With the extremely competitive education today, the majority of these diligent Nigerian scholars aspire to study overseas with possibilities of acquiring international insight and exposure. Tuition fees, transportation, and cost of sustenance however appear to be a major setback. These lucky scholars are blessed with real sources of accessing loans, grants and scholarships to realize their ambition of studying overseas.
This article enlightens Nigerian scholars on the best education loans and grants for Nigerian scholars, how to find best study loans, government scholarships, study grants abroad, and private scholarships. Here, you will be guided through the real steps as a research scholar, graduate scholar or undergraduate in order to find and access funds for study abroad.
Understand the Difference Between Grants and Loans
You must know the difference between loans and study abroad grants prior to proceeding:
Student Loans must be repaid, possibly with interest. Banks, private organizations, or the government might offer them. Grants on the other hand are like scholarships, they are free financial aid that is based on need or merit and does not have to be repaid. They could be awarded on the basis of academic performance, financial need, or other requirements.
Knowing the difference allows Nigerian scholars to make good decisions regarding the funding of their education.
Explore Nigerian Education Loans
Though less well-known, Nigerian scholars now have access to education loans. Some of the best available are:
1. Education Bank Loans
The Nigerian Education Bank is a new organization that came up with the idea of financing tertiary-level student education. Though yet to cause great ripples, it ought to offer low-interest student loans to deserving scholars.
2. Commercial Bank Loans
Student loans to finance school fees abroad are offered by some Nigerian banks. Best options are:
A. GTBank Student Loan
B. Access Bank Advance for School Fees
C. FirstEdu Loan (First Bank)
The loans might be attached to collateral, guarantors, or proof of foreign university admission. The scholars must also have the following supporting documents ready:
- Admission letter
- Visa approval
- Valid ID and financial statement of guarantor
- Private Loan Institutions
Other institutions like universities and banks like Sterling Bank’s EdFin Microfinance Bank and Carbon provide students with low-interest student loans. Some fintech products are typically faster but more expensive.
3. Government and International Grants
The best option for Nigerian scholars is grants since they do not require repayment. There are several grants to pursue in Nigeria and abroad:
A. TETFund and State Government Grants
For academics and teachers, foreign doctoral and postgraduate scholarships are provided by the Tertiary Education Trust Fund (TETFund). State governments like Lagos, Kano, and Rivers provide indigenes abroad scholarships.
B. Federal Government Bilateral Agreements
The Nigerian Federal Ministry of Education regulates Bilateral Education Agreements (BEA) between Nigeria and Russia, China, and Hungary, among other countries. The scholarship awards fee remission fees as well as living allowances in exceptional circumstances to deserving Nigerian scholars.
C. Foreign Government Scholarships
Different countries award scholarships and grants to Nigerian scholars:
- Chevening Scholarships (UK)
- Erasmus+ (EU)
- DAAD (Germany)
- Fulbright Program (USA)
- Commonwealth Scholarships (UK & Commonwealth countries)
All these scholarships have different eligibility conditions, which typically involve academic performance, leadership, or commitment to return and serve in Nigeria.
How to Apply for Education Loans and Grants.
1. Utilize Scholarship Search Websites
Some websites and databases containing a list of available loans, grants, and scholarships to Nigerian scholars include:
Always verify the authenticity of such scholarships and ensure that they are from genuine organizations. Nigerian scholars should be cautious not to become victims of fraud by refraining from paying for scholarship forms or information.
2. Make a Good Application
When requesting a loan or grant, Nigerian scholars need to impress with their application. Here is how:
- Academic Excellence: Excellent grades are required for the majority of scholarships and merit loans. Put in effort to attain a high CGPA.
- Personal Statement: Write an excellent essay that presents your educational background, aspiration, and how the scholarship/loan will affect you. Click here to know more about personal statement and how to write it with vivid examples to follow
- References: Have professional or academic referees who attest to your educational performance and work.
- Clear Documentation: Get all the documents requested and print them: transcripts, ID, admission letters, CV, and research proposals (for postgraduates).
3. Be Active Online
Scholarship committees and research funding agencies increasingly verify an academic’s online presence. Nigerian academics are advised to:
- Have a professional LinkedIn page
- Showcase achievement on Research Gate, Google Scholar or personal websites
- Publish academic work wherever feasible
A strong digital presence can legitimize your academic ambitions and secure more confidence from grant providers or lenders.
4. Network and Join Scholar Groups
Successful academics didn’t work in isolation. Nigerian academics can:
- Join student forums, e.g., Nairaland’s Education section
- Join alumni networks of scholarship schemes
- Visit education fairs, offline and online
Networking provides insider information on application deadlines, required documents, and tips that enhance your chances of being funded.
5. Apply Early and to Multiple Sources
It is early to the game. Most foreign student scholarships and loans have deadlines that are typically months ahead of the commencement of the school year. Beat the crowd, read thoroughly, and never put all your eggs in one basket.
Conclusion
For diligent Nigerian scholars, borrowing loans and scholarships to study abroad is no longer a dream but a growing reality. With diligence, academic excellence, and resourceful application strategies, a scholar can open the door to a world of sponsorship. From foreign scholarships to government scholarships to federal banks in Nigeria, the door to become a studying abroad scholar is wide open to any Nigerian scholar who desires to make it a reality.
