Student loans

Do you know that you can get international student loans in countries like Canada and the UK?

In this article, you will learn how you can finance your education abroad. You would also discover resources for finding these loans

Uses of International Student Loan

Students can use these loans for a variety of purposes. This ranges from their daily needs to tuition, books, research, and career development

What International Student Loan Options Are Available in Ghana?

1. MPower: Undergraduate students are eligible for this MPower Loan. The interest rate on this loan is very low and affordable and there is no need for a cosigner.
2. Prodigy Finance: This program is only open to postgraduate students. It requires a co-signer.
3. Ascent Student Loans: International students can apply for both undergraduates and postgraduates.

Benefits of International Student Loans in Ghana

International student loans come with the following benefits:

1. Provides financial help for your dream college education.
2. You can accomplish payment of tuition and other academic costs with this method.
3. Low interest rates are part of the package.
4. It is now possible to apply online for a student loan from the comfort of your home.

Repayment plans for international Student Loans

1. Full Deferral

Full-time students can defer paying interest and principal until 6 months after graduation. Also, you can defer payments for a maximum of four years. Hence, this corresponds to the typical length of work you have to do to earn a bachelor’s degree.

2. Interest Only

You only pay the interest while still in school. You do this for up to four consecutive years of full-time study. However, you can defer the principal until 45 days after graduation. 

Note: You may have to repay the principal immediately if you drop your course load to part-time.

3. Immediate Repayment

In the event of disbursement and release, you must pay both interest and principal immediately.

Conclusion

Many are making plans to study abroad. Yet, students who take out student loans can attend their dream school. They can pay back the loan as soon as they’ve finished their education and started working.

There are several student loan options for students from Ghana today. Taking such loans can enable you to complete your studies abroad.

Other related articles:

Banks that give student loans in Ghana

There are banks that give student loans in Ghana. Education is the bedrock of a wonderful future for everyone, as it helps build ideas, skills, and character. However, financial challenges can hinder you from achieving this goal. In addition, a lack of funds can pose a huge hindrance to many students who want to study. 

There are a lot of banks that give student loans in Ghana to relieve this burden. You can get your first-degree certificate, master’s, diploma, or even PhD, money should not be an excuse. A list of trusted lending institutions in Ghana with low payment interest rates is included in this article.

What you should know about Student Loans in Ghana 

They have made loans for students in Ghana available. This is to help curb the financial challenges you face as a student. It is a commitment that you should consider carefully before making because terms and conditions vary with financial/lending institutions in Ghana. 

Getting a lending institution that offers student loans with no interest rate is almost impossible. Most student lending institutions offer a comfortable repayment period. Also lower interests, and deferred payment options.

List of Banks/Financial Institutions that offer student Loans in Ghana

1. HFC Bank Loan for Students

HFC student loan is among the student lending institutions. They offer loans for undergraduate and postgraduate students in Ghana. Many Ghanaian graduates are working already and students have benefited from HFC educational loans.

Therefore, achieving their goal to further their studies. They have low interest rates. Their financial support has helped many students in Ghana, considering the high cost of academics in Ghana recently. 

Requirements for HFC Loans for students

For every loan, there are minimum requirements that make you eligible. HFC loans for students are no different from this. The minimum requirements for HFC loan for students include:

1. Applicants must have and maintain a current account with the HFC Bank.
2. You must have been in their employment for not less than 12 months.
3. In case you cannot open accounts with the Bank, you will set up a standing order arrangement for the loan repayment.
4. You must ensure your employers remit entitlements to the Bank in the event of disengagement.
5. Salaries must be routed through an HFC Bank account.
6. Applicants must present current school bills to the bank as indebtedness evidence.
7. They may make payment through direct transfer to the school or bank draft.

Note: There is always a commission charged for every transfer made. The application is open anytime. You can even apply today.

2. Bank of Africa Ghana–Educational Loan

We know the Bank of Africa Ghana student loan as an educational loan. This loan is for employed students of Ghana. These students must have a dream to further their studies but face financial limitations. It is one of the Ghanaian lending institutions that offers loans for students in Ghana. They finance the student loan 100% with a low-interest rate.

Requirements for Bank of Africa Ghana-Educational loan

The list below shows the minimum requirements for student loans for Bank of Africa Ghana. This enables you to know whether you qualify for the loan.

1. You must be above 21 years but below 58 years of age.
2. The loan is open to both customers and non-customers.
3. You need to have an outstanding record with them and not blacklisted.
4. Gainfully employed for at least 6 months.

You can always visit them today to make that dream a reality.

3. Societe Generale Ghana Student Loan

Societe Generale Ghana provides student loans. This loan helps you pay your ward’s tuition fees. It is also helpful for you to cater to your child’s education expenses. It is one of Ghana’s institutions that provides fast and convenient loans for student emergency fees. Their repayment period is up to 10 months. Societe Generale Ghana offers a 150% financial bill.

Requirements for Societe Generale Student Loan

Below are the minimum requirements you need for a Societe Generale student loan.

1. Open an account with the Societe Generale.
2. Receive at least a month’s salary with the account.
3. Proof of employment.
4. Provide 3 payslips that are consecutive.

They can relieve financial school stress today with Societe Generale student loans. You can visit any of their branches here in Ghana to apply.

4. Trust Fund student loan

This is a loan for students in Ghana who are undergoing a degree programme in an accredited institution. It is basically for undergraduates who cannot afford their financial needs regarding academics. This loan covers tuition fees, accommodation, textbooks, equipment, and other major needs of the student.

Requirements for Trust Fund Student Loan

Eligibility for Trust fund student loans majorly depends on both the institution and programmes the prospective applicant offers. To access a student loan Trust fund, you must possess the following:

1. The applicant’s school must be a tertiary institution accredited by Ghana National Accreditation Board.
2. For Ghanaian citizens only.
3. Applicants must live and school in Ghana.
4. Only needy applicants will be under consideration.
5. NAB must accredit applicant programmes. 

Why consider a Student Loan?

A student loan is a short or long-term financial aid to enable students to complete their education. Also, it offers students the privilege to pay back later with very low interest. This helps to reduce the level of frustration and depression among students. Some reasons why you should consider student loans include:

1. Low interest rate

The interest rate on student educational loans differs from other loan services. The reason for student loans is to help students with financial problems complete their schooling. This helps the students not to go into depression and frustration.

2. Affordable repayment 

Student loan repayment is easy and affordable. Many financial institutions that offer student loans have various repayment strategies. Repayment depends on the financial institutions you applied to. Repayment ranges from 10 months to 24 months.

3. Peace of mind

Applying for a student loan gives you peace of mind. It reduces the worry about the payment of tuition fees. Student loan provides long-term support. Also, it helps you concentrate on your studies.

Note: Always consider the interest rate of different student loan lending institutions before applying. Also, repayment options to avoid future complications.

Read also: How to apply for a student loan in Ghana

Conclusion

Banks that give student loans in Ghana offer these loans to students with financial limitations. The enticing part of it is that it comes with a low interest and loan repayment period. As a student in need of this loan, it is advisable to choose wisely. Having considered the interest rate and repayment duration. Choose not only based on your eligibility but also on the interest rate and repayment term you can afford. Alternatively, there are international student loans you can leverage to further your studies abroad.