A degree from any university in the United States or neighbouring Canada is sure to expand your employment prospects, especially as a Nigerian, and in this article, we will be providing you with ways on how to secure loans that would aid your application process.
Please note that the process that would be shared does not contain a comprehensive step-by-step guide, as you would be required to conduct extra online searches, however, this post would point you in the appropriate directions.
According to eduPass, during the 2018-2019 academic year, there were more than 13,000 Nigerians studying in the United States.
Although the Trump Administration had set limitations to studying in the United States, the current government has taken steps to ease those restrictions, making it possible for students from Nigeria to enjoy the full benefit of studying in the US.
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Why Nigerians Need Loan To Study In US and Canada
If you have done your research, you may have found that studying in the US and Canada is no cheap undertaking.
There are two ways students can get funding to fulfill their dream of studying in the US and Canada: student loan and scholarships, but this article would place focus on the former.
How To Get a Loan To Study In the US and Canada
Organisations such as MPOWER Financing, Prodigy Finance, Immigration, Refugees and Citizenship Canada (IRCC) (yet to be confirmed) provide student loans to international students, enabling them to study in either the United States or Canada.
MPOWER Financing: This was ranked the best lender for international students by the US News and World Report, according to eduPass.
MPOWER Financing is a lender based in the US, lending to students at a fixed US dollar rate to students across 190 countries to enjoy studies at over 350 universities in the United States and Canada.
Unlike other lenders, you are not required to have a co-signer – usually a US citizen or someone with a permanent residence permit living in the US with a good credit history.
Prodigy Finance: This is another student loan facility organisation based in the United Kingdom that furnishes students with variable-rate loans in the local denomination (British pounds).
With Prodigy Finance, there are more restrictions to taking loans than MPOWER Financing (restriction on the country of origin of the borrowing prospective student, the university, and the course of study).
If you aim to do your master’s or STEM programme in Europe, Prodigy Finance is the best option, as opposed to MPOWER Financing that only caters to international students in the US and Canada.
Benefits of Student Loans
Once you are able to secure a student loan, the following are what will be covered:
- Tuition;
- Room and board;
- Books;
- Transportation and;
- Living expenses.
Requirements for Student Loan Applications
Nigerians can have access to various loan options, but with the exception of the two loan facilities listed above, they would be required to get a co-signer who has to be residing in the US and has a good credit rating.
Loan requirements vary by the lending body but qualifying for them usually depends on the programme you want to study, your level of education, and the rating of the university you’re applying to. This is where further research is needed on your part.
However, below are some of the generic requirements that would be asked of you when applying for a loan:
- Valid visa;
- Proof of admission into the US or Canadian university;
- Your address in the country you want to study in and;
- A co-signer (depends on the loan body).
Lastly, to aid your search, you can check here for a suitable loan offer.
