How Nigerian students can secure funding for STEM programs abroad
Over 20,000 Nigerian students pursued higher education in the U.S. in the 2023-24 academic year, with the majority focusing on STEM fields. STEM (science, technology, engineering and math) programs dominate among international students, accounting for 56% of all enrolled students.
Enrolling in a STEM program abroad is an exciting opportunity, but it may also present a financial challenge. Fortunately, there are plenty of opportunities for STEM scholarships and study abroad loans for Nigerian students heading to the U.S. or Canada.
If you’re a Nigerian student looking to finance your STEM education, read on to learn about your options for scholarships and loans for study abroad.
STEM scholarships for Nigerian students
A variety of scholarships are available to Nigerian students who want to earn their STEM degree abroad. Applying for scholarships can seriously pay off, since, unlike study abroad loans for Nigerian students, you don’t have to pay scholarships back, though you may have to meet and maintain conditions. Here are some opportunities to explore.
Scholarships to study in the United States
- Fulbright Foreign Student Program: The Fulbright program provides funding for graduate students. Not only will Fulbright scholars get tuition assistance, but they’ll also get a stipend for housing and travel.
- AAUW International Fellowships: AAUW offers scholarships from US$20,000 to US$50,000 to women pursuing a master’s, doctoral or postdoctoral degree in the U.S.
Scholarships to study in Canada
- Banting Postdoctoral Fellowship: This fellowship provides up to CA$70,000 per year for two years to postdoctoral students researching health, natural sciences, engineering, social sciences or humanities.
- Lester B. Pearson International Scholarship: This scholarship enables outstanding international students to study at the University of Toronto. To apply for this scholarship, you’ll have to be nominated by your school.
- Ontario Graduate Scholarship (OGS): This merit-based scholarship provides up to CA$15,000 annually for two years to master’s and doctoral graduate students at an eligible university in Ontario.
- Study in Canada Scholarship: This program provides funding for short-term study or research exchanges. It offers up to CA$12,700 and is available to students from various countries, including Nigeria.
- Vanier Canada Graduate Scholarship: This award offers up to CA$50,000 each year for three years for doctoral studies at a Canadian university. Selection criteria include academic excellence, research potential and leadership ability.
Scholarship opportunities for both the U.S. and Canada
- Mastercard Foundation Scholars Program: This program provides scholarships to students, primarily from Africa, facing social and economic barriers to education. It’s available at three universities in the U.S. – Arizona State University, UC Berkeley and the University of Colorado – and two in Canada – McGill University and the University of Toronto.
- MPOWER scholarships: MPOWER Financing offers scholarship awards to international students accepted or enrolled in a full-time degree program at a U.S. or Canadian MPOWER-eligible school. The Women in STEM Scholarship, for example, provides up to US$5,000, while the MPOWER Global Citizen Scholarship award offers up to US$8,000. MPOWER’s monthly scholarship series also awards US$1,000 to three students on the last day of every month. Learn more about MPOWER’s scholarship awards.
Study abroad loans for Nigerian students
Although scholarships are worth pursuing, they can be competitive and may not cover your full cost of attendance. If you need more funding for your STEM degree, student loans for study abroad can help fill the gap and cover the remaining costs.
Unlike scholarships, you have to pay back student loans, with interest. You might find a loan through a bank in your home country, or you could borrow from a lender in your destination country.
MPOWER Financing, for example, offers up to US$100,000 in student loans to international students pursuing their degree in the U.S. or Canada.
MPOWER’s no-cosigner international student loans have fixed, inflation-proof interest rates and a 10-year repayment term, so you don’t have to worry about your student loan payments increasing over time.
Eligibility requirements for international student loans
The eligibility requirements for an international student loan vary by lender. Some lenders want to see that you have a minimum annual income, credit score and a cosigner who’s a U.S. citizen or permanent resident.
MPOWER Financing specializes in international student loans and recognizes that a cosigner requirement can be a major hurdle for Nigerian students. That’s why it doesn’t ask for a cosigner or collateral to qualify for a loan.
Instead, it bases your approval on alternative factors, such as your academic merit and future potential. You can check your eligibility in just 30 seconds, then apply for a loan online and receive a conditional offer within days.
Tips for applying for an international student loan
As you pursue a student loan, consider these tips to make the process as seamless as possible.
- Start early: Securing a student loan can take several weeks or months, so start the process well before your tuition is due. Once you’ve chosen a program, you can start researching lenders and applying for a loan.
- Compare interest rates and terms: If you’re comparing multiple loan options, look for one with a low interest rate, few fees and repayment terms that work for you. A fixed interest rate can be helpful if you don’t want your loan costs to increase over time.
- Gather your documentation: Find out what documents you must provide to the lender. These may include proof of enrollment, academic transcripts and, once you’ve received it, your international student visa. MPOWER has a checklist of documents for graduate students that you can check out.
- Keep in touch with your lender: Your lender may ask for additional documents along the way. Make sure they have your updated contact information, and respond promptly to avoid any delays with the borrowing process.
- Review the details of repayment: Find out if you need to start making payments right away, and develop a budget that includes this obligation. Check out your loan’s monthly payments so you’ll be prepared to pay it back.
Find no-cosigner international student loans for Nigerian students with MPOWER Financing
MPOWER Financing funds loans up to US$100,000 for Nigerian and other international students looking to study in the U.S. or Canada. As mentioned, MPOWER doesn’t require a cosigner or collateral, so you don’t have to worry about finding someone to cosign your loan.
Plus, making on-time payments on your MPOWER loan will help build your credit history in the U.S. A positive credit score can make it easier to rent an apartment, open a credit card or qualify for loans.
Along with no-cosigner international student loans, MPOWER helps Nigerian students through the student visa application process with a free Visa Essentials course and access to mock interviews with visa experts. MPOWER’s financial resources and team of experts can help ease your stress and turn your STEM education dreams into a reality.
FAQ
Are Nigerians eligible for MPOWER Financing?
Nigerian students are eligible to apply for a loan with MPOWER Financing. You’ll need to be accepted or enrolled in an eligible school. MPOWER supports students at hundreds of schools across the U.S. and Canada.
How can international students fund their studies?
International students can fund their studies with various financing options, including savings, scholarships and international student loans.
What is the DAAD scholarship for Nigerian students?
The German Academic Exchange Service (DAAD) scholarship provides funding for students from Nigeria and other countries to study for their degree in Germany. Some DAAD scholarships are designed specifically for students pursuing their master’s degree in a STEM discipline.
