STUDENT LOANS FOR INTERNATIONAL STUDENTS

STUDENT LOANS FOR INTERNATIONAL STUDENTS: You may locate your student loan in only ten seconds if you’re an international student studying abroad. Here’s where to start.  If you’re one of the many Nigerian students studying abroad, you could be looking for loans for overseas education. In the United States, the average annual cost of attendance for pursuing a degree can range from US$9,700 to US$38,800. Thankfully, Nigerian students have access to a variety of student loan options. A closer look at a few of your alternatives for student loans is provided below.

STUDENT LOANS | MPOWER Financing

Provides student loans to Nigerian and international students studying in the United States for both undergraduate and graduate degrees. Borrowing amounts range from US$2,001 to US$100,000, with ten-year payback terms and no need for collateral or cosigner.

You don’t have to worry about your interest rate rising over time because all of MPOWER’s student loans have fixed rates. In addition to providing money for students at more than 400 schools, MPOWER also offers career guidance, assistance with visas, and the bonus of establishing your credit history in the United States as you make loan payments on time.

STUDENT LOANS | CITIZENS

International students can apply for student loans from Citizens, a full-service bank if they have a suitable cosigner. Along with meeting the bank’s income and credit requirements, your cosigner must be a citizen or lawful permanent resident of the United States.

Depending on their degree, graduate students may borrow up to US$350,000, while undergraduate students may borrow up to US$15,000. You have the option of variable rates, which change based on the state of the market, or fixed rates, which remain constant for the term of your loan.

STUDENT LOANS | SALLIE MAE

Another lender that offers student loans to overseas students with a cosigner who resides in the United States is Sallie Mae. You can select loan durations of 10 or 15 years, and you can borrow up to your school-certified cost of attendance. Graduate and undergraduate students can apply for student loans from Sallie Mae.

Tips for choosing an international student loans

To choose the best international student loan for you, compare your options and take into account the following features:

Interest rates: Interest on private student loans usually begins to accrue on the day of disbursement, meaning that interest charges may mount up over time. It is worthwhile to compare rates when looking for a loan because a cheap rate can end up saving you money in the long run. Given that a fixed rate is unaffected by changes in the market and remains consistent for the duration of the loan, you might also prefer it to a variable rate. While searching for a loan, you may also check with your local bank for student loans in Nigeria; however, the regulations regarding the use of these loans for education overseas may differ.

Refunds each month: Estimate the loan’s monthly installments to know exactly how much your student loan obligations will be each month. As a general rule, try not to incur more debt than you anticipate earning in your first year following graduation. Nevertheless, this guidance might be negotiable for students enrolled in graduate programs that will probably result in high earnings in the future, such as law school, medical school, or other schools.

Remember to look for scholarship awards.

Although they might be a helpful tool for paying for your education, student loans are not your only option for financial assistance. Spend some time applying for scholarships, which provide non-repayable gift help. For further information, speak with your financial aid administrator or look through scholarship search engines such as College Board, BestColleges.com, and International Student’s scholarship search. Additionally, MPOWER Financing provides several scholarships.