Student loans are usually unsecured, meaning the borrower can provide collateral to qualify for the loan. The loan is usually given at an interest rate and is repayable after graduation or upon completion of the loan period. Student loans are also available for postgraduate studies, and the repayment period may vary depending on the type of study and the lender’s requirements. Check below to see the details on how to get a student loan in Nigeria to study abroad.
What is a student loan?
A student loan is a loan taken out by a student to help pay for their college tuition and other related expenses. Student loans are typically issued by banks, the federal government, or other private lenders and can be either subsidized or unsubsidized.
Student loans in Nigeria are a loan facility designed to enable students to access financial resources to meet their educational needs. Banks, microfinance institutions, and other financial institutions typically offer it.
How to get a Student Loan in Nigeria to Study Abroad
Here are all it takes to get a student loan in Nigeria to study abroad.
Requirements needed to get a student loan in Nigeria to study abroad
- A valid Nigerian passport
- Proof of admission to a recognized university abroad
- Evidence of financial need
- Bank statements for the last six months
- A guarantor (if required)
- An education loan application form
- Evidence of income and employment
- A letter of reference from a teacher or employer
- A letter of support from a relative or friend
- A credit history report from a Credit Bureau
- Proof of payment of tuition fees or other related fees
- Evidence of insurance coverage for the duration of the loan
- A detailed budget for the duration of the loan
- A copy of your academic transcripts
- Proof of repayment plan.
Steps involved on how to get a student loan in Nigeria to study abroad with links on how to go about it.
- Research: Research the different student loan options available in Nigeria and find out what suits your needs.
- Apply: Apply to the student loan provider of your choice.
- Submit Documents: Submit all the documents the loan provider requires.
- Get Approved: If your application is approved, you will receive the funds in your bank account.
- Repayment: You must begin making repayments according to the loan terms.
- Disbursement: Once your loan has been approved and the funds have been disbursed, you can begin making arrangements for your studies abroad.
- Budget: Make sure you have a budget to cover all your expenses abroad.
To get a student loan in Nigeria to study abroad, it is important to research and compare the available loan options. It is also important to ensure that the loan is from a reputable lender and to research the terms and conditions of the loan.
Additionally, students should explore scholarship options and government-backed student loan programs, such as the Buhari Youth Investment Fund. Finally, students should understand the repayment terms of any loan they take out. Check out the detailed guidelines on how to get a student loan in Nigeria to study abroad.
References on how to get a student loan in Nigeria to study abroad
- Nigerian Scholarship Board: https://nsb.gov.ng/
- NairalandForum: https://www.nairaland.com/student-loans
- Nigerian Education Loan Board: https://nelb.gov.ng/
- Nigerian Universities Commission: https://www.nuc.edu.ng/index.php/scholarships/overseas-scholarship-awards
- Bank of Industry: https://www.boi.ng/student-loan
- Access Bank Student Loan: https://www.accessbankplc.com/personal-banking/loans/student-loan
- Stanbic IBTC Bank Student Loan: https://www.stanbicibtcbank.com/personal/loans/student-loan/
- Ecobank Student Loan: https://www.ecobank.com/personal-banking/loans/student-loan
- Nigerian Scholarships: http://www.nigerianscholarships.com/category/student-loans/
- The World Bank: https://www.worldbank.org/en/