5 Most Reliable Study Abroad Loan Providers for Everyone

As a young student, traveling abroad to pursue a degree could seem like a fantasy due to so many reasons. The most obvious is that most students and their parents/guardians are not financially able to meet up with the education bills of getting a degree outside the country.

This is why several companies have come up with initiatives to assist students who want to pursue a degree abroad. Whether it is an undergraduate or graduate program, there are various loan options to support you.

However, there are different companies offering these funding options and therefore have different application requirements. In this article, we will check out these loan companies, study loan terms, eligibility criteria and how to apply. 

5 Study Abroad Loans You should consider

  • EdFin Study Abroad Loan

EdFin provides a no-collateral/credit history loan to students who are willing to pay back after the completion of their study program. Thankfully, the EdFin repayment terms feature very minimal interest rates which are usually between 5 – 14% per annum. 

Here are some notable features of the EdFin Study Abroad Loan:

  • The EdFin Study Abroad Loan offers a 20 year term loan, whereby beneficiaries can receive funds up to $100,000 throughout their academic lifetime.  
  • The initiative has a minimal interest rate within the range of 5 to 14% per annum. However, interest rate discounts are available to specific locations of application. 
  • Its principal repayment begins 6 months after graduation of beneficiaries. 
  • There is no penalty for prepayment; you can pay your loan off early if you wish and have the means. However, late payment may have penalties.
  • Beneficiaries can choose a repayment plan that suits them within the range of 7, 10 up to 20 years.


To be eligible for the EdFin Study Abroad Loan, applicants must:

  • Be within 2 years of graduation
  • Be going for a degree seeking program (Masters, MBA, etc.)
  • Be applying to attend any of EdFin’s partner schools

How to Apply:

To apply for the EdFin Study Abroad Loan, proceed to the EdFin application portal and follow the prompts. Ensure you provide all necessary documentation before submitting your application. 

  • Wema Bank Study Abroad Loan

Wema bank, in partnership with MOD Education launched a study abroad loan program in 2021 to assist young Nigerians who wish to study abroad. The program was tagged the Education Advisory Service but is popularly called the Wema Bank Study Abroad Loan.

In this program, interested students can get loans of up to 10 million naira to pursue a degree in countries like Canada, UK, US, Ireland, Australia and many other European countries. 

As regards repayment, equal monthly repayments or bullet repayments consisting of principal and interest which shall not exceed 30% – 60% DSR (Debt Service Ratio) of parent’s/guardian net monthly salary.


To be eligible for the Wema Bank Study Abroad Loan, applicants must:

  • Be a Nigerian citizen 
  • Have an international passport
  • Have received admission from any of the program’s partner institutions.
  • Must have an O’ Level, Bachelor or Masters certificate, depending on your level of study
  • Have a letter of introduction to determine the employment status of your parent/guardian
  • Submit an invoice of school/tuition fees
  • Present an irrevocable letter of domiciliation from the employer
  • Have a proof of address e.g. an utility bill
  • Submit a 6-month salary statement of account

How to Apply:

To apply for the Wema Bank Study Abroad Loan:

  • Proceed to the loan application portal
  • Fill out the necessary information with your name, email address, and phone number
  • Next, select your highest academic qualification
  • After that, tap “I WANT STUDY LOAN”
  • Prodigy Finance Study Abroad Loan

Prodigy Finance offers study abroad loans for students to travel across the world to get top tier masters degree without even worrying about collateral, credit history or cosigner/guarantor for the loan.

Prodigy Finance offers Masters student loans starting at 11.18% interest rate. The program supports more than 850 institutions in over 18 countries around the world. However, interested candidates must meet the eligibility criteria before they can apply. 


To be eligible for the Prodigy Study Abroad Loan, applicants must:

  • Plan to study abroad
  • Plan to study at a school supported by the program
  • Be from a country or state supported by the program. 

You can check here to see the list of countries that are not eligible to participate in the Prodigy Study Abroad Loan due to regulatory or funding restrictions. 

How to Apply:

To register for the Prodigy Study Abroad Loan:

  • Visit Prodigy Finance and register your interest by creating a user account
  • Next, apply for funding
  • Upload the required documents
  • Finalize your loan application

Here are the supporting documents you will need to complete your application:

  • Proof of identity
  • Proof of address
  • School admission letter
  • Credit report
  • Pre-study or post-study salary
  • GTB Study Abroad Loan

Although Guaranty Trust Bank offers lending options to assist students in their studies, it is only applicable in Nigeria. That is, you can only be able to apply for the GTB Study Loan if you plan to go to school within Nigeria.

The GTB Study Loan is known as School Fees Advance and is a loan facility designed to finance the payment of your child’s/ward’s school fees for schools or institutions in Nigeria only. 

However, this facility is available to members of staff of public and reputable private organizations whose salaries are domiciled with the Band. This means that you must have a salary account with GTB to benefit from the School Fees Advance loan. 

Here are some notable features about the GTB School Fees Advance Loan:

  • Up to N5 Million School Fees Advance. Maximum tenor of 4 months per request.
  • Very Competitive interest rate. Equal monthly repayments consisting of principal and interest.
  • Immediate access to funds for the prompt payment of your child/wards school fees


To be eligible for the GTB School Fees Advance:

  • Applicants must be studying or planning to study within Nigeria
  • Parents/guardians must have a salary account with GTBank
  • Parents/guardians must be staff members of selected private companies, government ministries, parastatals and establishments
  • Applicants must provide documents including the application form, employer undertaking and school bill with details of the schools bank account

The bill is paid either by a direct transfer to the schools bank account or by raising a draft in the name of the school.

How to Apply:

To apply for the GTB Study Loan:

  • Download the Loan Application Form and Employer Undertaking Form
  • Next, fill the form and proceed to submit
  • Provide required documents such as School Fees bill and Credit Insurance
  • Ensure that staff terminal benefit is domiciled in GTBank or obtain Corporate Guarantee.
  • MPOWER Financing Study Abroad Loan

MPOWER provides student loans and financing for students attending eligible colleges or universities in Canada and the United States. This means that you can apply for this financing initiative if you are attending any of MPOWER’s partner schools. 

MPOWER offers fixed rate loans from US$2,001 to US$100,000 total at competitive interest rates with up to 0.25% in interest rate discounts. Also, you are eligible to apply for an MPOWER loan even if you have current loans from other lenders. 

In addition, application for an MPOWER student loan does not require a cosigner or collateral. Also, successful applicants can build US credit history through on-time payments, and never face a prepayment penalty.

Other terms of the MPOWER Financing Study Loan include:

  • No fees paid out-of-pocket, pay nothing until your first interest-only loan payment
  • Fund up to 100% of education expenses, including living expenses for schools in the U.S.
  • Get visa support, career services, and build your U.S. credit history by making on-time payments


To be considered eligible for an MPOWER Study Loan, the applicant must be:

  • An undergraduate or graduate student within 2 years of graduating or about to begin a 1-year or 2-year program
  • An international student, DACA recipient, U.S. citizen, refugee, or asylum-seeker
  • Admitted to or attending one of MPOWER 400+ approved schools in the United States or Canada

How to Apply:

To apply for MPOWER Financing Study Abroad Loan:

  • Go to the MPOWER Financing application portal
  • Fill out the preliminary page with the necessary information
  • If you are eligible, you will be allowed to proceed with your application
  • Finish you application and submit

MPOWER will get back to you if your application is successful and payment of your fees will be made directly to the school’s account. 

Wrapping Up

Before applying for any student loan, I will advise that you get familiar with how it works and its repayment terms. Some student loans may look promising but its repayment may get you into debt.

However, all the study abroad loan initiatives described in this article have been properly reviewed and their repayment terms have been considered. Nevertheless, you can find out more about them by reading reviews of how they have helped students reach their education goals.

In addition, it is important that you always keep up with your repayment plan. Defaulting on your repayment can greatly affect your credit score, and in turn your ability to borrow again.

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