Funding and financing your study abroad dreams

A lot of African students who seek to pursue their academic programs abroad generally meet with one brick wall which is funding options.

The cheapest university in UK, Canada or USA usually ranges from £10,000 to £25,000. This is a whooping sum of over ₦15,000,000/session. Average living cost per month is over £1,000 while house rents ranges from £750 to £1,500. 

In all sincerity, it costs over £60,000 (about ₦70,000,000) for someone to undertake an undergraduate programs of at least 4years  in Europe or  America and about £30,000 (over ₦45,000,000) for one year postgraduate studies.   This is not an easy undertaking for someone living in Nigeria and most African  countries. Even the rich doesn't find it easy!

Does this mean that average income earners cannot make it to universities in Europe, Asia and America?

The answer is obviously "No". What one requires is the right information and mentorship. Infact, most people who made it to top universities in UK and America are from low income class.  

The first thing you need to do when starting your study abroad journey is getting all the needed documents ready. Some of these documents includes: 

Academic transcripts

Original copies of all your certificates

International passport

Curriculum vitae

Reference letters etc.

After this, you are expected to search out for any university of your choice and make application. Applications are usually done online either through the UCAS website or directly at the University website. Once an offer is made, the next step is payment of deposit, Medical Screening, visa application and then flight. All these steps requires a lot of money including tax deductions.

Below are some of the funding you can always reconsider if you are met with any financial hassle in the process.

Scholarship opportunities: 

If a conditional offer of admission has been granted or even before the admission is given, you can search out for available scholarship opportunities peculiar to your choice university.

There are so many available scholarship grants available for African students in various universities around the world. Some of this scholarship are from private individuals, nongovernmental organizations like churches and Charity organizations and governmental bodies. 

Some scholarship opportunities that are made available almost every year includes:

1. Chevening Scholarship

The Chevening Scholarship is one of the most popular scholarship opportunities available for emerging leaders from countries around the world. The Scholarship is always available for Masters and Doctorate students with excellent academic records and outstanding leadership skills. It is aimed at upbringing exceptional individuals who would be impactful to both their society and in their various fields of Study. Chevening Scholarship covers full tuition fees, flight tickets, monthly stipends for personal upkeep and health insurance. Application for Chevening Scholarship usually starts by early September and closes by late November. Selection is always based on merits and recommendations. You can read more about this scholarship in Chevening Scholarship website.

2. Commonwealth Scholarship

This is similar to the Chevening Scholarship. Commonwealth Scholarship is provided by UK government for all students from all countries around the world.

History has it that the first set of commonwealth scholarship beneficiaries arrived UK in 1960 with over 30,000 beneficiaries till date. You may be among the lucky numbers!

Application for commonwealth scholarship usually beging the same time as around September to November.

Scholarship type:

MSc,MA, M.Ed and PhD.

Cover:

full tuition, health insurance, monthly stipends and flights.

3. GREAT Scholarship

The GREAT scholarships is a dedicated scholarship opportunities offered to students from 15 countries including Nigeria, Egypt and Ghana. The Scholarship is valued at over £10,000 and it is available for exceptional students from the selected countries. GREAT scholarship is always available in the website of the participating universities and aspiring individuals can apply from the University portals. 

You can always search for participating universities

4. Fulbright scholarships

The Fulbright scholarships was established by Senator Williams Fulbright, a United States Senator in the year in the year 1946. According to the founder, the aim of the grant is to bring a little more knowledge,  little more reason and little more compassion into world affairs. His aim was to help individuals from low income class to attain postgraduate education in the United States with little or no financial burden. About 8,000 are given out annually 

5. Marshall Scholarship

The Marshall Scholarship is designed for American citizens who already possess an undergraduate degree with a minimum GPA of 3.7/5.00. The scholarship is available annually for postgraduate options. Beneficiaries for the year 2024 has been announced.

Nigerian or African citizens who also possess American citizenship can apply for this grant.

6. Erasmus Mundus Scholarship

The Erasmus Mundus Scholarship is an European Union scholarship available for citizens from all countries around the world for Master's degree and Doctorate degrees.

• The Scholarship has three categories:
• The joint Masters program
• Partnership programs and 
• Attractiveness programs

It is also another form of specialized scholarship grants which some types places empahsis on students who are pursuing a Masters or doctorate research program in a specific topic. 

Many other scholarship opportunities includes:

• Federal Government of Nigeria Bilateral Education Agreement Scholarship
•  Chinese Government Scholarship
• Rodes Scholarship
• Gates Cambridge scholarship and many others

You can always leverage on this grants for your funding option. Visit the websites of each scholarship providers for details, application duration and processes.

Education loans:

When scholarship application fails, there are always a plan B, which is always the student loans. 

There are so many non-governmental organizations which provides different categories of student loans with flexible repayment plans. The most interesting aspect of the student loans is that repayment starts at least 6months after the completion of the formal study programs.

Don't ask me how you can raise the money!

Students who work part-time can raise appreciable amount of money before graduation.

The loan offers are also flexible enough to put into consideration the Job status of the beneficiaries after graduation before repayment commences.

Below are list if organizations that provides educational loan and study abroad financing services.

• Prodigy Finance

• Edufin Microfinance Bank

• Africred

• Drill Study loans

Visit the websites of these loan providers and apply.

I wish you all the best in your study abroad journey.