Financing your study abroad program is certainly not as easy as it comes. It is indeed one of the biggest challenges Nigerian students often face. Yet, in spite of this seemingly impossible situation, there are so many ‘easy’ and quick ways to ensure that you’re ready and well prepared to take on your study abroad funding.
A couple of them are saving up and applying for student loans from commercial banks in Nigeria.
The few months you use to study abroad will most certainly be the most expensive of investment you have made on yourself so far. You need to take things into perspective and achieve some kind of financial leverage ahead of time.
This article will discuss how to save up and access loans from Nigerian banks to study abroad. Therefore it is divided into two main segments;
The first part will dwell on saving up for your study abroad and the other will explore the basics of how to access loans from banks in Nigeria.
SEGMENT 1: SAVING UP FOR YOUR STUDY ABROAD
I get it!
Saving money is not very easy to do. In fact, it is more or less easier said than done. If you are actually planning to apply for your dream study abroad program, make sure that you develop and adapt a strict saving culture.
You cannot avoid the fact that there will always be unexpected costs when you’re studying abroad. Check out these practical steps, try them and watch how quickly your savings will grow!
Have a good saving strategy
The best answer to the question of how to save up and access loans from Nigerian banks to study abroad is a well-planned budget and a good saving strategy.
This will make sure you have enough money stashed up in your bank account by the time you’re ready to commence your study abroad program. Sit down with someone at your bank to discuss your options for smart, secure saving packages.
Open a target savings account
It is possible to a secure a convenient way of saving towards a goal or target and still enjoy an amazing interest rate. A target savings account will be your Knight in shining amour. The account operates as a limited transaction savings account different from the regular fixed account.
Many Nigerian banks has this kind of account package. It has a higher interest rate and allow you to withdraw only for a limited amount of time per month. If you withdraw more than the stipulated time, your interest rate will drop to the normal rate.
This option of saving is highly encouraged for planning towards a specific project over a specified time frame.
Cut down on unnecessary spending
This is pretty self- explanatory. There are many things we spend money on as youths that are really not so much important. You will have to play down on some kinds of lifestyle you do enjoy to make your saving target more achievable. Cut back on unnecessary transportation expenses, reduce your rate of eating out. You save money by cooking your own meals. Avoid binge eating and reduce the rate at which you go outing. Regulate recharging on your mobile line too. If you cut down on all this seemingly ‘little’ expenses, you’ll discover that you’ve saved up so much.
Don’t buy on impulse
Instant gratification is a feeling we all love. Still, you need to start thinking long-term for your saving goal to be achieved. Ensure that anytime you make purchases, it shouldn’t offset your budget or saving goal. STOP spending your money on frivolous things no matter how tempting. You don’t need to buy every trending clothing item too! For example, calculate your daily spending and consider how much you have spent on things you could do without. You can imagine how much you would have saved up.
Start planning early
As soon as you decide you want to study abroad, you need to take on proactive steps to ensure that you achieve your dreams. Start saving immediately. Begin to look for ways to make extra cash and start saving more money.
Strategic planning precedes your study abroad project. Make sure you start planning ahead of time. Start by comparing the cost of studying in various schools and places. The cost of living in different countries can vary You need to perhaps look out for a less expensive study abroad package to suit your financial capacity
SEGMENT 2: ACCESSING LOANS FROM NIGERIAN BANKS
Loans are particularly recommended for employed persons. If you’re an employed individual looking to finance your study abroad, a student loan might be what you need. Some Nigerian banks offer loans payable directly to schools for the specific purpose of school fees payment.
Students who are currently finding it difficult to fund their study abroad need to look out for acquiring students loans from commercial banks around Nigeria. Loans are probably not the best option for financing your study abroad.however, it can help you achieve your dreams, and also keep you from being a school drop-out.
Here are some Nigerian Banks that issue out students loans to qualified applicants;
Skye Bank is another Nigerian bank that gives education and student loans to help students fund their education. Skye Bank PLC has developed a product known as the Skye Edu Care Account. This is a unique educational product designed to save and also to provide loans for the payment of school fees. Loan can be provide for educations at all level: Secondary schools, undergraduate and postgraduate studies abroad and in private universities in Nigeria. For more information and to open the Skye Edu Care Account; just go to any Skye Bank branch around you and request for guidance.
Standard Chartered Bank
Standard Chartered Bank offers Nigerian students smart credit loan called Standard Chartered Bank Education Loan. This is a personal installment loan. However, the loan is only made available to fully employed students who are also being financially supported by family and friends. The loans can be used to pay tuition fees and also to acquire other necessary private travel items. Students can borrow up to 10 million naira. Visit any Standard Chartered Bank branch around you for more details and guidance.