International Student Loans For Nigerian Students

February 27, 2024

Student Loans For Nigerian Students

Nigerian students who wish to pursue studies abroad could face financial obstacles to their academic goals. This is due to tuition fees that can be extremely expensive, with prices reaching the level of $75,000 for private institutions and $50,000 for federal or state universities.

The only way for most Nigerians to afford these schools is to apply for student loans that are readily available to them. However, federal loans are only available to US citizens, and there are specific conditions for Nigerian students to be able to get them.

In this article, AfterschoolAfrica will help you find the best International Student Loans that accept Nigerian Students.

A Review of Student Loans in Nigeria

In 2023, the Access to Higher Education Act, also referred to as the Student Loan Act, established the Education Loan Fund to aid Nigerian students struggling to pay their tuition costs.

This loan will be paid in instalments over two years after completion of the National Youth Service Corps (NYSC) program.

In addition to that, the Nigerian Education Loan Fund handles all loans and grants, disbursements and restitutions of loans. The sources of loans are:

  • 1% of the profits that go to the federal government’s mineral resources
  • 1% of tax,
  • levies and taxes arising from levies and duties arising from the Federal Inland Revenue Service (FIRS), Nigeria Immigration Service (NIS) and Nigerian Customs Service (NCS);
  • Education bonds
  • And schemes for education endowment funds.

Finally, the Education Loan will also get funding from gifts, donations and grants, as well as endowments.

Who is eligible to apply for the Nigeria Student Loan?

As per the Act:

  • Only students from government-owned institutions (universities, Polytechnics, and colleges of education, as well as vocational schools) are eligible to be eligible for a loan.
  • Candidates whose family income is lower than N500,000 are eligible to apply.

It is required that applicants who are applying be accompanied by two or more guarantors

  • one civil servant at minimum level 12 and
  • A lawyer with at least 10 years of experience in post-call
  • A judicial officer
  • Or a justice of peace. 

However, it’s stated that a student can be disqualified if found guilty of exam fraud or felony, as well as any dishonesty at the institution they are enrolled in.

The Facts Concerning Nigerian Students Who Study Abroad

Nigeria is a country which is committed to high-quality education. The country has gained international recognition and acclaim for its accomplishments in academic circles. Nigeria is ranked 10th in the International Student Leading Place of Origin.

Additionally, Nigeria has over 14,000 students studying in the USA alone, which is 12 per cent of the total number of students studying in different countries. This further indicates the tendency of Nigerian students to attend school in the USA.

This results in benefits such as the United States Consulate in Nigeria offering scholarships worth more than $3 million to thirty Nigerian students in the 2021 academic year.

The majority of Nigerian students studying abroad concentrate on STEM (Science, Technology, Engineering and Mathematics), which can lead many of them to pursue courses like Engineering, Health professions, etc. At the same time, courses such as Arts (Fine/Applied) and Social Sciences are gaining popularity within the Nigerian academic world, with just less than 20% of students enrolled.

The Best Student Loans For Nigerians

#1. Mpower Finance:

Mpower Finance is a student loan company that assists Nigerian students who have financial difficulties in going abroad to study. The loans they offer can be used to cover expenses such as tuition and textbooks, food, accommodation, healthcare, and other expenses.

At present, Nigerian students can borrow between $2000 and $100,000 to study in the USA and Canada at accredited universities. When they graduate, students are granted an extended period of six months prior to the ten-year repayment timeframe.

Apply Here to apply.

#2. Prodigy Finance

Prodigy Finance assists in financing education abroad for students who have financial constraints but without collateral or co-signers. In addition, the loans pay for all educational expenses, from tuition to accommodation.

In addition, their repayment period can be for up to 20 years, and students get the opportunity to extend their grace period by six months following the completion.

Additionally, the repayment time for the Prodigy student loan can be up to 20 years, and students can begin repayment six months after their college course has concluded.

To be eligible to receive the Prodigy Finance loan, you must be enrolled in an accredited university and select an academic program that the university approves.

Apply Here to apply.

#3. Lendwise

Lendwise is among the best options when looking for a loan company for students to aid in their studies abroad. Lendwise is a British-based business that is licensed by the Financial Conduct Authority in the UK. Financial Conduct Authority.

Students who receive approval from Lendwise receive an extension of the grace period following their graduation. However, the interest rate is fixed for the duration of the loan.

In addition, you can earn up to PS100,000, and you don’t need assurance from a person to receive it.

The Best Local Student Loans for Students in Nigeria 

#1. Access Bank Student Loan

Access Bank Student Loan Access Bank Student Loan is an advance fee that can help finance the tuition costs of students with financial restrictions.

It has Features like:

  • To ensure you get a continuous education.
  • Students can earn the equivalent of 5 million dollars.5 million
  • You have the option of refinancing the loan.
  • In addition, there are available Remittance services.

Requirements for Access Bank Student LKoan:

  • A completed application form
  • Admission letter
  • Advice on tuition
  • Also, you need a certificate of domiciliation for your account for salary or the account of a parent/sponsor.
  • A copy of your employment ID or a valid ID card that belongs to you or your parent or sponsor
  • BVN
  • Credit checks
  1. GT Bank Student Loan

GT Bank’s Student Loan is a loan granted to a student in Nigeria to pay fees for school within Nigeria only.

Its features include:

  • Students can earn the equivalent of 5 million dollars.5 million
  • You can request a maximum term of four months upon request.
  • Instant access to the loan

Requirements

  • Submit your application form
  • An employer undertaking form
  • School fees and credit insurance
  1. Federal Government Education Loan

As mentioned above, the Federal Government Education Loan allows students to access loans to pay for their school costs. But, it’s restricted to only institutions owned by the government in Nigeria.

Also Read: Understanding the international student loan.

Contact EdXtra For Your Loan Application Support

We at EdXtra know that in order to build an inclusive economy, education should be focused on the potential to create value.

Through our international education lending partners, we help and assist African students to pay for their graduate studies within the US, Canada, the UK, Italy, France and the Netherlands. It is important to note that you do not require collateral or a cosigner.

Are you an African graduate student who has career prospects? Extra Student Loan Support Service will provide you with assistance and support to secure student loans from our lending partners around the world to attend top global universities.

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