Many Nigerians study abroad in the United States to get their undergraduate or graduate degrees. This is a difficult process, made more difficult by the fact that school fees for an international education in the US can be high and keep rising each year, as well as the dearth of lenders for student loans in Nigeria.
The same is true for foreign students who want to attend a university in Canada.
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Study Abroad Loans for Nigerian Students
A student loan, which can pay up to the full cost of your education less any financial aid received, is one option to help overseas students fund their study. Your school must certify the loan amount.
The cost of studying in the United States may be a barrier for any international student, as you may have already noticed if you desire to pursue your education overseas. School costs for private colleges can reach $75,000 annually, whereas they are roughly $50,000 for state universities. Federal loans are popular among students who are US citizens, but Nigerians and other foreign nationals cannot obtain loans from the US government; instead, they must qualify for an international student loan.
Start your investigation with our Student Loan comparison tool, which will pair you with a list of lenders specialized to your school, if you are interested in a student lending to study in the USA or Canada. This will save you time from going through all of the loan sites for students in Nigeria.Â
Simply use the aforementioned tool and adhere to these three steps:Simply use the aforementioned tool and adhere to these three steps:
Click “Compare Student Loans” after selecting your school and country of residence.
Review the terms and interest rates offered by each lender on your list.
Start the online application for the student loan that best fits your needs.
You may compare fundamental terms using our student loan comparison tool to choose the loan that’s best for you. then submit an online application and receive a decision within weeks!
Eligibility
International students must enroll at an eligible institution in the US or Canada in order to be eligible for a loan. In order to pursue a degree, certificate, or license, you must also be registered as an undergraduate or graduate student.
Co-Signer Required for Most Applicants
To apply for an international student loan, the majority of Nigerian students require a cosigner. The cosigner needs to have solid credit, be a US citizen or permanent resident, and have resided in the country for the previous two years. Obtain more information about HOW TO FIND A COSIGNER. If you don’t have a cosigner, you can check your school’s availability for a NO COSIGNER LOAN using the loan comparison tool.
Use the Loan Comparison Tool to see if your school is on the list of US and Canadian institutions that offer loans to Nigerian students without the need for a cosigner.
What Student Loans Cover
International students can apply for a loan for up to their school’s total cost of attendance, as determined by the school, minus any other aid received. Total cost of attendance includes tuition, room and board, and expenses related to education such as books and transportation, as well as living expenses. All of our international student loans offer:
Education Loan Programs in Canada for Nigerian Students:
Study loan options may be available to Nigerian students attending qualified Canadian universities. When studying in Canada, a co-signer is typically not necessary.
Like with all private education loans, Canadian students may use the money for living expenses, school-related fees, health insurance, and travel expenses in addition to paying all or a portion of their tuition.
How to apply:
Applying for loans for international students is a straightforward process.
Verify your qualification:
Use the loan comparison tool on this page to see if any lenders are willing to work with a student in your situation. It only takes ten seconds.
Application: You can continue with your application if you are matched with a lender. Even if you are not a US citizen, the application process is quick. The loan provider will require the required paperwork and documentation before deciding whether or not to accept you.
Documentation
The majority of the time, your lender will need to see these documents. In some cases, additional documentation may be requested from you.
Evidence of identification.
Evidence of residence.
academic credentials a valid passport and visa
evidence of enrollment at your university
if necessary, extracurricular certificates
You will be informed of the interest rates (fixed or variable rate) and payback terms after your application has been conditionally approved. Your loan application will be authorized and funds will be disbursed once you accept the terms. Normally, this takes six weeks.
Before making any choices, you should carefully read the terms and conditions. It can be quite difficult to comprehend. Before agreeing to receive your payments, seek advice from a professional if you have any questions.
