Is it possible to obtain a loan for international studies?
Are there institutions in Nigeria that offer such services?
I will answer the above in this article, so read on if you would like to know how to get Travel Loans in Nigeria for International Studies.
For the average Nigerian aspiring for quality education, international study is a high prize that comes with a high price, which more often than not causes him to chunk his dreams underneath his bed.
But the good news, is you can get funds for schooling with a travel loan.
What is Travel Loans?
These are loans that take care of your travel expenses when needed. You can always pay them back later.
Now, some of these loans are given to students to allow them to travel abroad for studies; these are called student loans.
Institutions that give Student Loans in Nigeria
Certain institutions exist for the sole purpose of providing travel and tuition advances to students with or without collateral or guarantor.
There are no fixed rules to it, but the requirements and terms of service differ across institutions.
- Commercial banks
- International organizations.
How to get Student Loans from Banks in Nigeria?
Some commercial banks in themselves or in collaboration with other groups and initiatives offer student loans
1. Wema Bank
In collaboration with MOD education, the bank has a scheme that loans students for international studies either for undergraduate or postgraduate programs in any one of their partner universities in Canada, Ireland, Australia, the United States, and the United Kingdom.
For further information, inquiries and applications, simply log on to the site, https://modeducation.info/wema/
2. FCMB Education Advisory Service (EAS)
The EAS was formed by the MOD group and FCMB.
It helps Nigerians access international education loans as well as counseling, technical support, admission processing, and other supports like flight expenses.
Options for studies are limited only to the UK, Canada, Ireland, and Australia.
To confirm your eligibility and gain further information, Visit:
3. Access Bank
Access bank gives educational loans to study in both Nigerian and international Universities.
It offers up to $100,000 loans that can be renewable 2 times annually.
You can visit any branch of the bank for information or visit their website.
How to get Student loans from International Organization
Some international organizations provide loans to international students from their partner countries to study in any of their partner institutions.
The loan usually covers:
- Other expenses such as housing, transportation, books, and feeding.
How to access it?
You need to have been admitted to a university and present proof.
Find a Cosigner or a Guarantor.
This is optional, but the cosigner must be someone related to you and is a permanent resident or citizen of the US.
Log onto the website of the organisation.
Fill the application form and provide the various documentation and details required such as proof of enrollment into the university, valid visa and passport, collateral (where applicable), academic records, means of identification.
Some organizations that offer such loans are
- Mpower financing
- Prodigy finance
- Future finance
- Global student loan corporation
Repayment plans differ across institutions; you can pay back while you are in school or pay back 6 months after graduation within a period of 5 to 20 years.
Ensure you make detailed research about the requirements of the institutions to find the packages that suit you.
You can use a tool that searches for such organizations and filters results based on your specifications
Click to use: https://www.internationalstudentloan.com/countries/nigeria.php
If you already have your tuition and only need a travel advance, you can check out the following student loan options in Nigeria:
- GT bank travel advance
- UBA travel loan
- IBILE microfinance bank
- Rosabon financial services
You simply log onto their websites or mobile apps, create an account, make a loan request and supply the information required of you.
Before you give up on your dreams to study internationally, read this article on how to get Travel Loans in Nigeria for International Studies.
You might just find the solution you are looking for here.