One of the most crucial factors to consider when selecting your study abroad destination is access to student loans. However, not all countries offer this opportunity.
In fact, it can be challenging to find a loan opportunity for international students anywhere in the world.
Therefore as a Cameroonian student, you need to consider all the sources of financial aid available for you while planning to study abroad.
You can diligently source for a scholarship and make sure that you complete the application. You may also turn to friends and family for fundraising.
It is also possible for you to save money ahead of time for your study abroad.
Nevertheless, when all these means seem unavailable or not enough, companies are offering international student loans to Cameroonians.
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How to Get International Student Loans in Cameroon? (U.S., UK, Canada)
Below are financial institutions that can offer free international student loans for Cameroonian students to study abroad in the US, Canada, Europe, India, and worldwide:
- MPower Financing
- Stilt Finance
- Prodigy Finance
- Future Finance
- Global Student Loan Corporation
- Other Financial Institutions or Banks offer loans to students in Cameroon.
1. MPower Financing
This is a highly reputable institution that gives out loans to international students in U.S. dollars.
MPOWER finance focuses more on students whose study destinations are U.S. and Canada. You can request a loan for financing your tuition, accommodation, living expenses, and study materials. They can be compared to Navy Federal Student loans.
MPOWER financing renders loans to international students with or without cosigners. You can apply online by following some simple steps.
2. Stilt Finance
Stilt is an institution that prides itself as a lender to the undeserved is one of the companies offering international student loans to Cameroonians.
The lending system is simple.
- You will need to submit your application online and get feedback about the following day.
- You will upload all your documents and other necessary information.
- Then, they will verify your documents properly and ask you to sign a promissory note.
- Once you do all these, Stilt Finance promises that you will receive your loan offer in less than a week. At this point, you will be requested to set up a schedule for payments.
- You can repay your loan at once or pay it in regular sessions. You don't need a security number or a cosigner before accessing a loan from stilt finance.
- The interest rate is low, and the method of repayment is flexible.
3. Prodigy Finance
This is also one of the companies offering international student loans to Cameroonians currently or planning to study abroad.
While prodigy finance may tilt towards post-graduate students, they remain one of the fastest-growing international student-friendly lenders in the world.
- Thousands of students remain grateful to them for helping them in the realization of their potentials.
- So far, 12,000 students have received loans from Prodigy finance.
- Citizens of 150 countries have become eligible to apply.
- Students from 328 schools have benefited.
- 515 million U.S. dollars have been given to students as loans.
Today, with the help of many investors, this organization still continues to extend its tentacles to reach more students, schools, and countries.
4. Future Finance
This is excellent news for you if you are planning to or currently studying in the U.K.
"We support European Union and International Students," says Future Finance.
This UK-based, highly respectable lender will give you a loan as long as you provide a guarantor.
Your guarantor must be a citizen of the U.K. and more than 25 years old. They must be living in the United Kingdom and have been earning income regularly for more than 4 years.
As a borrower, you must be admitted to a U.K. university either for an undergraduate or a full-time program.
The application process is, and you should be sure of a quick response. Future Finance can offer you £2,000 – £41,000
Read Also: How to Borrow Money Online in Cameroon?
5. Global Student Loan Corporation
Again, you do not need a cosigner to assess the loan from this institution.
According to them, they believe every student needs some external sources of financial aids to support their study abroad. Therefore they want to help you achieve your goal.
You can request a loan to pay your tuition, buy textbooks, or cover living expenses. Global Student Loan Corporation has an extensive relationship with many schools, and they can disburse your loan offer directly to them.
They remain one of the best places to seek International Student Loans for Cameroonian students to study abroad.
The application process is online. Start by confirming if you are eligible and then submit the required documents. Your loan will receive your loan approval within a short time.
6. Other Financial Institutions or Banks offering loans to Students in Cameroon
More places you can find companies offering international student loans to Cameroonians are:
How to Apply and Get International Student Loans as a Cameroonian?
The best place most international students usually source for study loans is their home country. This is because you can quickly sort out collateral value issues and other security options with local lenders.
Notwithstanding, to say that financial institutions in Cameroon are not yet generous in offering student loans to study abroad is difficult to fault.
So what should you do if your only option is to find an international student loan to fund your study abroad?
1. Get an international admission letter
The most important document to present when seeking an international student loan is proof that you have been admitted to study abroad.
In most cases, too, you will need to provide a student visa to complete your loan application, although you can apply before your visa is approved.
If the loan is meant for school fees, lenders will disburse directly to your school after proper verification and approval of your loan.
You may apply for an international student loan any time of the year and reapply at the beginning of each of your school academic sessions.
2. Have an excellent academic standing
It is assumed that if you have an excellent academic performance, you will quickly get a good job and repay the loan after your graduation.
Therefore do not be surprised when international lenders request your academic transcript in the last school you attended. Your past academic record is a metric to predict your future performance.
3. Find a cosigner
If your study destination is in the United States, you will need a cosigner. A cosigner serves the same purpose as a guarantor in Cameroon.
Your cosigner will be made to pay back the loan in case you default. They must be living and working in the United States as either a permanent resident or a citizen.
A guarantor from your home country is not allowed. Your relationship with the person may be a close friendship or family relation (parents, siblings, uncles, aunts, or even distant relatives and so on)
What happens if you have no cosigner?
Although having a cosigner will help increase your chances of getting a student loan and expedite the process, some lenders overlook it if you are not able to provide one.
Therefore always use the search term "no-cosigner loan for international students."
4. Study in a well-rated institution
When it comes to access to international student loans, the standard of your school matters. In most cases, lenders give out loans only to students from top universities across the world.
In fact, international students in some schools are considered not eligible for student loans because their school is not qualified.
Therefore, if you intend to sponsor your education with an international student loan, strife well to secure admission in a school that has an excellent global ranking
5. Choose your country of study wisely
Today, it is evident that countries differ in their admission and study visa requirements for international students.
Therefore, it is easier to get admission to some foreign countries than others. However, if your target is getting access to international student loans, you will shift your focus from just getting admission into any foreign country.
Some countries will give you easy access to international student loans than others. Although, as earlier said, nearly all governments of any country will not issue out loans to international students, some private lending institutions will do.
However, these private lenders will only give out loans to students studying in certain countries(with or without cosigners).
How To Repay Your International Student Loan and Loan Forgiveness
Your loan term will explain this. However, it generally depends on your answer to the following questions:
When will you commence repayment?
There are different options you can choose from. It may be when you complete your study or even during your research.
How long will you complete repayment?
This depends on the amount you collect, but most lenders can give you up to 10-15 years to complete your repayment.
Like mortgages in Cameroon, lenders are now flexible, and you can decide to round off your repayment earlier than scheduled. If you have the means also, you can make a one-off repayment of your student loan.
There will be no penalty for doing so. However, it is not advisable not to pay up within the stipulated time.
Nevertheless, if a terrible situation will bar you from keeping to your maximum repayment period, you may apply for an extension.
Will you defer your payment?
Lenders permit you to defer the interest on the loan for some time while you pay the principal alone.
You can also choose to defer the principal for a while and pay the loan's interest alone. This is especially applicable as long as the student is yet to graduate.
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