Review of Top Finance Institution offering International Students Loan
Students from Africa, India and other developing nations are among the highest number of international students. These students seek undergraduate and graduate admissions at universities in Europe, United States, Canada and Australia.
While studying in first world countries is a prime desire, it comes at a financial cost. International students pay many times more fees than citizen of host nations. This is not even considering the cost of travel between home country and destination, settlement and language requirements cost.
For example, the average cost of a one year Masters degree course in the UK range between £14,000 – £22,000 for international students. Locals pay far below between £7,000- £15,000. Indigenous students also have the benefits of government backed student loans or grants. Opportunities that excludes international students. Therefore, to hedge the financial cost, international students have been relying on scholarships, and lately student loans.
Finance Institutions that offer Loans to International Students
1. Mpower Financing
This offers international students from over 190 countries access to loans for study in the U.S and Canada. Mpower prides itself as a support for the educational dreams of postgraduate students, with a record of over $2 billion dollars in loan support.
Founded in 2014, it caters for international students from Nigeria, India, China and other developed or developing countries. Mpower offers student loans to international graduate students up to $50,000 and a repayment plan spread to a maximum of ten years post graduation.
Eligibility for Mpower Loan
1. Student must be an international student with an admission of at least 2 years. Prospective students without admission can apply.
2. Must be admitted to an approved US or Canadian university approved US or Canadian university.
3. Submission of an online application to determine student eligibility.
After confirming your eligibility, begin the process for student loan finance student loan finance
Successful students get an initial conditional offer and can begin other processes for visa application. After final approval, funds are disbursed directly to the university.
A Nigerian who got a student loan from Mpower Financing shared about it online
In addition to the 60% tuition waiver awarded to me, my husband and my uncle will take care of the rest expenses. I also secured $15,000 loan for additional support.V
VO:did you get the loan?
ME: I got the loan from Mpower financing company in USA, after due application and meeting with their terms and conditions.
For details of of Mpower Financing, visit https://www.mpowerfinancing.com/
2. Prodigy Finance
This is a student loan financing option for international students. It has been in operation for over a decade, and has provided over $1b in loans to help over 20,000 students.
Prodigy finance sponsors study abroad students from Nigeria, India, Pakistan, Ghana and South Africa for graduate studies in the United States, Canada and other top ranked global universities. Specifically, student loans are available for Masters degree students.
Eligibility for Prodigy Finance
Confirm your eligibility by visiting Prodigy finance
The basic requirement for students applying is that
– they should seek international study in top rated universities.
– be from an eligible international country
– have gotten admission.
A Nigerian who got sponsored by Prodigy finance shared this on nairaland.com
Once you apply, after they are sure you qualify for the loan, they will give you a conditional offer that you can present to your school as proof of finance… remember though that I said conditional… the final approval is dependent on u submitting all the docs req..
haven said this please just go to their website.
Another Nigerian, Tiimy also shared his U.S visa approval for a graduate course, partly sponsored by Prodigy finance.U.S visa approval for a graduate course, partly sponsored by Prodigy finance.
I have been awarded a student loan by a private company affiliated with the school (I proceeded to hand him a letter from the loan company (prodigy finance) + a sheet with the breakdown of the loan amount, interest rate and loan repayment terms.
For more details about Prodigy Finance, visit their website https://prodigyfinance.com/
Graduate Student Loans to Nigerian
From the two student loan institutions reviewed, Nigerians seeking postgraduate admissions can apply and secure part or full funding for their academic study. Both Prodigy finance and Mpower Finance offer these student loan to international students without cosigner or collateral. These loans are not grants and come with conditions.
Generally, student loans are given to students with good prospects of post study work. Thus, it is expected that on graduation, loan beneficiary gain employment and begin repayment of the loan based on terms.
Thus, to be secure a student loan, the employment prospects course of study and university is a major factor.
US visa application for student visa have somewhat accepted these funding options for Nigerians. Postgraduate students who got the loan have been granted F1 visa and proceeded to their study in the US