Funding Options for Study Abroad: A Guide for Nigerians

First: Scholarships for Nigerian Students Studying Abroad

Scholarships provide a fantastic way for you to study abroad without the stress of funding everything yourself. 

Several universities, governments, and private organizations offer scholarships tailored specifically for you as a Nigerian seeking international education. Programmes like the Commonwealth Scholarships, Mastercard Foundation Scholars Program, and DAAD Scholarships can significantly reduce your financial burden. 

To tap into these opportunities, start your search early, make sure you meet the requirements, and craft an application that highlights your achievements and aspirations, keep an eye on scholarship portals, university websites, and your local embassy for fresh opportunities that align with your academic and career goals.

Second: Government-Funded Study Abroad Programs

Government-funded study abroad programs provide you with excellent opportunities to study abroad with financial support from various governments. 

Keep in mind that these programs often cover tuition fees, living expenses, and travel costs, making it easier for you to focus on your studies without the worry of financial strain. 

Notable programmes include the Fulbright Program, the Chevening Scholarship, and the Erasmus Mundus Scholarship, all of which are aimed at giving you the chance to gain international experience. 

To access these programs, meet specific eligibility criteria, submit a compelling application, and ensure that you follow the guidelines provided by the funding body. 

Be proactive in searching for these opportunities on government and embassy websites and consider applying well in advance to increase your chances of securing a place.

Third: University-Specific Financial Aid and Grants

University-specific financial aid and grants offer you an excellent way to reduce the cost of studying abroad. Nigerian universities provide funding opportunities tailored to help you with tuition fees and living expenses, often in the form of merit-based scholarships, need-based grants, or special awards for international students like you. 

These grants vary by institution and may include full or partial coverage of your tuition, accommodation, and sometimes even travel costs. 

Take advantage of these opportunities by exploring the financial aid sections of the universities you’re interested in, check for specific grants available for Nigerian students and meet all deadlines to submit your application. 

Example of University-Specific Financial Aid and Grants

• Harvard University: Offers the Harvard College Financial Aid program, providing need-based grants that cover tuition and living expenses for you as an international student, ensuring financial barriers don’t stop you from pursuing your education.
• University of Toronto: The Lester B. Pearson International Scholarship Programme provides full funding, covering tuition, books, and living expenses, being an international student with outstanding academic achievements.
• University of Sydney: The Sydney Scholars Awards offer substantial scholarships that cover tuition fees and provide additional aid to take care of your living costs, based on academic excellence.
• University of Oxford: The Reach Oxford Scholarship offers full tuition and living expenses to you if you’re from low-income backgrounds, particularly those in Nigerian countries, ensuring that financial limitations don’t stand in the way of your studies.
• University of Melbourne: The Melbourne International Undergraduate Scholarship offers partial tuition fee remission to you if you’re a high-achieving international student, helping reduce your financial burden.

Fourth: Private and NGO Scholarships for Nigerian Students

Private organizations and NGOs offer you incredible scholarship opportunities that can help make your study abroad dream a reality. 

Scholarships in this section are designed to support an Nigerian student like you who needs financial assistance to access quality education abroad. 

NGOs, private foundations, and corporations around the world understand the importance of international education and often provide funding to cover tuition, living expenses, and travel.

To find the right scholarships, explore the websites of international NGOs, corporations, and foundations that focus on education and development. 

Stay active, research thoroughly, and apply to as many relevant opportunities as you can to maximize your chances of securing financial aid.

Examples of Private and NGO Scholarships:

• The mastercard foundation scholars program: Provides you with a comprehensive scholarship package, covering all tuition fees, living costs, and travel expenses, to support your studies at partner universities in the US and Canada.
• The Mo Ibrahim foundation scholarships: Supports your postgraduate ambitions in the UK with funding opportunities tailored to suit you as a student focusing on fields such as governance, development, and related areas.
• The Orange Social Venture Prize Africa & Middle East (OSVP): Empowers you as a Nigerian entrepreneur and innovator with grants and scholarships, supporting your pursuits in related fields, whether through studies abroad or local initiatives.
• The Tony Elumelu Foundation Entrepreneurship Program: Offers funding and mentorship for you the opportunity to enhance your business skills as an entrepreneur through international education and training.
• The African Women’s Development Fund Scholarships: Supports your growth as a Nigerian woman leader by offering financial assistance for studies in strategic areas such as leadership, development, and more, helping you unlock your full potential.

Fifth: Student Loans for International Study

Taking out a student loan to fund your studies abroad can be a practical way to manage the financial demands of education. 

Student loans allow you to borrow money for tuition, living expenses, and other costs associated with studying abroad, the main advantage of a student loan is that it gives you the opportunity to pursue your studies without worrying about immediate financial constraints. 

However, it’s important to carefully consider the terms, including interest rates and repayment schedules, you need to assess whether you can have a steady income after graduation to comfortably manage the loan repayments. 

Borrowing money for education is a big responsibility, so make sure to compare loan options and choose the one that best suits your future financial plans.

Popular student loan options for you:

• Prodigy finance: Offers loans with no collateral required, providing flexible repayment options for you studying abroad at top universities.
• MPOWER financing: Provides loans based on merit, with no co-signer or collateral needed, for you studying in the US and Canada.
• Sallie Mae: Offers loans for you studying abroad with a US co-signer, covering up to 100% of tuition costs.
• Education loan from Nigerian banks: Some Nigerian banks, like Zenith Bank and Access Bank, offer loans to help fund your studies abroad, usually requiring a Nigerian guarantor.

Sixth: Sponsorships from Corporations and Organizations

Securing sponsorships from corporations and organizations can be a powerful way for you to fund your studies abroad. 

Some companies and organizations offer financial support in exchange for your commitment to work with them after graduation, or they can sponsor your education to support a specific field of study related to their industry. 

The key benefit of a sponsorship is that it often covers most or all of your tuition and living expenses, allowing you to focus on your studies without financial stress. 

However, you need to consider the obligations that come with such sponsorships, such as work commitments after graduation or maintaining a certain academic standard. 

Sponsorships can be highly competitive, so it’s essential to apply early and ensure your application showcases your qualifications and aspirations.

Popular corporations and organizations that offer sponsorships for you:

• Shell Nigeria: Provides sponsorships for you pursuing higher education in fields related to the oil and gas industry.
• TotalEnergies: Offers scholarships and sponsorships for you in engineering, technology, and other related fields.
• Google Africa scholarship program: Supports you with funding for studies in computer science, technology, and related fields.
• The ford foundation: Offers fellowships and sponsorships to help you pursue higher education abroad, particularly in development-related fields.
• The coca-cola scholars foundation: Provides funding for you to pursue undergraduate and postgraduate studies abroad, focusing on leadership and community development.

Seventh: Crowdfunding and Peer-to-Peer Lending

Crowdfunding and peer-to-peer lending can be great ways for you to fund your studies abroad when other options aren’t enough. 

Crowdfunding allows you to raise money from a large number of people, often through online platforms, where your friends, family, and even strangers can contribute to your education. 

Peer-to-peer lending lets you borrow money from individuals instead of traditional institutions like banks, with the understanding that you repay the loan over time with interest. 

The main benefit of these methods is that they offer you access to funds without needing to meet strict financial requirements. 

Note that you need to be aware of the potential risks, such as fees, interest rates, and the responsibility of meeting repayment deadlines. 

To succeed, make sure your campaign or lending request is clear, showing why you deserve the funding and how you’re going to use the money.

Crowdfunding and peer-to-peer lending platforms for you:

• GoFundMe: A crowdfunding platform where you can set up a campaign for your education and share it with your network to receive donations.
• Kickstarter: Typically used for creative projects, but you can raise funds for your education, especially if your field involves creativity or innovation.
• Lendahand: A peer-to-peer lending platform that allows you to borrow money from individuals for your educational needs, with flexible repayment terms.
• FundMyTravel: A crowdfunding platform focused on helping you raise money for studying abroad and travel opportunities.
• Upstart: is another peer-to-peer lending platform that offers personal loans for educational expenses, based on your future potential rather than your credit score.

Eighth: Part-Time Work and Internships Abroad

Taking on part-time work or internships while studying abroad can be a smart way for you to support yourself financially and gain valuable work experience. 

Several countries allow you to work a certain number of hours per week while studying, and internships offer you the chance to build skills related to your field, the benefits include earning extra income to cover living expenses and gaining hands-on experience that boosts your resume. 

You need to balance work and study commitments carefully to ensure neither suffers, make sure to check the work regulations in your host country and confirm whether your student visa allows you to work.

It’s essential to find a job or internship that aligns with your career goals and helps you gain relevant experience.

Key part-time job and internship opportunities for you:

• On-Campus jobs: Universities often offer on-campus positions, like working in the library, as a research assistant, or as a tutor, which are flexible with your study schedule.
• Internships in your field: Look for internships that relate to your major, whether it’s in technology, finance, marketing, or other fields, to gain practical experience while earning.
• Hospitality and retail jobs: Consider working in cafes, restaurants, or retail stores to earn extra income while developing communication and customer service skills.
• Freelance work: If you have skills in writing, graphic design, or web development, freelancing online gives you the flexibility to manage your work hours.
• Language tutor: Offer language tutoring services if you’re fluent in a language, helping others while earning money and practicing your skills.

Pro Tips

• Plan your work and study schedule carefully to ensure you meet academic deadlines without compromising your job or internship responsibilities.
• Select part-time jobs or internships that align with your career goals, as they can provide valuable experience and help build your professional network.
• Keep track of your tasks, deadlines, and work hours using tools like calendars or task management apps to stay on top of everything.
• Be aware of the number of hours you can legally work and any other restrictions in your host country, and ensure your visa permits you to work.
• Make sure to set boundaries between work, study, and personal time to avoid burnout and maintain a healthy work-life balance.
• Seek support from your university, many universities offer resources for finding part-time jobs or internships, so don’t hesitate to reach out for guidance and opportunities.