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How to Finance Your Plan to Study Abroad As A Nigerian International Student.
Studying in another country is like an exciting adventure where you can explore new places, learn about different cultures, and expand your knowledge. It’s a chance to experience diverse settings and collect life-changing memories.
However, for Nigerian students who dream of studying abroad, there can be significant challenges, and one of the biggest challenges is money. The cost of tuition, living expenses, and other bills can feel like a lot to handle.
That’s why having a good financial plan is important. Think of it like creating a map for your journey. With a well-thought-out plan, you can discover ways to pay for your education and turn your dreams into reality. In this guide, we’ll explain how to do just that.
Research and Preparation
Studying abroad is a big dream for many Nigerian students, but it comes with financial challenges. To make this dream a reality, you need to do some research and prepare well. Here’s how:
- Creating a budget
Make a list of all the things you’ll need to pay for, like tuition, housing, food, and transportation.
Estimate how much each of these will cost so you can plan your finances better.
Identifying sources of income
- Choosing the right destination
Think about where you want to study. Different countries have different costs. Look at things like tuition fees and how much it costs to live there.
Consider the exchange rate and how it affects your money when you convert it to the local currency.
- Selecting the right program
Look for scholarships and grants that can help cover your expenses. These are like gifts of money that you don’t have to pay back.
Find out if the program you want to join offers any financial help to international students.
Some countries let international students work while they study. This can be a great way to earn money for your expenses.
Check if your chosen destination allows work-study and how many hours you can work.
Now that we have identified some of the key decisions to make before studying abroad. Let’s take a look at some of the ways you can fund your study abroad as an Nigerian International Student.
When it comes to financing your international education, scholarships and grants can be really helpful. Here are some scholarships and how to access them:
Click here for a list of scholarships for nIgerian Students to study abroad.
- British Government Great Scholarships:
The UK’s noble universities offer a fantastic scholarship called the Great Scholarship. It’s a collaboration between the British Government Campaign and the British Council. If you’re a student looking to do a postgraduate or Master’s degree, you can apply for this valuable scholarship. If you win, you’ll get up to £10,000 to cover your tuition fees for one year.
This scholarship is open to students from 18 different countries. If you’re studying Law and Justice, you can also apply. To be eligible, you need to meet the language requirements of the university you choose and submit your application with an acceptance letter and your Bachelor’s degree by the deadline. For more information, click here.
- Chevening Scholarships:
The British government, along with the Foreign & Commonwealth Office (FCO) and other partners, has introduced the prestigious Chevening Scholarship for anyone who’s studying for a Master’s degree. Each year, they choose about 15,000 students from around 100 good universities for this scholarship.
If you’re passionate about Technology, Religion, Business, Media, or Politics, you should definitely consider applying for the Chevening scholarship program. To find out about the language requirements for the Chevening School, click here for more information.
- Toronto metropolitan university:
The International Secondary School Merit Scholarship is given to international students who are starting their first year of a full-time, four-year undergraduate degree at Toronto Metropolitan University. To qualify, students need to show outstanding academic performance, a dedication to volunteer work and extracurricular activities, and strong leadership abilities. For additional details, please click here.
II. Education Loans.
Prodigy Finance is an online lender that focuses on providing private international student loans for graduate students. These loans are supported by investors, not a regular bank, and they don’t need you to have someone cosign or provide any collateral. This makes them a great choice not only for international students but also for U.S. students who want to finish their master’s degree overseas.
The Education Advisory Service (EAS) is a unique offering in Nigeria. It helps Nigerians who want to study abroad by providing customized loans.
With the EAS loan, you can get financial support for your tuition fees, living expenses, and other study-related costs when you go overseas. The bank will send the money directly to the university you choose.
This service is available for only five specific countries where you can study: the UK, USA, Canada, Australia, and Ireland.
Lendwise provides low-cost personal and student loans that start at £5000 and go up to £100000. You can use these loans to pay for your tuition fees and living costs.
MPOWER loans are made for international students, and that’s why they don’t need you to provide collateral or have someone else cosign for you. Instead of checking if someone else can pay, MPOWER considers different things, like how much money you might make in the future.
MPOWER is here to help international students make their educational dreams come true in the U.S. and Canada. They use a special way of deciding who gets a loan, which looks at how much money you might earn later in life.
If you’re all set to move forward and start planning your study abroad adventure, get in touch with us at FlyDestinations services. We’re a travel agency that specializes in helping students just like you.
We can assist you in smoothly completing the admission and visa processes, and we’ll work to get your approval quickly. If you’ve faced a visa rejection before, we can help you reapply and increase your chances of getting the visa this time around. We’re here to provide guidance and support to make your international education experience as smooth and enjoyable as possible.
To begin, schedule a free consultation with us by clicking here. Reach out to FlyDestinations today to kickstart your exciting journey abroad.