Study Abroad Loans for African Students: What You Need to Know
For many African students, studying abroad is a life-changing opportunity—yet financing an international education often remains a significant hurdle. Fortunately, organizations such as MPOWER Financing, Prodigy Finance, and 8B Education Investments now offer education loans specifically designed to support African learners pursuing degrees worldwide.
This post provides a brief overview of these lenders, their application processes, and the growing diversity of study destinations available.
Who Are the Big Players in Africa?
MPOWER Financing
🔗 Website: mpowerfinancing.com
MPOWER offers loans to international students studying in the US and Canada. They do not require a cosigner or collateral. Their model focuses on future earning potential, making their loans accessible to students who may not have access to traditional financing.
Prodigy Finance
🔗 Website: prodigyfinance.com
Prodigy provides loans primarily for master’s-level programs in business, STEM, public policy, and related fields. Approval is based on projected post-graduation income, allowing students to apply without a cosigner. Prodigy also supports students choosing emerging study destinations such as Hong Kong, known for its efficient visa process and strong academic institutions.
8B Education Investments
🔗 Eligible School List: 8b.africa/school-list
8B is a lender dedicated exclusively to African students. Their financing covers a wide—and growing—network of partner universities across the US, UK, Europe, Asia, and the Middle East.
2. How to Apply for an Education Loan?
MPOWER Financing
- Complete the online application and upload academic documents.
- Receive a conditional loan offer.
- Finalize identity and financial verification.
- MPOWER certifies your loan with the university and disburses funds.
Prodigy Finance
- Create an online profile and select your degree program.
- Receive an instant quote.
- Upload required documents (passport, admission letter, academic records).
- Sign the loan agreement after verification.
- Prodigy pays the university directly.
8B Education Investments
- Confirm that your university is on the 8B eligible list.
- Submit an online loan application.
- Complete academic and financial evaluations.
- Receive final approval once your admission is confirmed.
- Funds are disbursed to the institution.
3. Destination Countries and Emerging Options
While the United States, Canada, and the United Kingdom remain the most popular destinations for African students, these lenders now support a broader range of locations with efficient visa procedures and strong post-study opportunities.
Some notable examples include:
- Hong Kong (Prodigy Finance) – world-class STEM and business programs, streamlined student visa process.
- United Arab Emirates (UAE) – growing demand for technology, engineering, and business programs.
- Ireland, France, Germany, and the Netherlands – strong academic reputations and post-study work options.
- Asia-Pacific – expanding opportunities tied to institution-specific partnerships.
This destination diversity enables students to select programs aligned with their academic goals and long-term career plans.
4. Aim For the Highest Return on Investment
Although international education loans can appear substantial, these lenders strategically fund programs with a strong return on investment (ROI). Their focus is on STEM and high-demand fields that prepare graduates for competitive careers globally.
Degrees funded through these lenders often qualify students for employment opportunities in the US, Canada, the UK, and other growing global hubs. As a result, many students pay off a significant percentage of their loans within five years of graduating.
If you would like to learn more about opportunities to study at a top university through a loan + partial scholarship, feel free to contact Nexen (info@nexeneducation.com).
Stay tuned for more insights!
