Best International Student Loans for African Students 2024
Pursuing higher education abroad is one of the many things African students wish for, but there is a major obstacle that can prevent this dream from becoming a reality: living expenses and the cost of tuition. Thankfully, International Student Loans for African Students play a huge role in helping them realize these dreams.
in this article, we will explore the best International Student Loans for African Students, their features, what it takes for you to get them, and the application process.
so, whether you’re a Nigerian, Ghanaian, or from any other country in Africa, this ultimate guide will provide you with the necessary information that you require to get the right funding to pursue your education abroad.
What is an International Student Loan?
The International student loan is for foreign students to help them with funds for their tertiary education. Many schools have these funds for various categories of students who have the requirements they demand. These loans cover various expenses, such as tuition fees, projects, health, etc.
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Best International Student Loans for African Students
Edxtra $100,000 International Student Loan
This is one of the international student loans for African students and they have collaborated with a loan provider like Sallie Mae.
They have offered $100,000 to both undergraduate and graduate students. In Africa, it is one of the most recognized scholarships you will get to see.
To obtain it, having a passport and being a citizen of an eligible country is crucial. If you aren’t a full-time student in a credible university your chance of getting the scholarship is slim.
MPower Financing
The MPower Financing is a no-cosigner International Student Loan for African Students who want to study in the United States or Canada.
it was founded in 2014 and the loan amount ranges from $2000 to about $100,000. One thing to keep in mind when applying for the MPower Financing loan is that they consider factors such as your academic performance and your potential earnings during the application process.
It is a 100% online application and can be completed within 20 minutes. keep in mind that the MPower Financing International Student Loans for African Students covers your accommodation, tuition, books, meal plans, and health insurance.
One thing we love most about MPower Financing is that their repayment terms include an interest-only payment 45 days after you have gotten the loan this is to help you build your credit score and you can pay back the rest starting 6 months after graduation and you have a period of 10 years to do that.
Prodigy Finance
Another great International Student loan for African Students is Prodigy Finance offering over $1.5 billion to over 28,000 international students from 150 countries.
They have competitive interest rates and they have repayment plans that are flexible for students to reach their goals. There are wide finance loans for short and long term. The short loans for students last for only six months, while the long term can help you finance your education from year one to your final year.
Besides short and long-term loans, Prodigy Finance has refinancing options for students to get new loans in which they will pay lower interest rates within the short term to ease their debts. If you get this loan, they will advise you on the best option loan to take for your academics.
Stilt Finance
Stilt Finance is one of the international student loans for African students, their primary focus is serving underserved communities and immigrants. they provide low-interest-rate loans with flexible repayment plans and they do not require a co-signer.
Their primary goal is to make international loans readily available for international students especially those in Africa who do not have a credit history or cannot produce a co-signer. Applying for a stilt finance loan is pretty straightforward and you can apply 100% online, this makes it a great option for African students who do not have access to traditional loan options.
Global Student Loan Corporation
Global Student Loan Corporation is another great International Student Loan for African Students. They do not require a cosigner to give out loans to international students and one advantage to using them is that funds are disbursed directly to the school.
These funds cover your accommodations, tuition fees, and other educational expenses. they offer a competitive interest rate and their repayment terms are tailored to your needs, This makes them one of the best for international students looking to secure a loan for their studies.
Tips to Obtain International Student Loans for African Students
Check Eligibility Requirements:
Loans are not available to everyone, so your eligibility will vary depending on your country of origin and educational level. Make sure you check the requirements before applying for a loan.
Seek Advice from a Financial Advisor:
You may be able to find helpful advice from a financial advisor who specializes in international student loans. They can help you understand the application process and identify any potential pitfalls.
Compare Rates and Offers:
Once you have been pre-approved for a loan, compare offers from different lenders to find the best deal for you. You may also want to consider using a credit score builder such as Credit Karma or TransUnion Paragon Elite Credit Monitoring to get an idea of your creditworthiness before applying for a loan.
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How would you describe your gender?
What is your age group?
What is your current marital status?
What is your highest level of education?
What is your primary reason for moving to another country?
Do you have any dependents (children or others) who will be moving with you?
How long are you planning to stay in your chosen destination?
Which of these is most important for your study or work abroad destination?
What level of language proficiency do you have in languages other than your native one?
How important is the cost of living in your destination country?
Benefits of International Student Loans for African Students
Access to Top Schools:
Many top schools around the world require an application fee or tuition that is far beyond the reach of most low- and middle-income earners. However, with an international student loan, you can easily cover these costs.
Reduced out-of-pocket Expenses:
Many top universities have large expense requirements, such as tuition, books, and room and board. With an international student loan, you won’t need to worry about covering these costs out of your pocket.
Increased Opportunities for Scholarships:
International student loans can help you qualify for many scholarships that are only available to those who study abroad. By taking out an international student loan, you’ll increase your chances of being awarded one of these prestigious awards.
Reduced Cost of Education.
Education is one of the most important investments you can make in your future, and international student loans can help reduce the cost of tuition and other school expenses. By borrowing abroad, you’ll receive lower interest rates and fewer loan penalties than if you borrowed locally.
Increased Opportunities:
Taking out international student loans gives you additional opportunities to pursue studies in prestigious universities around the world. By studying in a different country, you’ll gain new skills and perspectives that will benefit not only your education but also your career path.
Frequently Asked Questions
Q: How do I qualify for a loan?
A: To qualify for a loan, you must meet the lender’s requirements. Most lenders require that you have an undergraduate degree from a recognized school, prove financial stability by providing your bank statements and other financial information, and pass a credit check. You should also review the terms and conditions of the loan before applying.
Q: How much can I borrow?
A: The amount you can borrow varies depending on your school’s borrowing limit and credit score. The most common borrowing limit is $40,000 per year for private loans and $60,000 per year for federal or student loan consolidation loans. Your credit score will determine how much debt you get approval for. The higher your score, the less debt you will get approval for.
Q: How much can I borrow with an international student loan?
A: The amount you can borrow with an international student loan depends on the lender and the loan product. Some lenders offer loans of up to $100,000, while others have more restrictive limits. You can compare loan amounts on our website to find the best deal.
Conclusion
International Student Loans for African Students no longer have to be an overwhelming challenge as there are lots of financing sources such as Mpower, Stilt, Access Bank, and Prodigy Finance that offer easy-to-access loans for international students.
It’s important to always review the terms and conditions for each of these financing institutes, taking note of their interest rates, repayment options, and eligibility criteria before you make your decision. if you ever find it overwhelming, it’s best to consult with an educational financial aid office so they can help you with the proper guidance in making these decisions.
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