Want to further your education and improve your employment prospects? Consider an international education!
International students from all over the world study abroad in the U.S. and Canada every year. Nigerians are the largest population of students from Africa that routinely come to the U.S. In fact, during the 2018-2019 school year, there were over 13,000 Nigerian students in the U.S! It’s definitely an exciting opportunity for aspiring Nigerian students.
From talking with many students, we know that financing your future degree is one of your first questions. While both scholarships and student loans are great options to explore, this article focuses on student loans. Read on to learn more about international student loans.
Student Loan Requirements and Eligibility
Most student loans require cosigners or collateral to mitigate risk for the lender. Typically, the cosigner must be a U.S. citizen or permanent resident with good credit. There are, however, a few loan options such as MPOWER Financing and Prodigy Finance, for Nigerians without a cosigner or collateral.
The loan options available to you will depend on your degree program, level of education, and the rating of your university. Do your research and see which loans your university recommends.
You will most likely be required to provide the following information when applying for a loan:
What Will a Student Loan Cover
Your student loan can be used to cover most expenses related to your education. This can include tuition, housing, transportation, books, other materials, food, etc. Just make sure you check with your university what you can use the funds for – and budget well! You will have to pay the loan back over time.
Student Loan Finder!
To find the best loan for you, check out our Student Loan Finder! Enter your profile to review your loan options and see which products we recommend. It’s free, quick, and easy!