Many Nigerians want to study abroad, but the cost of tuition, visa fees, and living expenses can be discouraging. If you’ve ever asked yourself how to fund your international education, you’re not alone. Every week, we get emails and DMs from students looking for reliable student loan options that don’t require collateral.

This guide breaks it down for you — from local Nigerian loan providers to international student financing platforms, and even government support programs that offer student loan options for Nigerians who want to study abroad.

What Is a Student Loan for Studying Abroad?

A student loan for studying abroad is a type of financial support that helps cover your:

• Tuition fees
• Visa application and flight costs
• Living expenses abroad (accommodation, food, transport)
• Health insurance or medical cover

Unlike scholarships, these loans must be repaid, usually after you graduate and start working. The good news is that some lenders give grace periods and low-interest repayment plans, especially if you’re studying in top countries like the UK, Canada, USA, Germany, or Australia.

Is There Any Student Loan Available in Nigeria Without Collateral?

Yes. A few platforms now offer study loans to Nigerians without asking for a house or land as collateral. This is great for students whose parents or guardians may not own property but still want to study in the UK, USA, or Canada.

FOR MORE INFO:

Check our post on “How to Apply for a Student Loan to Study Abroad Without Collateral” to understand the current loan options that don’t need land or guarantors.

Top Student Loan Platforms for Nigerians Studying Abroad

Let’s now look at some of the most reliable platforms offering student loan options to Nigerians who want to study abroad:

1. Prodigy Finance

This international loan platform supports Nigerian students studying postgraduate courses in top universities abroad.

• No collateral or co-signer needed
• Covers up to 100% of tuition
• Grace period till after graduation

Countries supported: UK, USA, Canada, Australia, and more

Pro Tip: You must already have an admission offer from a Prodigy-approved university.

2. MPOWER Financing

MPOWER is another trusted name for Nigerian students heading to North America.

• Works with over 350 universities in the USA and Canada
• Offers up to $100,000 in student loans
• No collateral or credit history required
• Loans also cover living expenses

3. Future Finance Nigeria (via Access Bank or Sterling)

Some Nigerian banks now partner with global lenders to provide study loans.

• You’ll need a valid admission letter
• Some ask for partial guarantor documentation
• Interest rates vary but can be reduced if repaid early

Popular banks to try:

• Access Bank Education Loan
• Sterling Bank Eduloan
• First Bank Student Loan Scheme

4. EduFund (Nigerian Platform)

EduFund is a fintech platform that provides flexible education loans to Nigerian students and parents.

• Targets both local and international students
• Has a mobile app for quick application
• Requires guarantor but no property documents

Countries Where Nigerians Can Get Student Loan Support

Here’s a look at where most Nigerian students get approved for study loans abroad:

1. UK

Nigerians with admission to a UK university can apply through Prodigy or MPOWER

Some UK schools allow tuition instalment plans

UKVI student visa requires proof of funds — these loans can help you meet that

2. Canada

Popular for affordable education

Loans like MPOWER and Canada Express Entry Loans help meet tuition + visa costs

Some banks in Canada also offer student banking support with loan options after arrival

3. USA

Big support for STEM and MBA programs

Prodigy, MPOWER, and US bank co-signed loans are possible

Most loans allow up to 20 years repayment after graduation

4. Germany

Tuition is free in many public universities

Living cost is still high — that’s where loans come in

Some students combine block account savings with personal loans

5. Australia

Loans are available but not common

Subclass 500 visa requires proof of funding

Look out for student-friendly banks in Australia once you arrive

Comparison Table: Student Loan Options for Nigerians

How to Apply for a Student Loan as a Nigerian

Here’s a simple process that most lenders use:

• Get Admission Letter: You must first secure a place at an accredited foreign university.
• Create Online Loan Profile: Go to the lender’s website and create your account.
• Fill Loan Application Form: Provide your school details, course, tuition estimate, and funding need.

Submit Required Documents:

• Admission letter
• Passport
• Proof of income (yours or parent’s)
• Statement of purpose (sometimes)
• Wait for Loan Approval
• Sign Loan Agreement

Funds Are Disbursed Directly to the School

Requirements to Qualify for Study Loans Abroad

To get approved quickly, make sure you have:

• A valid international passport
• Proof of university admission
• Clear statement of loan need
• Verified contact and next of kin

Some lenders may require a guarantor or local reference

Real-Life Stories: Nigerians Who Got Study Loans Abroad

We’ve spoken with a few Nigerian students who were able to secure loans and travel abroad. Here’s what they shared:

Daniel from Benin City – UK Master’s Student

Daniel got admitted into a university in London for an MSc in Cybersecurity. He didn’t have collateral, so he applied through Prodigy Finance. Within 3 weeks, his loan was approved.

Quote: “I was scared at first, but Prodigy paid the school directly. I only had to handle the visa part. Now I work part-time and study at the same time.”

Chioma from Enugu – Nursing Student in Canada

Chioma used MPOWER Financing to study nursing in Toronto. She applied early and used the funds to cover both tuition and visa fees.

Quote:

“No property, no big uncle abroad — I just followed the steps and stayed consistent. It worked

Can I Combine Student Loans with Scholarships?

Yes, and this is one of the smartest moves. A partial scholarship reduces your loan burden and makes repayment easier.

Here’s how it works:

• Secure admission and apply for scholarships first
• If the scholarship covers only 40–60% of tuition, apply for a loan to cover the balance
• Use personal savings or family support to handle visa and flights

Student Loans vs. Visa Rejection: What You Must Know

One major worry for Nigerian students is: “Will my visa be denied if I use a loan as proof of funds?”

Here’s the truth:

• UK and Canada accept recognized loan letters from international lenders like Prodigy and MPOWER
• The loan approval document must clearly show the amount disbursed
• The loan provider must be on the embassy’s approved list

So yes — if done properly, student loans won’t affect your visa approval.

How to Repay Your Loan Without Stress

Repaying your study loan doesn’t have to be difficult if you plan early.

 Top Tips:

• Start repaying interest only while in school (if allowed)
• Look for visa sponsorship jobs for Nigerians after graduation to earn in dollars or pounds
• Apply for post-study work visas in countries like UK, Canada, and Australia
• Use part-time jobs abroad to reduce loan pressure

Loan Forgiveness & Discounts: Do They Exist?

Some international lenders offer early repayment discounts, such as:

• 2%–5% waived interest if you pay off early
• No penalty for clearing the loan in 1–3 years

Though full loan forgiveness is rare, it’s possible in:

• Some USA or Canada provinces (for nurses or teachers)
• NGO partnerships that help repay your debt if you work for them

Best Time to Apply for Student Loans

Timing matters. Don’t wait till last minute.

Here’s a quick guideline:

Common Mistakes to Avoid When Applying

• Applying without university admission
• Submitting incomplete documents
• Failing to read the repayment conditions
• Ignoring the interest rate differences
• Applying last minute — loan processing can take 3–6 weeks

FAQs About Student Loans for Nigerians Who Want to Study Abroad

What is the best student loan for Nigerians going to the UK?

Prodigy Finance and Access Bank UK student loan program are two top options.

Can I apply for a student loan before getting admission?

Most lenders require an admission letter before approving your loan.

Are there student loans for undergraduate students?

Yes, but most no-collateral loans (like Prodigy) are mainly for postgraduate students.

Is it possible to pay back the loan while studying?

Some platforms offer interest-only payments during school. Full repayment starts after graduation.

 Can I use a loan to fund my visa and travel costs?

Yes. Tuition + visa processing + flight ticket are all covered by many student loans.

Summary

Getting a student loan can change your life, especially if you want to study in countries like Canada, UK, or Germany but don’t have sponsors. Thanks to platforms like Prodigy, MPOWER, EduFund, and Nigerian banks, many students now have a better chance.

Always read the terms well, plan your repayment, and only borrow what you truly need.

📌 Bookmark this guide and share it with someone you know who’s trying to study abroad from Nigeria.