Financial constraints are one of the major reasons why many African students can’t travel abroad to study but this shouldn’t be your story too. Fortunately, there are international student loans that African students can apply for to get the funds they need to study abroad in their desired country.
Generally, a college education is expensive. Although there are a few select countries, especially in Europe, where the university is cheap or free for its citizens it is still costly for students who want to study abroad. One of the major setbacks that such students face is a lack of finance, this singular issue has become a big-time dream and career killer among thousands of students who want to study overseas.
Although there are scholarship opportunities compared to the thousands of students seeking cheaper education, there are just very few of these grants. Also, their requirements are very tough to satisfy and they are not so easy to find. African students who are from poor backgrounds do not even find it any easier.
Studying abroad brings so many opportunities as well as other benefits to African students. It is an opportunity to get world-class education and degree, find new pastures, and connect with people from different parts of the world. With a college degree from another country, there is a higher chance of them getting a better job in their home country or living abroad which can help change their lives for the best.
When it comes to financial aid options for college, scholarships, and grants are the best options to consider because they are free funding that you don’t have to pay back. But as I mentioned earlier, scholarships are highly selective and are hard to find. The next option is student loans, unlike scholarships, you must repay this one.
There are varieties of platforms that offer student loans to help students finance their education and achieve their dream career then start paying it back at a certain percentage when they get a job. It is a great option to consider if you are facing financial difficulties to fund your education whether you want to study abroad or in your home country.
While there are many student loan platforms for different students, this blog post focuses on international student loans for African students. This is a solution for African students from poor backgrounds who cannot afford to study abroad. Through this article, they will be provided with a number of student loans that will help fund their education and they can pay later.
What is a Student Loan?
A student loan is a type of loan that is specifically designed to help students pay for college education. This type of loan can be obtained from a government agency, such as the federal government, or from a private lender, such as a bank or credit union.
The funds from a student loan can be used to cover tuition fees, textbooks, room and board, and other college-related expenses. Generally, the loan needs to be repaid with interest, although some loans may offer a grace period where the borrower is not required to make payments until after they have completed their studies.
Can I Get A Student Loan In Africa To Study Abroad?
Yes, you can get a student loan in Africa to study abroad, there are a number of platforms that offer this kind of financial aid to prospective college students. However, there are certain requirements you must meet to be eligible for a student loan.
Also, note that the organizations and platforms that offer student loans have different terms and conditions. So, be sure to check them out before applying.
Having said that, let’s dive into the main topic.
International Student Loans For African Students
With student loans, finance should not hinder you from getting into your dream college. The following platforms and organizations offer international student loans for African students to get a world-class education in another country.
- Edxtra $100,000 International Student Loan
- 8B Education Investment
- MPower Financing
- Prodigy Finance
- Stilt Finance
1. Edxtra $100,000 International Student Loan
African students who wish to study abroad either in the US or Canada but do not have the funds can turn to Edxtra for their $100,000 international student loan and apply for it if they meet the requirements. This loan does not require collateral nor a cosigner and the loan is based on your future earning potential, that is, you start paying after you graduate from college over a 10-year period.
There are other perks that come with these student loans such as free visa support and career development services and no penalty for prepayment. To be eligible for the Edxtra $100,000 student loan, you must have been admitted or attending an accredited college in the US or Canada, about to begin a master’s degree program, or within 2 years of graduating with a bachelor’s degree.
Priority will be given to those nursing students and those pursuing a master’s degree in STEM or MBA degrees.
2. 8B Education Investment
8B Education Investment is a fintech company that aims to provide up to $30 million in loans for African students to study abroad. The organization is in partnership with US-based Nelnet Bank to provide loans to African students to study in the US. There are two different student loan options on the platform for undergraduate students and for graduate students.
To be eligible for the student loan, the borrower must be at least 18 years old, enrolled in a full-time degree program at an accredited US college, be a citizen of an eligible country in Africa, and have two references. Application for the loan is done online in 3 easy steps. Some perks of the 8B Education Investment student loan are its flexible lending terms, 6 months grace period following graduation, and competitive interest rates.
3. MPower Financing
MPower Financing is another organization that provides up to $100,000 in student loans to help students get their dream education and pursue their dream careers. The loan is offered only to students who want to pursue a degree at a US or Canadian university. A cosigner or collateral is not required for this student loan and you can start paying when you graduate and start working a job.
Other perks of receiving the loan include free visa support letters, a quick conditional loan offer, no prepayment penalty, and an exclusive career strategy service. The application is done online and takes about 20 minutes to complete. To be eligible, you must be an undergraduate or graduate student within 2 years of graduating or about to begin a 1 year or 2-year program.
4. Prodigy Finance
Prodigy Finance is a platform that offers student loans to African students and other students from over 150 countries who want to pursue a master’s degree abroad but do not have the funds. With Prodigy Finance, you are sure to get the funds you need to get your master’s education started in any country of your choice. The loan does not come with collateral nor is a cosigner required.
In six easy steps, you can apply for a student loan on the Prodigy Finance website or mobile app. You can start paying back 6 months after your classes end and one of the perks is that you can spread the payment between 7-20 years.
5. Stilt Finance
This institution provides student loans to Nigerian students who wish to travel abroad to study whether it is an undergraduate or graduate degree program. The application is done online where you will upload the required documents and every other necessary information which will be reviewed and you will get a reply the next day.
If you are eligible for the loan, Stilt Finance will provide it to you in less than a week. No cosigner is needed for the loan and the repayment method is flexible.
Student loans are often seen as a necessary investment in a person’s education, as they can provide access to opportunities that might not be available otherwise. However, it’s important to carefully consider the terms and conditions of any student loan before accepting it, as failure to repay the loan can have serious consequences, such as damage to the borrower’s credit score and the possibility of legal action by the lender.