Do you know that you can get international student loans in countries like Canada and 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?
- 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.
- Prodigy Finance: This program is only open to postgraduate students. It requires a co-signer.
- 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:
- Provides financial help for your dream college education.
- You can accomplish payment of tuition and other academic costs with this method.
- Low-interest rates are part of the package.
- 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.
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.