Financial Institutions That Give Study Loans To Students, There are many different financial institutions that offer loans to students. Some of the most popular lenders are banks, credit unions, and private lenders.
Banks are the most common source of loans for students. They offer a wide variety of loans, including traditional loans, student loans, and payday loans. Traditional loans are the most expensive, but they have the longest term and the lowest interest rate.
Student loans have a shorter term and a higher interest rate, but they often have lower monthly payments. payday loans are the cheapest, but they have the highest interest rate.
Most students who do not receive or qualify for any international scholarships look around for financial assistance in the form of student loans. Even after getting scholarships, it is a prerequisite for students to provide financial proof before starting their universities/schools abroad. Student loans are the saviors.
Here are financial institutions that give study loans to int’l students including Nigerians to study abroad. I have also included their websites so do your due diligence.
Financial Institutions That Give Study Loans To Students
1. Mpower finance
Many international students don’t have the option of having a U.S.-based cosigner and borrowing in their own country may require collateral.
Two major financing companies are filling this gap by offering private student loans that don’t require a cosigner. The most widely available provider is MPOWER Financing.
-Fixed-rate loans from $2,001 to $100,000 total.
-No cosigner, collateral or credit history is required
-supports only Canada & USA schools
2. Stilt Finance loan for immigrants & under-served
-No cosigner required
-No prepayment fees
-low interest rate & flexible repayment plan
3. Prodigy finance
Prodigy Finance is the other company offering private student loans to international students without a cosigner, but it’s only available to students seeking a graduate degree in business, science, technology, engineering, math, law and public policy, or healthcare.
Students have three repayment term options and payments are automatically deferred while in school, but you can make payments anytime without penalties or fees. There are no application or prepayment fees, but Prodigy does charge a 5% administration fee on every loan.
-Variable interest rate
-No co-signer, collateral or credit history is required
Read Also: Courses With High Job Prospect In UK
4. Global student loan corporation
-Cosigner not required
-disburse loans directly to school
5. Lend wise student loans
-Loans from £5,000 – £100,000
-Repayment up to 10 years after your course ends
-No early repayment fee
6. Future finance
-supports only UK schools
-loans from £2,000 to £40,000
-guarantor is required
7. Access bank student loan
-offers loan of upto 5million naira
8. EdFin Microfinance Bank- Edfin wise program school fees loan
9. GMB MFB Education loan
-No collateral (Term & Condition Apply)
-Flexible repayment structure
-Low interest rate
10. Nomad credit
This is a database that helps you search for a no cosigner and no collateral student loan to study abroad
11. Education advisory service (EAS)
-a joint corporation between MOD Group & First City Monument Bank (FCMB)
-they help Nigerians access the benefit of int’l education loans
-Educational loan support of up to $25,000 school fees
While student loan is a great alternative to pay for your study abroad, I strongly recommend you exhaust all scholarships and self funding options first before resorting to a student loan.
I am not affiliated to any of this organization. This post is to keep you informed. Pls do your due diligence by going to their website & contact them for more details on eligibilities, requirements, terms & conditions.
I wish you luck in your study abroad journey.