How to get a loan to study abroad.
Student loan in Nigeria: Many Nigerian students dream to travel out of the country for educational purposes. But the money make their dream a REALITY is not there. For some, the only option available for them is to seek for financial assistance through student loans.
How to get student loan in Nigeria
Who is the major provider of student loan in Nigeria?
Before you apply for student loan in Nigeria to study abroad, you should be aware that:
- Those loans are mostly funded by foreign bodies.
- There are only a few government full-time scholarships for sending indigenes abroad.
To wrap it up, you are either left with one of these two options:
- Apply for global scholarships directly, or
- Make use of the indigenous education advisory service ( Study abroad agents)
If you’re interested in the global scholarships, they will leave you to fend for yourself. You can apply directly to international scholarship bodies around the world.
However, on the other hand, you can just go for the indigenous education Advisory Service that makes the process a lot easier.
Type of student loan in Nigeria offers by EAS
The good thing with EAS is that when you apply for student loan in Nigeria and the loan got approved, the loan is so good that it can cover your tuition fees, living expenses, and caters to other needs that might arise while you study in your choiceof school abroad.
Also another good thing is that, all successful loan applicants get the money doposited directly to the school’s account on their behalf. This is to avoid unwanted expenses.
Additional benefits of education advisory service?
When you obtain a scholarship through EAS, the following benefits are attached :
1.Discounts in travel fares:
In major airlines like Delta, Etihad, Virgin Atlantic, and Lufthansa.
2.Complementary money card of your choice:
From either MasterCard or Visa
3.Educational loan support:
Of up to $25,000 school fees
4.Fair banking rates:
Fair deposit rates, zero banking charge on transfers you make for school fees payment.
EAS eligible countries for student loan in Nigeria
If you want to apply for student loan in Nigeria on your own, you can apply directly. Here, you have the choice to apply to as many school around the world as you can. This is because most of these applications are done online.
But if you want to apply through EAS, then your choice is limited to the following countries:
United States of America
EAS student loan in Nigeria criteria
If you want student loan in Nigeria and you want to apply through EAS, then you must open an account with FCMB.
You can contact them for more information by visiting any of their official branches. In addition, it is available through any of MOD group educational offices.
Benefit of student loan in Nigeria
- Low, fixed interest rates
- Income-based repayment plans (this means that you will pay back the loan based on your income)
- You can request to change your loan payment plan. You can adjust your plan to suit your present job position.
- Deferment options (this is a temporary delay in which you don’t have to repay your loan- both principal and interest.)
Federal loans or private loans, which is better?
We always advise you apply as many times as possible in federal loans before you can consider giving private loans a try.
But the good thing with private student loan in Nigeria is that most of the private lenders do not require you to complete a FAFSA application.
Benefits of private loans:
- You can borrow up to the total cost of your education
- It has a flexible repayment plans
- They have some affiliated and approved schools.
Frequently Asked Questions
How much money do I need to study in Canada as an international student?
This is going to vary greatly depending on your degree program, level and location. To give a rough estimate, though, $20,000 to $30,000 CAD per year for tuition fees plus an estimated $15,000 CAD for living expenses and other costs. While this number may not seem to be very affordable for most, it is significantly cheaper than some of the popular study destinations! You can check the total cost of attendance with your university’s financial aid office.
What can I use the funds for?
The majority of the funds will go towards your tuition fees, but you can also use them to cover accommodation and other educational expenses such as books and equipment.
Will I need a Canadian Study Permit?
A valid study permit will be required by Canadian Immigration in order for you to complete your studies. You should check specific visa details with the relevant authorities prior to plannig any travel.
How much student loan can international students get?
You can borrow up to the total cost of your education, minus any other financial aid, scholarships and awards you’re receiving. Your lender may also have a maximum amount limit in place.
What are the repayment terms?
Repayment options will depend on the terms of your agreement with the lender, but in most cases there will be either zero or reduced payments while you are in school and 6-months post graduation. A repayment schedule will be provided to you by the lender.
Are Student Loans Worth It?
The biggest difference between a loan and other forms of financial aid like grants and scholarships is that grants and scholarships do not need to be paid back, but loans do. This means that borrowing money to pay for university does place a burden on you to make repayments – often as soon as you graduate or even while you are still studying. This is why a loan should be the last resort to fund your education, rather than your first port of call. Try to fund your studies in other ways with personal savings, grants, scholarships and family funds before taking out a loan. With that being said, a loan can make all the difference between being able to afford the dream of studying in Canada or not, and in that case repaying the loan after graduation may be totally worth it.