15 Best International Student Loans For Africans

There are many International student loans available to Africans and anyone can access them when and if they meet the eligibility requirements.

These loans help students from African descent pay for tuition and other academic fees, and achieve their academic goals If they are eligible for financial aid.

However, federal loans in certain nations are restricted to citizens exclusively, therefore, making it only possible for private financial organizations to provide international student loans to students.

Certain banks and financial organizations lend to students planning to pursue graduate, undergraduate, or professional degrees. Before taking out a loan, students can select their repayment plan and interest rate.

There are a whole lot of other things students must do to get these loans and in this article, we will talk about it all. We will explore all the different eligibility requirements needed to access these loans and more in this article.

What To Consider Before Applying For Student Loans

Before they can borrow money, international students must have co-signers for the majority of financial institutions. Someone who consents to assume loan repayment if a student defaults in paying his or her debts.

Students are advised to consider some other things before applying for loans, and we will discuss them and the best possibilities for international student loans for African students below.

Decide On The Amount You Need

Before searching for available student loan choices, you must determine the required amount. To estimate the approximate amount you will need, get an estimate of the tuition, lodging, and other expenses.

Then, add them all together. While doing this, keep an eye on the future. Consider the tactics and plans you might implement to ensure you can repay the debts. You can sketch out a realistic payment schedule by researching the average income range paid to individuals in your field.

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Consider The Federal Financial Loan Option.

Examine your options for federal loans before applying for private ones. The rationale is that government loans often have flexible payment options and a set interest rate. Furthermore, government loans do not always need collateral or a cosigner, unlike private lending institutions, which simplifies the application process.

Examine Your Options

You need to consider all of your alternatives before making a decision. Examine the lists of lending institutions and contrast their requirements, interest rates, and repayment terms. Examine all of your options and select the one that best fits your needs.

Spend The Money judiciously

Recall why you applied for the money in the first place, and make sure you use it prudently once you have it. Make the most of your time to study and work hard to adhere to your repayment plan.

Understanding International Student Loans

What are International Student Loans?

International student loans are financial aid designed to support students pursuing education abroad. These loans cover a range of expenses, including tuition, accommodation, books, and living costs.

Unlike traditional loans, international student loans often offer flexible repayment terms and competitive interest rates to accommodate the financial circumstances of students studying overseas.

Why African Students Need Them

African students face unique challenges when it comes to financing their education abroad. Limited access to local funding, high tuition fees, and living costs in foreign countries can create significant financial barriers.

International student loans provide a viable solution by offering tailored financial products that address these specific needs.

By securing an international student loan, African students can focus on their studies without worrying about financial strain. These loans not only cover immediate educational expenses but also help build a credit history in the host country, which can benefit future financial endeavors.

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15 Best International Student Loans for Africans

1. MPOWER

International students, U.S. citizens, and Deferred Action for Childhood Arrivals (DACA) students who lack collateral or a co-signer can apply for loans from banks or money lenders through MPOWER Financing, a public benefit organization.

Since its founding, this company has helped over 2 billion students from over 190 countries graduate from universities through its loan and scholarship programs. The organization offers support to students enrolled at 350 colleges and universities in the United States and Canada. International students can use the company’s loan program to cover their educational costs.

Additionally, the business provides free access to its Path 2 Success Career Support program for students who have borrowed from it.

How Much Can International Students Borrow from MPOWER Financing?

Up to $100,000 in loans are available to students to pay for books, living expenses, tuition, and other educational costs. Interest payments are due from overseas students based on the total amount borrowed.

They have six months following graduation to do this, as well as throughout their time in school. If they are still unable to pay after this time, the student is required to make full interest plus principal payments throughout a ten-year loan term.

Pros and Cons

Pros:

• No co-signer required
• Fixed interest rates
• Inclusive of various fields of study

Cons:

• Interest rates may be higher compared to other lenders
• Limited to students from specific countries

How to Apply For Loans With Mpower Financing

Students can use the online application form to determine their eligibility and apply for a loan. Await the application decisions. If there are any papers you need to provide or upload, the decision can be delayed by a few days.

Examine the offer’s terms and conditions. Next, accept the offer. Students may need to electronically sign documents, including their loan terms. Before the loan can be disbursed, the lender may ask the school to certify the loan amount, which might take three to five weeks. Depending on the school’s distribution date, some lenders pay out your loan straight to the school; occasionally, there is just one payout per semester.

Website: mpowerfinancing.com

2. Prodigy Finance

Graduate students in more than 150 countries can apply for loans from Prodigy Finance, a financial company. It has assisted in funding the education of almost 2 billion students since its founding.

Students enrolled in master’s programs like business, engineering, law, and public policy at 850 universities worldwide are welcome to apply anytime.

Collateral information and co-signer details are not needed for the application process. The loan amount available to students is $15,000–$220,000. They provide interest rates based on future earning potential or credit history.

What Goes on During the Application Process?

As part of the online application process, students must get a credit report and submit to a background check against Politically Exposed Persons (PEP), Know Your Customer (KYC), and Anti Money Laundering (AML) standards.

The online platform must receive all required papers before the application may be considered completed. The operations team is here to answer any questions during the online application.

If the application is approved, the student’s university will receive the loan funds. For the loan to be completed, the student must sign an acceptance letter. Students can get a loan letter from Prodigy Finance to begin the process of applying for a visa.

Pros and Cons

Pros:

• No need for a co-signer
• Competitive interest rates
• Flexible repayment terms

Cons:

• Limited to certain fields of study
• Only available for postgraduate programs

Eligibility Criteria

Students must be accepted into one of the approved universities and programs to be eligible. The loan amount and interest rates vary based on the student’s credit profile and the university’s ranking.

Website: https://prodigyfinance.com/

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3. Sallie Mae Private Student Loan

This private financial organization provides loans to students pursuing various full- or part-time degrees, including medical, graduate, undergraduate, career training, and certificate programs. Students can select from a range of flexible payment plans while still enrolled in school or after they graduate.

Students may borrow up to $1000 to pay for tuition, books, lodging, meals, travel expenses, laptops, supplies, equipment, and tools. International students are welcome to apply for loans while studying in the UK and Canada, among other nations.

Borrowers who opt for interest-only repayments while in school or who make a $25 monthly commitment can benefit from lower interest rates offered by Sallie Mae. Before a student may apply for a loan, Sallie Mae needs that person to have a co-signer with sufficient income if the student does not have a credit history.

If the student defaults on the loan, the co-signer is liable for the balance. The only exception to this rule is if the student passes away, in which case the loan repayment is forgiven.

How to Apply For Sallie Mae Student Loan

The actions to take are as follows:

• Co-signers and international students must complete the online application.
• For verification, they must upload copies of the required paperwork online.
• The application will be considered when it is submitted.
• In the event of success, the student can select the interest rate and payback plan.
• Subsequently, the student and consigned agree to the terms and conditions of the loan and electronically sign.
• The student’s school receives a verification request from Sallie Mae. After this is completed, the loan will be released to the school.
• The university will provide the student with any excess funds from their student loans.
• Sallie Mae typically needs 15 days to examine, confirm, and send money to the student’s university.

Pros and Cons

Pros:

• Competitive interest rates
• Multiple repayment options
• Loans can cover up to 100% of school-certified expenses

Cons:

• Requires a U.S. co-signer
• Interest rates may vary based on the cosigner’s creditworthiness

Eligibility Criteria

International students must enroll at least half-time in a degree-granting program at an eligible U.S. institution to be eligible for a Sallie Mae loan. A creditworthy U.S. co-signer is required to qualify for the loan, and the loan amount can vary depending on the co-signer’s credit profile and the student’s financial need.

Website: Sallie Mae

4. Ascent

If they have co-signers, this online financial institution lends money to international undergraduate and graduate students enrolled in US universities for their studies. It provides a loan of up to $400,000 with a minimum of $2,001 that can be used for books, tuition, lodging and board, and other educational costs.

A foreign student needs a co-signer who satisfies the following requirements to be eligible for this loan:

• Hold a valid U.S. residency permit or citizenship.
• Meet a minimum gross yearly income requirement of $24,000 for both the preceding and current year.
• Must provide evidence of income.
• Possess a credit score.

Pros and Cons

Pros:

• No co-signer is required for certain loan options
• Competitive interest rates
• Flexible repayment terms, including deferred and income-based repayment options

Cons:

• Interest rates may be higher without a co-signer
• Limited to specific schools and programs

How to Apply For Ascent Funding Student Loan

• International students and their co-signers must complete the online application and send in the appropriate paperwork.
• This requires several minutes. Ascent evaluates the application following submission and renders a determination. About two business days pass throughout this.

The school will get payment for the debt. After tuition is paid, the student receives any remaining funds from the institution.

Eligibility Criteria

International students must be enrolled in an eligible school and program to qualify. Ascent evaluates applicants based on various factors, including creditworthiness, school attendance, and academic performance. For loans without a co-signer, students may need to meet additional criteria related to their future earning potential and field of study.

Website: Ascent

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5. Citizens

International undergraduate and graduate students with a creditworthy cosigner who is a citizen or permanent resident of the United States can apply for loans from Citizens Bank. To be eligible for a loan, international students must be enrolled full-time or part-time in a recognized US university. Students may borrow up to $150,000 in total, with a $1,000 minimum.

They provide adjustable payback plans to accommodate students. Co-signers and international students must complete the free online application and send in the necessary paperwork.

Students will be informed if their application is accepted. Before the loan is paid to the student’s university, they must electronically sign and acknowledge the terms and conditions of the loan.

Pros and Cons

Pros:

• No co-signer is required for certain loan options
• Competitive interest rates
• Flexible repayment terms, including deferred and income-based repayment options

Cons:

• Interest rates may be higher without a co-signer
• Limited to specific schools and programs

Eligibility

International students must be enrolled in a degree-granting program at a U.S. institution that qualifies at least half-time. To apply, you must have a creditworthy co-signer from the United States.

The loan amount will depend on the co-signers creditworthiness and the student’s need for financial aid. During the application procedure, the bank also considers the student’s academic standing and area of study.

Website: Mpower.com

6. Sofi Private Loan

This financial institution is known to offer low-interest loans to international students who intend to study for undergraduate or graduate degrees in the US, UK Canada, Ireland, Australia, and many other countries.

To pay for books, accommodation and board, tuition, and other educational costs, they grant a minimum loan of $1000. International students can pick from various in-school and post-study repayment options to settle their outstanding loans.

Sofi lends to overseas students, just like other lenders who want co-signers, as long as they have reliable co-signers who are US citizens or permanent residents. This is done to strengthen the application and confirm creditworthiness.

How to Apply for Sofi Funding Student Loan

International students and their co-signers must complete the online application and send in the appropriate paperwork. It takes fifteen minutes to complete. Following submission, Sofi examines the application and renders a judgment.

The loan is typically disbursed to the student’s school in two business days. After tuition is paid, the student receives any remaining funds from the institution.

Pros and Cons

Pros:

• Competitive interest rates
• No origination fees or prepayment penalties
• Access to career coaching and networking events

Cons:

• Requires a U.S. co-signer
• Limited to specific schools and programs

Eligibility Criteria

International students must be enrolled in a degree-granting program at a U.S. institution that qualifies at least half-time. You need a reliable U.S. co-signer. To decide on the loan terms, SoFi evaluates the co-signer’s creditworthiness and financial background.

Furthermore, SoFi provides its members with a plethora of services, such as financial planning tools and career coaching, which can be helpful for students making the move from academia to the profession.

Website: www.sofi.com

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7. College Ave

International students wishing to pursue undergraduate or graduate degrees in the US, UK, Canada, Ireland, Australia, and many other nations can apply for low-interest loans from College Ave.

To pay for books, accommodation and board, tuition, and other educational costs, they grant a minimum loan of $1000. International students can pick from various in-school and post-study repayment options to settle their outstanding loans.

College Ave lends to overseas students as long as they have creditworthy co-signers who are US citizens or permanent residents, just like other lenders who demand co-signers.

How to Apply for a Student Loan via College Ave Funding

International students and their co-signers must complete the online application and send in the appropriate paperwork. This process takes several minutes. Ascent evaluates the application after submission and renders a determination.

About two business days pass throughout this. The school will get payment for the debt. After tuition is paid, the student receives any remaining funds from the institution.

Website: www.collegeave.com/

8. Earnest

Earnest offers a wide range of student loans, including some specialist graduate and refinance loans. If international students fulfill specific requirements, they may apply without a cosigner.

Most overseas applicants will require a cosigner who satisfies the requirements for borrower eligibility and is either a citizen or permanent resident of the United States.

You can borrow up to the cost of attendance, and the lender offers affordable interest rates. You have a lot of freedom with Earnest regarding repayment because you may change your term down to the month.

In addition, you will receive a nine-month grace period following your graduation instead of the usual six months.

Eligibility Requirements

• (Except Nevada) accessible in every state and the District of Columbia.
• A citizen or lawful permanent resident of the United States must be your co-signer.
• A physical address in the United States is required.
• Either an ITIN or SSN is required.
• Your co-signer needs to have a minimum credit score of 650 and a minimum of three years of credit history.
• Your co-signer needs to make at least $35,000 a year.
• As an undergraduate, you have to be enrolled for at least half of the time.
• You have to be enrolled in a four-year, not-for-profit, Title IV-qualified school.

Pros & Cons

Pros

• Offers a nine-month grace period
• Allows you to skip a payment once a year
• No fees whatsoever

Cons

• No co-signer release program
• No loans for part-time undergraduate students
• Doesn’t offer loans in Nevada

Website: Earnest

9. Juno

On its own, Juno does not provide student loans. Instead, it attracts sizable cohorts of potential borrowers and forces private student loan providers to vie for their business. By using this strategy, you can obtain a cheaper interest rate than you could by yourself.

You can register for free to start as an overseas student or a DACA recipient. You don’t have to pay anything, make commitments, or check your credit. Juno will combine you and a few other prospective borrowers into a group and request bids from its partner lenders for your company.

Eligibility Requirements

• You must be a past, present, or future student of a Title IV accredited, not-for-profit university based in the U.S.
• Loans are available in all 50 states and D.C.
• Additional borrower and co-signer requirements will depend on individual partner lenders.

Pros & Cons

Pros

• Can help you qualify for lower interest rates
• No fees and no commitment
• Available for DACA and international students

Cons

• Limited to their partner lenders
• The approval process can take longer
• Must en

Eligibility Requirements

• You have to be a current or former student at a U.S.-based, not-for-profit university with Title IV accreditation.
• Loans are offered in Washington, D.C., and all 50 states.
• Each partner lender will have different requirements for co-signers and additional borrowers.

Website: Juno

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10. Credible

Credible makes it simple to become pre-qualified with several lenders at once if you’re unsure about your eligibility. After that, you can evaluate rate quotations and terms to see which suits your needs best.

Generally speaking, you can locate a loan that pays for your entire school tuition; but, as each lender will have different terms, interest rates, and other characteristics, you’ll need to do some additional work to compare your alternatives and choose the best fit.

Pros and Cons

Pros

• Enables rate comparisons between several lenders
• Does not require a hard credit check or an application fee to review loan offers and rates.
• Associated with seven distinct lenders

Cons

• doesn’t collaborate with every big lender
• Borrowers will have to do more investigation
• Each lender will have different terms.

Eligibility Requirements

Although every lender will have different requirements, these are typically needed:

• Possess a credit score that qualifies (or a cosigner with one)
• Possess a cosigner who possesses a qualified income and debt-to-income ratio.
• Enroll in a course of study that qualifies
• Have a Social Security number and be a citizen or lawful resident of the United States
• Possess a high school diploma or its equivalent and be at least eighteen years old (or have a cosigner)
• Only use the loan for educational expenses.

Website: Credible

11. Stilt

Overview

Stilt offers loans to immigrants and international students in the U.S., focusing on those who might not have access to traditional credit. The loans are for various purposes, including education.

Pros and Cons

Pros:

• No co-signer required
• No minimum credit score
• Fast approval process

Cons:

• Higher interest rates for those with limited credit history
• Only available in the U.S.

Eligibility Criteria

Students must have a U.S. bank account and a valid visa to qualify. Stilt considers various factors such as education, employment, and financial behavior to determine eligibility and loan terms.

Scholarship Worth: Varies based on individual assessment

Website: Stilt

12. ICICI Bank Education Loan

Overview

ICICI Bank offers education loans to international students for studies abroad, covering a range of expenses such as tuition, travel, and living costs. They provide competitive interest rates and flexible repayment options.

Pros and Cons

Pros:

• Competitive interest rates
• Coverage of various education-related expenses
• Flexible repayment terms

Cons:

• Requires a co-signer or collateral
• The documentation process can be lengthy

Eligibility Criteria

Students must secure admission to a recognized university abroad. The loan amount and terms depend on the course, the institution’s reputation, and the student’s financial background.

Scholarship Worth: Up to 50 lakhs INR or higher based on the course and institution Website: ICICI Bank Education Loan

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13. Future Finance Student Loans

Overview

Future Finance offers loans tailored for students in the UK, including international students. They provide funds to cover tuition fees, living expenses, and other educational costs with flexible repayment options.

Pros and Cons

Pros:

• No co-signer required
• Loans cover a broad range of expenses
• Flexible repayment options

Cons:

• Higher interest rates compared to traditional bank loans
• Only available for students in the UK

Eligibility Criteria

Students must be enrolled in an eligible UK institution. Future Finance assesses applications based on the student’s academic performance and future earning potential.

Scholarship Worth: Up to £40,000 depending on the course and institution

Website: Future Finance

14. Bursary and Loan Scheme (BLS) by the African Development Bank

Overview

The African Development Bank’s Bursary and Loan Scheme (BLS) provides financial assistance to African students pursuing higher education in Africa and abroad. The program aims to support students who demonstrate academic excellence and financial need.

Pros and Cons

Pros:

• Supports both undergraduate and postgraduate studies
• Promotes education within Africa and internationally
• Focuses on academic excellence and financial need

Cons:

• Highly competitive
• Requires extensive documentation and proof of need

Eligibility Criteria

Applicants must be African citizens enrolled or accepted into recognized institutions of higher learning. The selection process is merit-based, emphasizing academic performance and financial need.

Scholarship Worth: Varies based on need and academic performance

Website: African Development Bank – BLS

15. Wells Fargo Student Loans

Wells Fargo offers student loans for international students with a creditworthy U.S. co-signer. These loans are designed to cover various educational expenses, including tuition, books, and living costs, and they provide flexible repayment options.

Pros and Cons

Pros:

• Competitive interest rates
• Multiple repayment options, including deferred and interest-only plans
• No origination fees or prepayment penalties

Cons:

• Requires a U.S. co-signer
• Interest rates depend on the co-signer’s creditworthiness

Eligibility Criteria

International students must be enrolled in an eligible U.S. institution and have a creditworthy U.S. co-signer. The loan amount and interest rates are determined based on the co-signer’s financial profile and the student’s educational needs.

Scholarship Worth: Up to 100% of the school-certified cost of attendance

Website: Wells Fargo Student Loans

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Frequently Asked Questions

Conclusion

Securing an international student loan is crucial for African students aspiring to study abroad. Students can find loans tailored to their needs with various options like Prodigy Finance, MPOWER Financing, and Wells Fargo. Evaluating each loan based on interest rates, repayment terms, and eligibility requirements will help make an informed decision.

These loans cover essential expenses and support students in achieving their academic and career goals. Explore all options and choose the best loan to realise your educational dreams.

References

• Top International Student Loans For African Students – https://www.afterschoolafrica.com
• Best International Student Loans of 2024 – www.investopedia.com
• Best International Student Loans for African Students 2024 – careerburg.com

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