Are you an African student who dreams of studying abroad at a top university? Do you want to pursue a degree that will open up new opportunities for your career and personal growth? If so, you might be wondering how to finance your education abroad, especially if you don’t have enough savings or scholarships to cover the costs.

Studying abroad can be expensive, but it doesn’t have to be impossible. There are some platforms and organizations that offer international student loans for African students to get a world-class education in another country. These loans can help you bridge the gap between your available funding and your tuition fees, living expenses, travel costs, and other expenses related to your studies.

In this article, we will explore some of the best international student loans for African students and how to apply for them. We will also share some tips and advice on how to make the most of your study abroad experience and repay your loan successfully.

What are international student loans?

International student loans are loans that are designed specifically for students who want to study abroad. They are different from regular student loans in several ways:

They are usually offered by private lenders, not by governments or universities.
They often require a co-signer, collateral, or credit history to qualify.
They may have higher interest rates and fees than regular student loans.
They may have different repayment terms and options than regular student loans.

International student loans can be a great option for African students who want to study abroad, but they also come with some risks and challenges. You should carefully compare different lenders and loan products before applying for one. You should also make sure you understand the terms and conditions of your loan agreement and your repayment obligations.

How to find the best international student loans for African students?

There are many platforms and organizations that offer international student loans for African students, but not all of them are suitable for your needs and goals. Here are some of the factors you should consider when looking for the best international student loan for you:

The amount of money you need to borrow
The interest rate and fees of the loan
The repayment period and options of the loan
The eligibility criteria and requirements of the loan
The benefits and services of the lender

To help you narrow down your options, we have compiled a list of some of the best international student loans for African students based on our research and reviews. Here they are:

Edxtra $100,000 International Student Loan

Edxtra is a study abroad education consulting company that provides expert support and guidance to get student loan approval to bridge any gaps in your available funding. Their service is 100% free and they partner with leading global universities.

Edxtra offers up to $100,000 in international student loans for African students who want to study at top universities in the US, UK, Canada, Australia, and other countries. They also offer scholarships, mentorship, career coaching, and visa assistance.

To apply for an Edxtra loan, you need to fill out an online application form and submit some documents such as your academic transcripts, admission letter, passport copy, bank statements, etc. You also need to have a co-signer who is a citizen or permanent resident of the country where you want to study.

Edxtra has a flexible repayment plan that allows you to start paying back your loan after you graduate or find a job. You can choose between fixed or variable interest rates, which range from 5% to 15% depending on your credit profile and co-signer’s creditworthiness.

8B Education Investment

8B Education Investment is a fintech company that aims to provide up to $30 million in loans for African students to study abroad. They also offer mentorship, career coaching, and networking opportunities.

8B Education Investment offers international student loans for African students who want to pursue undergraduate or postgraduate degrees in STEM (science, technology, engineering, mathematics), business, or social sciences at top universities in the US, UK, Canada, Australia, Germany, France, or Singapore.

To apply for an 8B Education Investment loan, you need to fill out an online application form and submit some documents such as your academic transcripts, admission letter, passport copy, etc. You also need to have a co-signer who is a citizen or permanent resident of the country where you want to study.

8B Education Investment has a deferred repayment plan that allows you to start paying back your loan after you graduate or find a job. You can choose between fixed or variable interest rates, which range from 6% to 18% depending on your credit profile and co-signer’s creditworthiness.

MPower Financing

MPower Financing is a social enterprise that provides loans to international and DACA students without requiring a co-signer, collateral, or credit history. They also offer scholarships, career support, and visa assistance.

MPower Financing offers up to $50,000 in international student loans for African students who want to pursue undergraduate or graduate degrees in any field of study at over 350 partner universities in the US and Canada.

To apply for an MPower Financing loan, you need to fill out an online application form and submit some documents such as your academic transcripts, admission letter, passport copy, etc. You also need to have a valid visa or be eligible for one.

MPower Financing has a grace period of six months after graduation before you start paying back your loan. You can choose between fixed or variable interest rates, which range from 7.99% to 13.99% depending on your credit profile and academic performance.

Prodigy Finance

Prodigy Finance is a platform that offers loans to international postgraduate students pursuing degrees in business, engineering, law, and public policy at top universities around the world. They use a community-funded model that involves alumni, impact investors, and other private funders.

Prodigy Finance offers up to 100% of the cost of attendance in international student loans for African students who want to study at over 800 partner universities in the US, UK, Canada, Australia, Germany, France, Singapore, and other countries.

To apply for a Prodigy Finance loan, you need to fill out an online application form and submit some documents such as your academic transcripts, admission letter, passport copy, etc. You don’t need to have a co-signer or collateral.

Prodigy Finance has a grace period of six months after graduation before you start paying back your loan. You can choose between fixed or variable interest rates, which range from 5.5% to 8.5% depending on your credit profile and future earning potential.

Stilt Finance

Stilt Finance is a company that provides loans to immigrants and the underserved in the US, including international students. They consider factors such as education, work experience, and financial behavior instead of credit scores.

Stilt Finance offers up to $35,000 in international student loans for African students who want to pursue undergraduate or graduate degrees in any field of study at any accredited university in the US.

To apply for a Stilt Finance loan, you need to fill out an online application form and submit some documents such as your academic transcripts, admission letter, passport copy, visa copy, bank statements, etc. You don’t need to have a co-signer or collateral.

Stilt Finance has a grace period of six months after graduation before you start paying back your loan. You can choose between fixed or variable interest rates, which range from 7.99% to 15.99% depending on your credit profile and financial situation.

Read Also: International Student Loans Without Cosigner in UK

How to make the most of your study abroad experience and repay your loan successfully?

Getting an international student loan for African students can help you fund your dream education abroad, but it also comes with some responsibilities and expectations. Here are some tips and advice on how to make the most of your study abroad experience and repay your loan successfully:

Plan your budget carefully and stick to it. Avoid unnecessary expenses and save money whenever possible.
Apply for scholarships and grants that can reduce your tuition fees or living costs. There are many opportunities available for African students who want to study abroad.
Work part-time or do internships that can help you gain valuable skills and experience for your future career. Check the visa regulations and work permit requirements of the country where you want to study before doing so.
Network with other students, professors, alumni, and professionals who can help you learn more about your field of study and the job market. Join clubs, societies, events, and online platforms that can connect you with like-minded people.
Repay your loan on time and in full. Follow the repayment schedule and terms of your loan agreement. Contact your lender if you have any questions or difficulties with your repayment.
Build your credit history and score by making timely payments and using credit cards responsibly. This can help you access better financial products and services in the future.

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Conclusion

Studying abroad can be a life-changing experience for African students who want to pursue their academic and professional goals. However, it can also be challenging to finance their education abroad without enough savings or scholarships.

Fortunately, there are some platforms and organizations that offer international student loans for African students to get a world-class education in another country. These loans can help them cover their tuition fees, living expenses, travel costs, and other expenses related to their studies.

In this article, we have explored some of the best international student loans for African students and how to apply for them. We have also shared some tips and advice on how to make the most of their study abroad experience and repay their loan successfully.