 APR1 = 13.98); however, they offer a 0.25 percent discount if the loan is paid by an automatic withdrawal from your bank account.

To learn more details about the student loan MPower, Click here.

  1. Prodigy Finance

Prodigy Finance is a Fintech company that was founded in 2007 and has its headquarters located in London, United Kingdom. So far, Prodigy Fiance has disbursed more than $1.4 billion.

Current statistics The report from the 2022 evaluation states that Prodigy Finance has served over 28,000 students across 150 countries in 850 schools.

Schools that are supported: Prodigy Finance currently provides support to around 850 schools in 150 countries.

Maximum amount: The amount is based on the school and program of study but could provide all but 100% of the cost of tuition and living expenses.

The application process is simple: the application process for Prodigy students is available online.

Eligibility requirements The essential conditions to be eligible include:

  • You must be accepted to a college or program within the US, Canada & the UK that Prodigy Financing supports.
  • It is essential to be able to study abroad.
  • Must be a resident of one of the countries that Prodigy Financing supports.

The countries that are eligible: Prodigy Finance supports more than 800 schools that offer Master’s degrees in the various programs mentioned above. To view the schools that Progidy Finance supports, click on this link.

Repayment terms The payment doesn’t begin at the end of 6 months following your studies if you are studying abroad using Prodigy loans. They offer a flexible repayment period of 7 to 20 years.

Programmes that are supported: Prodigy Finance currently offers STEM, business law, public policy, and health science classes. To learn more about the Prodigy application process, click here.

Rate of interest The minimum annual percentage rate (APR) they offer is 11.18 percent. Individual rates differ based on the situation of the loan, the amount and the length. The typical APR on student loans is 14.88 percent.

Additionally, the student loan mentioned above doesn’t require collateral or cosigners from the borrower and is a viable alternative for Ghanaian students who wish to pursue their studies abroad.

  1. Earnest

Earnest is also a Fintech company whose headquarters are located in San Francisco, California. It was established in 2013. In 2021, Earnest was reported to have refinanced $14.5 billion of student loan debt. Important information you should be aware of regarding Earnest is as follows:

Schools that are supported To learn more about the schools supported, click here

Maximum amount The maximum amount of loans that are offered by Earnest is from $1,000 to $138,500. It is dependent on the type of loan you’re applying for. Also, there is no fee for applying.

The application process is simple. The application procedure is available online.

Countries eligible for HTML0 students who are from Canada, India, Mexico or South Korea may not need cosigners. However, Earnest is open to all international students.

The conditions for eligibility to be eligible to receive an Earnest loan, you must satisfy these requirements:

  • Cosigner must have a minimum credit of 3 years history.
  • Have a cosigner who is a U.S. citizen or a permanent resident.
  • You must not have bankruptcies.
  • At least $35,000 in annual income.

To learn more about the requirements for eligibility, click here.

Repayment terms:the loan repayment term is between 5 and 15 years.

Programs supported Undergraduate, graduate MBA Medical and law school programs.

Rate of interest: Earnest has a fixed interest rate of 4.42 percent to 15.90% with autopay and an interest rate variable of 5.39% to 16.20 percent with autopay.

  1. Ascent Funding

Ascent Funding is a private loan company that provides loans to students looking to pursue their education. The loans are available with or without cosigners. They also offer low rates as well as flexible plans. They also offer the possibility of 1% cashback at the time of graduation, along with additional benefits. The company’s headquarters is in San Diego. The most important information you need to be aware of about ascent financing is as follows:

Schools that are supportedclick this link to see the school list funded through Ascent the funding.

Maximum amount: Students can borrow between $2,100 and as high as $200,000.

The application process is simple. The application process is equally accessible online. To begin an application, click here.

Conditions for eligibility: to qualify for the Ascent student loan, you must meet the following conditions:

  • Have a cosigner earn at least $24,000 annually
  • The above should have at least two years of credit history.
  • If you are an international student, you must have a U.S. citizen or permanent resident as a cosigner.

Be aware that the loans are accessible to U.S. citizens, permanent residents, DACA students and international students. To learn more about the eligibility requirements, click here.

Countries eligible They offer the opportunity to lend money to U.S. citizens, permanent residents, DACA students and international students (this also includes African students).

Repayment terms:the repayment term is between 5 and 15 years.

Programs that are supported currently support undergraduates in MBA, medical science and law, as well as general graduate school programs.

Rate of interest Cosigned loans is backed by a fixed rate that ranges from 4.48% up to 15.51 per cent and an adjustable rate of 5.94% to 15.83%, which includes the 0.25 autopay discount of 1.

In addition, it is important to keep in mind that when selecting the option of a student loan, it is essential to think about your plan of study, kind of course, the length of the program, as well as the campus of the school prior to selecting a loan option.

Also Read: International Student Loans For Nigerian Students

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