Top 6 Loan Companies That Can Help Fund Your Study Abroad Dream

Studying abroad has a purpose, which is to receive quality learning and also relate with different students from all over the world. Your best bet is to carefully research and choose the right place to kick-start your education based on your choice of program.

It seems very easy to have the idea about schooling beyond the shores of your home country, as well as imagine what the atmosphere would be like after reaching such a place.

On the other hand, the same thing applies to considering certain costs which will be incurred during the process. This means that despite having all the resources and qualifications to attend any foreign institution, most international students find it difficult to find a way to settle all payments and even their proof of funds.

In the same vein, this has caused several admitted applicants to forfeit their admissions due to a lack of funds or scholarships to facilitate their journey through studying abroad.

Do you find yourself in this same situation, where you’re almost facing the same fate? Well then, don’t fret because this article is here to introduce you to the top 6 loan companies that can fund your study abroad dreams.

Meanwhile, it’s important to note that some of these loan companies have various policies and guidelines regulating their activities with loan applicants. So it’s important to agree to the stated terms and conditions for taking educational loans. Let’s carry you through this content by identifying these top loan companies and also other information you should get abreast with.

Why Are Top Loan Companies For Education Important To International Students?

Most international students rely on assistance from these top loan companies. Hence, they cannot do without it, due to various and compelling reasons, if you read them below;

Financial Accessibility

The gateway to get their education fully funded is open based on financial accessibility. As a result, this will deal with certain issues such as facing high tuition fees and living expenses. Note that whatever financial issues are faced, by the students, having financial accessibility gets them covered.

No Collateral Requirements

Some of the top loan companies available might demand collateral requirements, while others don’t. But the fact is that almost all the loan companies for international students do offer no Collateral requirements just to make the process and period of repayment convenient for them.

Flexible Repayment Plans

The loan companies may give international students who are loan applicants various flexible repayment options ranging from deferred payments until after graduation or if they have a steady flow of income whose funds can be deducted monthly to ease stress and make the process highly flexible.

Competitive Interest Rates

Another reason why these top loan companies are sought after is based on the competitive interest rates offered to the loan applicants. The common effect comes in a positive way that it saves more amount money for international students based on their loan period.

Cosigner Options

In some cases, the loan applied for may not be approved due to the poor credit history of the international student. Alternatively, the essence of a cosigner option serves as the best to consider in such a way that the process allows them to include a cosigner, often a loved one, who can help secure the loan and potentially lower interest rates. With the kind of new policy set by most of the top loan companies, loan applicants won’t hesitate to apply.

Streamlined Application Process

Efficiency is all it takes to run an organization to maximum capacity. Therefore, these loan companies have a streamlined process which reduces the burden on loan applicants who are international students. They apply for the loan to fund their education due to quick approval by ensuring that the funds they need can be secured promptly.

What Are The Top 6 Loan Companies That Helps To Fund Your Study Abroad?

MPower Finance

This loan company helps international students by giving them loans to aid their education abroad notwithstanding their financial situation.

It is also seen by several loan applicants as one of the best among others because they do not just cover tuition fees but the overall expenses while studying. Why not give this loan company a try, or are you still in doubt about what it can do? Wait till you see more exciting offers.

If you’re attending accredited universities in Canada and the USA, you are eligible to apply for MPower Finance. Your threshold for taking a loan ranges from $201 to $100,000 based on the amount you think would satisfy most of your expenses and fees.

There will also be a fixed interest rate on each loan collected which will be attached for the entire duration of your study. If these offers suit you well do will access the MPower Financing official website to get started.

Prodigy Finance

You can also consider this loan company to fund your dream of studying abroad. Prodigy Finance provides loan applicants with an offer that they can’t resist.

They primarily focus on certain fields of study like business, public policy, medicine, law, science, and technology.

In addition to this, you get to benefit immensely from this loan scheme because there are no collateral security or co-applicants demanded. This loan offer is beginning to sound interesting, isn’t it?

The next exciting offer is this loan period can last up to 20 years based on the amount of funds applicants are willing to secure.

Prodigy makes the loan terms convenient for all loan applicants in such a way that they can begin the loan repayment six months after the completion of their study abroad.

Check out the Prodigy Finance official website to see how the loan process works. But before applying, applicants must enroll in an institution and take an approved course to qualify.

The Educational Advisory Service

Being a collaboration with First City Monument Bank and MOD group, this company offers exclusive loan options to international students based on their choice of study. Nonetheless, only First City Monument Bank is authorized to offer the loan.

This loan offer also covers the education fees, overall living expenses, and other miscellaneous costs while studying abroad.

This is a stress-free process because the bank will pay all your required fees directly to your preferred institution, thereby making the entire process convenient for you.

Before applying, it’s important to note that the Educational Advisory Service loan only covers certain countries like the USA, UK, Canada, Australia, and Ireland. Therefore, consider your options carefully. Learn about the loan process by visiting their online platforms.

Lendwise

If you are still on the lookout for loan companies that help fund your study abroad, consider going for Lendwise. Lendwise typically works in such a way that it assists students who want to pay for their education in some reputable universities abroad.

Lendwise also grants international students or loan applicants certain grace periods to pay up their loans after graduation. For the interest rates, they are competitive and fixed for the whole term of the loan.

Interested in knowing more about this educational loan company? Let’s go through the application procedure. The whole process is simple, and wastes no time, because it is completed online. To begin, log on to Lendwise.com, where they offer loans and financial aid exclusively to post-graduate and undergraduate applicants.

College Ave

This is another loan company on our list. As a private online tender, it also offers loans to students willing to study abroad, and the application process is straightforward for all applicants.

College Ave is widely used by several international students due to its customized process for approaching student loans. Although the loan rates are competitive, they cover up to 100% of the applicant’s school-certified costs. Unlike others the company also applicants to apply with a cosigner.

The loan process is also quick and efficient and you don’t need to pay any sort of origination fees before submitting your loan application. Collage Ave also has four repayment terms based on the option that suits the interest of their applicants. Note that the whole procedure as the repayment stage is flexible, giving students access to education by the specified means. International students can apply now if interested.

LendKey

Last but not least, LendKey is best known for loan deferment. This online lending marketplace helps students to fund their studies abroad. Moreso, it also collaborates with credit unions and community banks within its country to offer competitive rates, a fast application process, and flexible repayment plans.

When applying to LendKey, the assistance of a cosigner is not needed. On the other hand, to ensure a guaranteed and successful approval using cosigners with a good credit history pays a lot. Just like Prodigy Finance, the loan repayment terms are available for up to 20 years, giving loan applicants the incentive to borrow up to 100% of their overall fees for the entire period of studying.

Before applying, note that full repayment starts as soon as your loan has been expended. However, you can also explore other repayment terms which can be considered preferable. Visit the official website to apply now and explore other loan opportunities.

Frequently Asked Questions

Do UK banks give loans to international students?

If you have a permanent address, a UK bank account, and a valid visa, you could still qualify for a loan as a non-UK resident. Check the eligibility criteria of different lenders for specific information on their policies regarding non-UK applicants.

Which bank has the fastest education loan approval?

Note that the Bank of Baroda and HDFC Bank are known for providing education loans in India with a quick approval process, typically within 15 days. They are among the fastest options for securing an education loan in the country.

Which bank is best for an abroad education loan without collateral?

They are Public banks like SBI and Bank of Baroda typically offer education loans without collateral for amounts up to 7.5 lakhs, while private banks such as Axis Bank, ICICI Bank, and HDFC may provide students with loans of up to 40 lakhs without requiring collateral.

How to get a student loan in Nigeria?

To qualify for the loan, your annual income or your family’s income should be below N500,000. Students need two guarantors who must meet these criteria: one must be a civil servant at least at level 12, and the other must be a lawyer with at least 10 years of post-call experience.

Do Nigerian banks give student loans?

Yes, they do. However, you can choose to repay student loans either while you’re still in school or right after graduating. Some of the banks offering student loans in Nigeria include Access Bank, KeyStone Bank, Heritage Bank, Ecobank, and LAPO Microfinance Bank.

What is the most common student loan?

The most common student loans for undergraduates and graduate students are Direct Subsidized and Direct Unsubsidized Loans, often referred to as Stafford Loans. On the other hand, Direct PLUS Loans, also known as Grad PLUS and Parent PLUS, come with higher interest rates and disbursement fees compared to Stafford Loans.

Where do most students get loans from?

Most students get loans from different sources: the federal government, private entities like banks and financial institutions, or various organizations. Federal student loans, provided by the government, typically offer more benefits and advantages compared to loans from private sources such as banks.

Conclusion

We will draw the curtain by concluding that studying abroad can become expensive, but cannot be held as a constraint by holding most students back.

However, these loan companies are put in place to help you sort out your expenses regarding education and others, provided that you intend to further your education abroad.

Every loan company varies based on how they usually offer their services to loan applicants so it’s best to research them carefully before applying so that your chances of studying through loan and financial aid would be guaranteed in no time.