EnuStudying abroad opens doors to top universities in international education and global careers. For Nigerian students pursuing overseas education, costs add up fast with tuition, living expenses, student visa requirements, and visa applications. Loans to study abroad make it possible without draining family savings. This list breaks down top options for study abroad programs based on current rates, eligibility, and real student experiences. You’ll find no-cosigner picks perfect for internationals, plus bank loans from home.
These lenders focus on future earning potential over current credit. Many cover full costs at partner schools in the US, UK, Canada, and Europe. Always check official sites for latest terms, as rates shift with markets.
Quick Answer: Top Loans to Study Abroad at a Glance
- Prodigy Finance: No cosigner needed; up to full tuition plus living at 1,500+ schools worldwide.
- MPOWER Financing: Fixed rates for Nigerians; $100K max, career support included.
- edXtra: African-focused, no collateral; funds STEM/business master’s degree up to $100K.
- Sallie Mae: US study only, needs US cosigner; competitive with deferment options.
- Ascent: Cosigner release after payments; up to $200K aggregate for undergraduate degree/grad.
- College Ave: Multi-year approval; low fixed rates from 3.99% with cosigner.
- Citizens Bank: High limits to $230K; cosigner release possible.
- SoFi: Perks like unemployment protection; up to $500K lifetime.
- Earnest: Skip payments option; flexible 5-20 year terms.
- HDFC Credila: India-based for abroad; up to INR 1.5 crore, tax perks.
- SBI Global Ed-Vantage: Low secured rates; up to INR 150 lakhs.
- Study Loan Nigeria: Local option with merit focus; pairs well with scholarships.
1. Prodigy Finance
Prodigy Finance stands out for Nigerian postgraduate students. It funds master’s degrees in business, engineering, and law without a cosigner or collateral. Loans cover up to 100% of costs at over 1,500 partner schools in the US, UK, Germany, Canada, and more, including prime destinations to study in the UK. Students praise quick approvals based on future salary prospects.
Key features include variable and fixed rates tailored to your risk profile. Borrow up to the full cost of attendance. Repay over 7-20 years, starting six months after graduation. No prepayment penalties help if you land a high-paying job early.
Eligibility requires admission to a supported program. Lenders assess your future earnings from the course. Some fields need prior work experience. A valid student visa seals the deal.
Pros:
- No cosigner for internationals like Nigerians.
- Covers living expenses, travel, and books.
- School-specific rates keep costs predictable.
Cons:
- Rates higher for riskier profiles (around 10-15% APR).
- Postgraduate only, no undergrad.
- Detailed application reviews your career plans.
Nigerian students often pair this with free counseling from platforms like StudyIn for visa success. One student shared how guidance led to a UK visa without hassle, highlighting the platform’s impressive visa success rate.
For full Prodigy Finance student loans details, see their site.
2. MPOWER Financing
MPOWER targets international undergrads pursuing an undergraduate degree and grads, including Nigerians heading to the US or to study in Canada. No cosigner, no credit history needed. It funds up to $100,000 total across terms at 300+ partner schools. Over 25,000 students have used it for dream programs.
Fixed interest rates lock in costs post-approval. Loans range from $2,001 per term. Repay over 10 years, with options to defer or pay interest-only in school. Quick funding hits your account fast.
You need enrollment at a supported school. Open to any citizenship except US/Canada residents. Minimum age 18; co-borrower optional. Strong academics boost chances.
Pros:
- Free career counselling and visa support letters.
- No prepayment fees.
- Funds non-tuition like housing.
Cons:
- Fixed rates stay high (12-15% APR examples).
- School list limits choices.
- Repayment starts soon after school.
Testimonials highlight smooth processes, much like consultants who helped students secure scholarships alongside loans. Check MPOWER international student loans info.
3. edXtra
edXtra fits Nigerian and African students chasing masters in STEM, business, or management. No collateral or cosigner required. Loans up to $100,000 lifetime at 400+ top universities worldwide. Approval rates hit high marks for qualified applicants.
Expect around 13.72% APR in examples, with monthly payments like $111 first 30 months, then $155. Total term up to 150 months. Covers tuition, living, and more, complementing scholarships and other funding sources.
Passport, student visa, admission letter, and program details get you started. No credit check emphasis; future potential rules.
Pros:
- Tailored for Africans studying abroad.
- Free visa guidance.
- High approval for strong profiles.
Cons:
- Rates fixed and firm.
- Term-by-term funding.
- Focused on select degrees.
Platforms like GoAbroad note similar success stories. View edXtra loan qualification for Nigerians.
4. Sallie Mae International Student Loan
Sallie Mae works for US-bound Nigerians with a US cosigner. Covers 100% of certified school costs. Great for undergrad or grad at eligible US schools.
Variable or fixed rates based on cosigner credit. Borrow up to cost minus aid. Repay deferred, interest-only, or immediate during school.
Needs creditworthy US cosigner, half-time enrollment, F-1/J-1 visa following the visa application process. School certification required as part of the admission process.
Pros:
- Competitive rates with strong cosigner.
- Flexible repayment picks.
- No origination fees.
Cons:
- Cosigner mandatory.
- US study only.
- Rates tie to cosigner score.
Students report easy navigation with counselor help. See comparisons in best international student loans guide.
5. Ascent Student Loans
Ascent offers international options with cosigner for studies abroad or US. Funds undergrad/grad based on future income for some loans. Aggregate up to $200,000.
Fixed/variable APRs; terms 5-15 years with grace. Cosigner release after 24 on-time payments.
US cosigner needed initially, minimum GPA, half-time at supported school.
Pros:
- Cosigner release option.
- Autopay rewards.
- Flexible grace periods.
Cons:
- School certification slows process.
- Variable rates rise.
- Limited partner universities abroad.
Fits well with 360 solutions from application to arrival.
6. College Ave Student Loans
College Ave provides refinance and private loans for abroad study via cosigner. Multi-year approval eases planning. Rates from 3.99% fixed.
Up to 100% cost minus financial aid; 5-15 year terms.
US cosigner, good standing, degree program enrollment.
Pros:
- No app/origination fees.
- Autopay discount.
- Fast multi-year funds.
Cons:
- Cosigner typical for Nigerians.
- Credit check dings score.
- Select schools.
7. Citizens Bank Student Loans
Citizens Bank suits undergrad/grad/professional abroad with cosigner. Lifetime limit $230,000 to cover tuition and cost of living.
Fixed/variable; defer up to 24 months post-grad.
Cosigner with income/credit, 2.5 GPA, eligible school.
Pros:
- High limits.
- Cosigner release.
- Loyalty perks.
Cons:
- Up to 5% origination.
- Cosigner key.
- Higher rates sans top credit.
8. SoFi Private Student Loans
SoFi fintech loans for internationals with cosigner. Up to $500,000 lifetime; undergrad/grad focus.
Low fixed starts; 7-15 years, unemployment protection.
Half-time enrollment, US cosigner, income min.
Pros:
- No fees, rate match.
- Career perks including career counselling.
- Flexible protection.
Cons:
- Competitive entry.
- Cosigner needed.
- Abroad school limits.
9. Earnest Private Student Loans
Earnest customizes for abroad with cosigner. Skip-a-payment up to 9 times, supporting post-study work transitions and long-term career planning.
Fixed/variable; 5-20 years based on costs.
225+ schools, cosigner or strong profile, half-time.
Pros:
- Payment skips.
- No fees.
- Bi-weekly option.
Cons:
- Cosigner often.
- Rates fluctuate.
- Strict credit.
10. HDFC Credila Overseas Education Loan
HDFC Credila from India funds Nigerians pursuing overseas education at international universities. Secured/unsecured up to INR 1.5 crore (~$180K).
Floating repo-linked; 15-year moratorium.
Admission, Indian/Nigerian resident, collateral for big sums.
Pros:
- Tax benefits Sec 80E.
- 2000+ unis.
- Flexible collateral.
Cons:
- Collateral over 7.5L.
- Fees apply.
- India ties help.
11. State Bank of India Global Ed-Vantage Loan
SBI public loan for Nigerians pursuing international education abroad. Up to INR 150 lakhs secured.
10.15-11.75%; moratorium course +1 year, 15-year repay.
Confirmed admission, up to 2nd degree, collateral.
Pros:
- Low secured rates.
- No prepay penalty post-moratorium.
- Wide courses.
Cons:
- Collateral must.
- Slow approval.
- Approved lists only.
12. Study Loan Nigeria and Local Banks
Local providers like Study Loan Nigeria or Access/GTBank partner programs for studying abroad. Merit-based, lower rates.
Flexible amounts; grace periods.
Nigerian resident, admission, sometimes collateral.
Pros:
- Tailored to Naira.
- Pair well with scholarships.
- Quick local process.
Cons:
- Vary by bank.
- Collateral common.
- Currency risks.
See steps to secure study abroad loan in Nigeria.
Comparison: Key Factors Across Loans to Study Abroad
LenderMax AmountRate TypeCosigner?Repay StartBest ForProdigyFull costVar/FixNo6 mo post-gradPostgrad globalMPOWER$100KFixedNoSoon/DeferUS/CanadaedXtra$100KFixedNo150 mo exAfricans STEMSallie MaeFull COAVar/FixYesFlexibleUS onlyHDFC/SBIINR 150L+FloatingYesMoratoriumSecured big loans
Loans cover tuition (most), living (many), travel/books (select). Grace 6-24 months common; cosigner release in half.
Application Tips for Loans to Study Abroad
Gather admission letter, visa proof, ID, financials as part of the admission process timeline. Strong GPA helps. During university selection, compare offers from 3+ lenders. Apply post-aid award for accurate amounts. Use consultants for docs like statement of purpose; students got 95% success rates.
Before Applying Checklist:
- Confirm school partnership.
- Calculate total costs (tuition + Naira exchange).
- Check visa status.
Common Pitfalls and Fixes
- Overborrow: Budget living abroad including accommodation support; tuition $50K/year possible, plus IELTS training, GRE preparation, and TOEFL test costs. Fix: Use calculators.
- Ignore Fees: Origination 1-5%; late hits hard. Fix: Autopay.
- Currency Swings: Naira drops raise repayments. Fix: Fixed rates.
- Miss Partners: Wrong school = denial. Fix: Verify lists.
- No Grace Plan: Payments hit in school. Fix: Defer options.
- Weak Profile: Low GPA, poor language proficiency hurts. Fix: Build resume.
- Solo Apply: Skip counselors. Fix: Free sessions for apps/visas.
- Forget Scholarships: QS offers $111M. Fix: Apply parallel.
Is Loans to Study Abroad Legit and Safe?
Yes, from reputable lenders like these. Turn to educational consultants to check issuer accreditation, support channels, refund policies. Reviews from 52K+ students back services. Pair with trusted platforms for full journey clarity.
Tips to Score Better Loans to Study Abroad
Shop multiple; rates vary 3-15%. Boost GPA. Pick in-demand fields like STEM. Add work experience. Use no-cosigner first. Time for intake deadlines. Negotiate cosigner terms with a study abroad agency. Track exchange rates. Seek free counseling. Apply early for 2026. Bundle with scholarships. Once loan is secured, attend pre-departure briefing. Budget for mandatory travel insurance. Review terms yearly. Build emergency fund.
FAQs
What credit do Nigerians need for loans to study abroad?
None for no-cosigner like MPOWER; future potential counts.
Can undergrads get loans to study abroad?
Yes, MPOWER or cosigner options; postgrad easier.
How much cover loans to study abroad?
Up to 100% costs; $50K-$500K ranges.
Need collateral in Nigeria?
No for edXtra/Prodigy; yes for banks.
Repayment after graduation?
Grace 6-24 months standard.
US vs UK loans to study abroad?
MPOWER US/Canada; Prodigy global.
Scholarships with loans?
Yes, reduces borrow; QS/Chevening.
Visa help included?
Many like edXtra provide visa counseling letters.
Conclusion
Loans to study abroad turn dreams into plans for Nigerian students. Pick based on no-cosigner needs, rates, and schools. Prodigy or MPOWER lead for ease; locals for security. Start with eligibility checks and counseling from study abroad consultants. Confirm details on lender sites, then apply confidently for 2026. Your global future waits.
Enu
