In recent times, many Nigerian students dream of studying abroad. However, the high costs of international education often prevent them from realizing this dream, that is why they opt for a student loans.
However, most families in Nigeria, cannot afford the high expenses of studying abroad. These expenses include tuition fees, living costs, travel expenses, and visa fees, which is usually in dollars.
This financial challenge has made a lot of young talented and motivated Nigerian students to miss out on the life-changing opportunities of having international education.
For many years, students may not have realized that there are options like student loans to help them achieve their dream of studying abroad with ease.
In this guide, we will explain how to secure a student loan in Nigeria for studying abroad, which can make your academic dream become a reality.
Getting Student Loans for International Studies
However, getting student loans for international studies is not very popular among Nigerian students, it is important to know that a student loan is a form of financial aid that will help or assist you to take care of the expenses of your educational pursuit.
It is a loan, which means, you have to pay it back after completing your studies, most times with interest.
Student loans can come from different sources, including government programs, private lenders, and educational institutions abroad and locally.
Types of student loans you can get in Nigeria
In Nigeria, there are basically two types of student loans you can have access to if you want to study abroad on scholarship. Let me show briefly:
Government Student Loans
- These loans is usually a provision by the Nigerian government, they provide these loans through agencies like the National Universities Commission (NUC) or the Nigerian Educational Trust Fund (NETFund).
- Government loans have lower interest rates and are more easier tp repay than some private loans.
- With the help of this loan, you can apply for UCC Masters Scholarships.
Private Student Loans
- These types of loans are offered by banks, private individuals, and financial institutions.
- They often come with higher interest rates and stricter repayment terms.
Requirements
To get a student loan, it is important that you meet the loan eligibility standards and fulfill specific requirements. Whether you are applying for a private loan or a government loan, the requirements are different.
Furthermore, the factors may include, your previous academic performance, the chosen course of study, your financial need, and your ability to repay the loan in the future.
You have to make sure that you meet these requirements and also provide the necessary documentation for a successful loan application.
It is also advisable to thoroughly research and understand the specific requirements of the loan program you are applying for, to increase your chances of getting an approval.
Let me quickly show you the requirements you must have to apply for and get a student loan to study abroad.
- Nigerian citizenship
- Have admission into a recognized foreign institution.
- Have a guarantor which is usually a family member or guardian.
- Show proof of academic excellence.
- You must show proof that you need financial assistance.
Documents Required to Apply for Student Loans in Nigeria
In applying for a student loan, you must have the following documents ready to help facilitate the admission application process. Below are the documents you will need:
- Admission letter from the foreign institution.
- Proof of identity. For example, National ID card, passport, or voter’s card, will suffice.
- Proof of address and residence.
- Academic transcripts and certificates.
- Guarantor’s documents
- Completed loan application form.
Application Process
Read the paragraphs below, to understand the process, involved in processing an application for a student loan to study abroad.
Search for Loan Providers
However, finding a loan provider is a big challenge, but, you can overcome it by following the steps I will show you. Your first step involves researching and identifying the government and private institutions that provide student loans for studying abroad.
Moreover, this research will help you understand the available options and ,make the way for the subsequent steps in the loan application process.
You can check popular government loan programs like the PTDF (Petroleum Technology Development Fund) and NDDC (Niger Delta Development Commission).
For private loans, check banks and other private institutions that are open to offer student loans.
Complete the Loan Application Form
When you have identified your loan provider, the next thing is to obtain and complete their application form. It is very important to exercise caution and pay close attention to specific details when filling the form.
Make sure that you provide the correct and accurate information while including all the necessary documents the provider requests for. This accuracy and completeness are necessary for a successful loan application process.
Attend Interviews and Provide Guarantor Information
Many loan providers usually require the applicants to attend an interview as part of their assessment process to determine eligibility and preparedness.
During this interview, they will take a close look at your qualifications and suitability for the loan.
Additionally, you will have to provide information about your guarantor during this stage. A guarantor is someone who agrees to take responsibility for your loan if you are not able to repay it.
Wait for Approval
Note that, after you have completed your application and the interview processes, you will have to wait for the loan approval.
Therefore, understand that this process may take some time, so you must be very patient , patience is key. The loan provider will thoroughly examine your application, financial documents, and interview assessment to decide if you qualify for approval.
However, do well to maintain communication with the provider and follow up as necessary, but remember that approval may not happen immediately.
Receive the Loan
Once your loan is approved, the funds will be disbursed directly to your school’s financial office or your account, depending on the loan provider’s policy.
Loan Repayment
Interestingly, getting a student loan is just the beginning. However, it is very important to understand the repayment process and different options available.
This is because, knowledge is vital for effective financial management. Many student loans come with a grace period, which is a period following your graduation or leaving school when you are not to make any repayments yet.
Understanding these details is necessary for managing your finances wisely. However, this grace period, is a good opportunity to secure employment or explore other financial avenues to ensure you can meet the loan payments as agreed upon.
Also, keep in mind that different loan providers offer various repayment plans, which may include options like income-driven repayment or fixed monthly installments.
Try to find out and understand these repayment choices as it will help you manage your student loans effectively.
Choose a plan that suits your financial situation. To avoid missing your repayment dates, you can set a reminder or agree to be reminded by the providers ahead of time.
You must come to terms with the fact that failure to repay your loan as at when due, can have serious consequences, so maintain the agreement you have with the provider. Pay on time!
Conclusion
Getting a student loan in Nigeria to study abroad is a good choice if you are willing to stick to the loan terms.
Therefore, if you are a Nigerian with the dream of studying abroad but financial constraints have been a problem to you, I hereby, encourage you to consider the option of taking a student loan instead of waiting for a change in circumstances. It will definitely be of great help and you will be thankful you read through this post. Good Luck!!!
Related Posts
- How to Find & Apply for Scholarship – Free Tuition Money for College Degree & Postgraduates Studies
- 5 Major Countries With Fully Funded Scholarships for Smart and Intelligent Students
- Tuition Free Universities: Top 5 Countries Where Tuition is Free in 2023
- How to get a Full Time Scholarship and Preparation Required