It is easy to get distracted by financial woes while studying in a foreign country if you lack the means to finance your education. In fact, lack of money is one of the top reasons why international students never reach their physical and academic superpower while studying abroad.
Finding a student loan, especially as an African/Nigerian student, does not have to be difficult. In this article, we will discuss tested and sure ways on how an international student can seek and get an international study loan.
RELATED POST: 5 Things You Must Have Before a Lender Approves Your Loan Application
Why Take International Student loans?
International student loans are great ways to pay off your tuition or living expenses while studying abroad, although I strongly recommend that you first exhaust all other avenues to get financial help, e.g. scholarships, grants, family loans, crowdfunding, and so on.
There are a plethora of reasons why anyone would need an international student loan. Some of these reasons are:
- Expensive overseas tuition
- Unavailability of grants and scholarships
- Stiff competition
- Lack of support system from home country
- …and so on
How to Apply for International Study Loans
Once you have evaluated your financial situation and have concluded to taking a student or study loan, you must then know how and where to request for one:
Here is a timeline of how your international study loan should go from inception to disbursement, without hassles:
Seek your lender
Do a quick research on which financial institution is willing to lend to a student like you. Have a snapshot of all your conditions, and use that information to streamline your search.
Eligibility
Check with your chosen lenders if you are eligible. Also, confirm if your school is supported by your chosen lender.
You should also check to see if the loan offer, and repayment terms align with your personal situation.
Submit your online application
The next step is to submit your application to the loan company. Once submission is completed, then the credit analysis team of the loan company will conduct a review.
Receive your offer and other terms
An offer will be sent to you to read and agree to. It is important that you read, digeest, and understand the offerings and conditions of the loan you are about to take.
Final approval
Once you agree to the loan terms and your documentation has been duly certified okay, a final approval will be issued to the facility.
Disbursement
The next step is to receive the credit alert of the international study loan. Once this is received, do not be swayed by the volume of the money, rather, use it for the purpose that you have stated in the documentation. Many lenders pay directly to the schools, though.
Top 5 Financial Institutions That Give International Study Loans to Students
Here is a table of financial institutions, including commercial and non-commercial banks, that give international study loans to people studying abroad. Some require collateral and guarantors while some simply do not.
Here is a quick list of lenders that give loans to students and immigrants:
| FINANCIAL INSTITUTION | MAXIMUM LOAN AMOUNT | INTEREST RATES (%) | OTHER CONDITIONS | WEBSITE |
|---|---|---|---|---|
| Mpower Finance | $100,000 | 6.49 - 12.49% | Supports only schools in US & Canada, Supports students from 190+ countries, No collateral required, No credit history required, No guarantor required | Visit |
| Stilt Finance | $35,000 | Low | Supports immigrants & underserved, No guarantor required, No prepayment fees, Flexible repayment plan | Visit |
| Future Finance | £40,000 | 17.6-20% | Guarantor required, Supports only UK students | Visit |
| Prodigy Finance | $20,000 | Low | No collateral required, No credit history required, No guarantor required, No hidden fees, Flexible repayment plan | Visit |
| Global Student Loan Corp. | $20,000 | Low | No guarantor required, No collateral required | Visit |
I admire your determination! You’ve made some valid points. This was an absolutely fantastic article. This fantastic article piqued my interest and I thoroughly enjoyed every minute of it. This article contains some excellent advice! I just wanted to give you a heads-up! My cousin have applied already for a student Visa at https://****** and hope it would be process fast. Apart from that, fantastic website!