Many Nigerians come to the United States as international students to earn their undergraduate or graduate degree. This is not an easy process especially as the cost of school fees for an international education in the US can be quite expensive – and continues to rise year after year, as well as the lack of education loan givers in Nigeria.
The same can be said for those international students wishing to study at a university in Canada.
Study Abroad Loans for Nigerian Students
One option to help international students afford their education is a student loan which can cover up to the total cost of your education minus any financial aid received. The loan amount must be certified by your school.
Find out about the Private Student Loan Application Process for International Students.
How To Get An International Student Loan
If you want to study abroad you may have already realized that the cost of studying in the USA could be an issue for any international student. For private colleges, school fees can be as high at $75 thousand dollars a year and for public schools it's around 50k annually. Federal loans are popular among US citizen students but the US government does not provide loans to Nigerian or other foreign citizens - instead they can apply for an International Student Loan.
If you are interested in a student loan to study in the USA or Canada, don't waste time searching all of the loan sites for students in Nigeria – start your research with our Student Loan comparison tool that will match you with a list of lenders specific to your school. Simply use the tool above and follow these three steps:
- Choose your citizenship and school, and click “Compare Student Loans”
- Review your list of lenders and compare terms & interest rate
- Select the student loan that meets your needs and start the online application
Our student loan comparison tool allows you to compare basic terms and choose the loan that's right for you. Then, apply online and get initial approval within weeks!
To qualify for a loan international students must attend an eligible school in the US or Canada. You must also be enrolled as an undergraduate or graduate student and pursue a degree, certificate, or license.
Co-Signer Required for Most Applicants
Most Nigerian students need a cosigner to apply for an international student loan. The cosigner must be a US citizen or permanent resident, with good credit and who has lived in the USA for the past 2 years. Learn more about how to find a cosigner. If you do not have a cosigner you can use the loan comparison tool to see if a no cosigner loan is available at your school.
Loans that do not require a cosigner for Nigerian students are available at an increasing number of US schools and in Canada - use the Loan Comparison Tool to find out if your school is on the list.
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:
Students from Nigeria studying at eligible Canadian universities may find study loan programs availalabe to them. In most cases a co-signer is not required when studying in Canada.
Like all private education loans, students in Canada can use the funds to cover part of or their entire tuition fee, as well as living expenses and school-related costs, medical insurance and travel costs.
How to apply:
The application process for international student loans is quite simple.
Check your eligibility:
Using the loan comparison tool on this page - this takes 10 seconds and will show you if any companies are able to lend to a student in your position.
If you are matched with a lender you can then proceed with your application. The application process doesn't take long even if you are a non-US citizen. You will need to submit the necessary documents and paperwork to the loan company and they will decide whether you are approved or not.
These are the most common documents you will need to provide your lender. You may be asked to provide other documents if needed.
- Identification proof
- Proof of residence
- Academic records
- Valid passport & Visa
- Proof of admission to your university
- Extra-curricular certificates if appropriate
Once your application is conditionally approved, you will be notified of the interest rates (fixed or variable rate) and repayment terms. Once you agree with the terms, your loan application will be approved and funds disbursed. This usually takes around 6 weeks.
You should go through the terms and conditions multiple times before making any decisions. It can be very confusing to understand. If you have any doubts, consult an expert before signing to accept your funds.
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