Study abroad loan can be a breakthrough route for international students with low financial capacity to actualize their dream of international education.
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On a generic scale, going abroad to study is a dream of every scholar but the financial obligation that ensue has discouraged many from even trying. Among other funding opportunity alternatives for studying abroad, loan seems to be the least explore by scholars. May be the societal biased opinion on loan is among the major reason scaring international students away from tapping into this less competitive funding opportunity for their education abroad.
Meanwhile, there are numerous organizations locally and internationally that are granting education loan for international students in different institutions across the world.
In this article, we will be discussing different education lending organization that are willing to offer education loan to international students to study abroad. Relax as we dissect the 5 study abroad loan organization we were able to capture from our research.
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Study Abroad Loan For International Students
1. Mpower Financing
MPOWER helps international students from over 180 countries remove financial barriers to higher education in the US and Canada. They offer education loans that do not require co-signers, collateral, or a US-based credit history. Unlike traditional lenders they consider your academic success and career path in their approval process. In addition they offer career support and help build your credit history, which gives you greater flexibility in financial matters in the future.
Features of Mpower Financing
- No co-signer required
- No collateral required
- Visa support
- Fixed interest rates from 11.99% to 13.99%
- Interest rate discounts available
- 10-year loans with no penalty for early pay-off
- Up to $100,000, over 2 academic periods
- Fast online application process
- Career strategy services
For further details visit the website
2. Wema Bank/MOD Education
Wema Bank partnered with MOD Education to offer education loan to Nigerian students for their study abroad aspirations. The loan is available for Nigerians to study in any partnered university of MOD anywhere in the world.
Features of the loan
- The loan is made available for the sponsor and not the student
- Up to #10 million loan
- Easy and convenient online processing
- Available for both postgraduate and undergraduate studies
- Visa processing guides
- Mentorship throughout studies
- 12 months loan tenure
Further details, visit the website
3. Future Finance
Future Finance is a private student lending company founded in the UK that is striving to make education accessible to all. The company believes in the potential of students and they are passionate about helping them get where they want to be.
Features of Future Finance
- Loan amount ranges between Euro 2,000 to Euro 25,000
- Available for studies in the UK only
- Available for both local and international students
- A guarantor is needed for fast processing and higher success outcome
- Loan can be used for tuition fee payment and or living expenses
- Fast processing
- No early repayment fees
- Reduced repayments: pay a minimum of just £5 a month during term time and for up to 3 months after graduation
- You can spread your repayments over 7 to 10 years.
Further details, visit the website
4. Prodigy Finance
Prodigy Finance is founded on the philosophy that funding shouldn’t be a barrier to education. Prodigy Finance deploy innovative and borderless model to assesses loan applicants on their potential, among other variables, not just their current circumstances and credit history. They work with alumni, impact investors, and other private qualified entities who invest in tomorrow’s leaders whilst earning a financial and social return.
Features of Prodigy Finance
- Track payments from our mobile app
- Flexible repayment terms – 7 to 20 years.
- Start paying 6 months after classes end
- Require co-signers and guarantors
Further details, visit the website
- Ascent
Ascent is on a mission to provide access to education for millions of underserved students every year. They believe education is an investment in students’ futures, and we want to empower students of all economic backgrounds and disciplines to maximize the return on that investment.
Features of Ascent
- Affordable rates and auto-pay discounts
- Choose to start making payments now or after leaving school and no penalty if you choose to pay off your loan early
- Complete your loan application in minutes and check your pre-qualified rates without impacting your credit score
- Free resources & apps
Further details, visit the website
We hope the information above is helpful? Join our scholars community to always be in the knowing of latest study abroad opportunities and application tips. Join Now
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