How Nigerians Can Get a Loan to Study in the U.S. & Canada 

Do you want to further your education and improve your employment opportunities? If your answer is in the affirmative to any of those questions above, then this golden opportunity is for you. Consider an international education! See Full Details on Mo Ibrahim Foundation 2023 Scholarships for African Students

How Nigerians Can Get a Loan to Study in the U.S. & Canada 

International students from all over the world study abroad in the United States and Canada every year. Nigerians are the largest population of students from Africa who come regularly to the United States. In fact, during the 2018-2019 school year, there were over 13,000 Nigerian students in the United States! It is definitely an exciting opportunity for aspiring Nigerian students.

From speaking to many students, we know that funding your future education is one of your first questions. While both scholarships and student loans are good 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 co-signers or collateral to reduce the risk to the lender. Typically, the co-signer must be a US citizen or permanent resident with good credit. However, there are some loan options like MPOWER Financing and Prodigy Finance for Nigerians without a co-signer or collateral.

The loan options available to you will depend on your education, level of education and your university’s rating. Do your research and see what loans your university offers.

You will most likely be asked to provide the following information when applying for a loan:

  • Proof of enrollment at a university in the U.S. or Canada
  • A valid Visa
  • Address in country of study
  • And depending on your loan, a cosigner

What Will a Student Loan Cover

Your student loan can be used to cover most expenses in connection with your education. This may include tuition, accommodation, transport, books, other materials, food etc. Just make sure to check with your university what you can use the funds for – and your budget! You must repay the loan over time.

Student Loan Finder!

To find the best students loan for you, check out our list of Students Loan Finder! Enter your personal profile to preview your students loan options and see which products is recommend. It’s free, quick, and easy!

Loans for International Students

Borrowing money through a private, legitimate lender is the best way to afford school without the mob involved. Several companies lend to US citizens, but those that lend to international students are few and far between.

See also  Nigerian Youth Employability 2022/2023 Training | See Link to Apply

Most lenders require international students to take out a loan with a co-signer who is a US citizen or permanent resident. This provides the lender with security in the event that the borrower cannot afford to repay the loan or leaves the United States. Unfortunately, it also limits who can get a loan, as some potential borrowers may not have family or friends in the US who are willing or financially able to act as co-signers.

However, there are student loans with no cosigner required available from a small number of lenders.

Loan conditions

Even when you find a lender willing to provide student loans to international students, it’s important to consider the loan’s interest rates, as they will affect you for the next several years. Private student loans are usually credit-based, unlike federal student loans that use the FAFSA and provide either variable rate loans or fixed rate loans. Variable rate loans, also known as floating rate loans, offer loan terms that change based on two factors: The benchmark is usually based on the London Interbank Offered Rate (LIBOR) or another federal interest rate, while the fixed spread estimates the borrower’s potential to pay off the loan. Variable rate loans are risky because, unlike diamonds, the interest is not eternal. although a low LIBOR initially gives you a low interest rate, as LIBOR increases, so does the interest rate. In contrast, fixed rate loans stay the same throughout the life of the loan, but of course they can also be risky because if a borrower starts out with a high interest rate, then that rate will remain high throughout the life of the loan.

When you start calculating, you should also consider other loan terms that may affect when you pay and how much you pay. Is there a grace period before you start repaying the loan? Are there penalties for prepayment or early repayment of the loan? Are there late fees? What is the actual payment process each month? Can the terms of the loan be changed? And when can you afford to do fun things again?

Refinancing your loan

What if the interest rate is so high that you have trouble repaying the loan? You can refinance.

Refinancing gives you a new loan with a lower interest rate and/or lower monthly payments or allows you to change the type of loan you have. To be clear, borrowers who are able to refinance their loan will end up paying off their loan over a longer period of time than the terms of their original loan, but they will end up paying less money overall, so it’s still a good plan.

See also  How To Apply For 2022/203 Student Loan | See Link

Where can you get a loan?

Below is a list of some of our favorite private lenders. Whether you’re applying to one of these or another company you’re with, don’t forget to take a closer look at the terms of a loan before signing anything. If you’re going to get back at someone for years, you might as well be comfortable with how you do it.

MPOWER Financing 

MPOWER Financing provides loans to international students studying in the USA or Canada based on their future income potential and without requiring a cosigner or checking for a good credit history. It offers fixed-rate interest rates to students in any field of study as long students are accepted or enrolled in one of the 350 schools supported by the company and are in their last two years of study. Other benefits include a six-month grace period after graduation to start repayment of loans, and a 1.50% discount on the interest rate if borrowers meet certain requirements. It also provides career support services.

PLEASE NOTE:

  • We do not charge any application, processing, training, interviewing, testing or other fee in connection with the application or recruitment process. Should you receive a solicitation for the payment of a fee, please disregard it. Furthermore, please note that emblems, logos, names and addresses are easily copied and reproduced. Therefore, you are advised to apply particular care when submitting personal information on the web
  •  We are an equal opportunity employer and value diversity inclusion. We do not discriminate on grounds of colour, race, nationality, religion, age, ethnic origin, disability, gender, marital status, or sexual orientation in our employment practices
  •  Our people are all equally gifted in unique ways: we come from diverse traditions, personal experiences and points of view. And we want to include yours, Are you ready to inspire us with your ideas?
  • We encourage all applicants to apply and does not practice any discrimination in any recruitment process.
  • Applications submitted after the deadline will not be considered.
  • Due to the urgency of the position, we have the right to recruit a candidate who matches the required profile before the above deadline
  • Only qualified candidates will be invited for interview
See Also: INEC Online 2022/2023 Recruitment OF AD-HOC Staff | How to Apply

JOBS YOU MAY ALSO LIKE TO APPLY

HEALTH JOBS

POLYTECHNICS JOBS

SCHOLARSHIP

UNIVERSITY JOBS

LOAN/GRANT

OIL AND GAS JOBS

See also  Over 1,003 Nigerians Disqualified From N12.5bn Youth Investment Fund (NYIF) - FG

PROGRAM

N-POWER

FEDERAL GOVERNMENT JOBS

STATE GOVERNMENT JOBS

Important Notice

  • The above statements are intended to describe the general nature and level of work to be performed by people assigned to it.
  • They are not to be construed as an exhaustive list of all responsibilities, duties and skills required of personnel so classified.
  • All personnel may be required to perform other responsibilities in addition to those specified from time to time, as needed.
  • We do not charge any application, processing, training, interviewing, testing or other fee in connection with the application or recruitment process. Should you receive a solicitation for the payment of a fee, please disregard it.
  • Furthermore, please note that emblems, logos, names and addresses are easily copied and reproduced. Therefore, you are advised to apply particular care when submitting personal information on the web.
  • We are an equal opportunity employer and value diversity inclusion. We do not discriminate on grounds of colour, race, nationality, religion, age, ethnic origin, disability, gender, marital status, or sexual orientation in our employment practices
  • Our people are all equally gifted in unique ways: we come from diverse traditions, personal experiences and points of view. And we want to include yours, Are you ready to inspire us with your ideas?
  • We encourage all applicants to apply and does not practice any discrimination in any recruitment process.
  • Applications submitted after the deadline will not be considered.
  • Due to the urgency of the position, we have the right to recruit a candidate who matches the required profile before the above deadline
  • Only qualified candidates will be invited for interview
Recommended: Ongoing Massive Recruitment for Academic & Non-Academic Staff at the University of Ibadan

Please Note: 

  • PINNACLE REPORT Is A Nigeria Online Media Platform, That share daily updates on available Jobs, vacancies, local and international scholarships, Government/international organization loans and grants.
  • we can not assist any applicant secure a job, loan, grant or scholarship. We only share the information for interested persons to apply.
  • Our admins will never call any applicant requesting for payment of my kind or request for any OTP code. Our services are absolutely free of charge. Beware of fraudsters

For more informationkindly drop any question in the comment box below.

Or kindly share through the WHATSAPP, TWITTER, FACEBOOK and LINKEDIN buttons below, you might help someone get a job. Thanks

To get our Jobs Update directly to your Phone, kindly follow us on WhatsApp-https://chat.whatsapp.com/I5ROWauDr0X8nbdPJSomFI

Kindly Join our telegraph Group via this link: https://t.me/+TXs6jpYrR7pjMTY0 Or https://t.me

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *