A full scholarship is the best way to fund a master's abroad, but most applicants will not get one. If you have an offer and a gap in your budget, international student loans and other part-funding options can be a legitimate next step. They are also easy to get wrong. This guide explains how to compare no-cosigner loans, university aid and your own contributions, without treating a loan as free money.
This is general information, not financial advice. Loan products, interest rates, eligible schools and eligible countries change. Confirm every number and condition on the lender's site and on your university's pages before you sign.
International student loans: what they are and who they are for
Some lenders specialise in master's loans for international students who cannot provide a US or UK co-signer or local collateral. Two names you will often see are Prodigy Finance and MPOWER Financing.
In late 2026, Prodigy Finance describes no-cosigner, no-collateral loans for eligible master's programmes in countries that include the UK, the US and Canada, with eligibility depending on the school, the programme and your country of residence. MPOWER describes no-cosigner loans for eligible international students at supported schools in the US and Canada. Both require admission to an eligible programme. Neither is available for every university, every course or every nationality.
You may also be able to borrow from a bank in your home country, sometimes against land, a parent’s salary or a cooperative guarantee. Those products can have different currency risks: you may repay in naira or another local currency while tuition is due in pounds, dollars or Canadian dollars. Compare that currency risk as carefully as the interest rate.
What to compare besides the headline rate
Do not choose a lender from an advert or from a single percentage quoted on a blog. Rates, fees and repayment holidays change, and the figure you first see may be an example, not an offer. When you compare, write down:
- Whether you are eligible at all: school, programme, nationality and residence.
- The currency of the loan and the currency of your tuition.
- The interest rate type (fixed or variable), how it is set, and any processing or disbursement fees. Check these on the official site; do not use figures copied from older articles.
- When repayment starts, whether interest builds up while you study, and how long you have to repay after graduation.
- What happens if you defer, drop out, change course or cannot get a post-study work visa.
- Whether the loan can cover only tuition, or also living costs, and whether money is paid to you or straight to the university.
A loan that looks cheaper on the rate can still cost more once fees and a longer term are included. Ask the lender for a total repayment illustration and read it slowly. If you cannot explain the repayment plan to yourself, do not sign it yet.
Part-funding you should stack before you borrow the maximum
Use a loan to fill a gap, not to ignore other money. Before you apply for the largest amount on offer, look at:
- University scholarships, early-payment discounts and departmental awards, including small sums that still reduce the loan.
- Government or foundation scholarships in your home country, and named programmes such as Chevening or Commonwealth awards if you are eligible in a later cycle.
- Official graduate assistantships or campus work that the university says is open to international students (these are limited and visa-dependent).
- Family contributions, savings, and a realistic budget for rent, food, transport, visa fees and health cover.
If you need a visa, remember that some countries ask you to show funds in a specific form. A loan can help only if the visa authority accepts the lender's letter or disbursement as proof. Check the visa funds guidance, not only the lender's marketing page.
A sensible process to follow
- Write a full cost of attendance: tuition, compulsory fees, visa and health surcharges, flights, rent, food, and a contingency amount.
- Subtract scholarships, savings and family support that are actually committed, not hoped for.
- Check whether your school appears on the current eligible list of any international lender you are considering, and whether your nationality is supported.
- Compare at least two options, including a home-country bank loan if one exists, using total repayment and currency risk, not only the monthly figure.
- Read the contract, including default and early-repayment terms, and only then submit documents.
- Keep a copy of every offer letter, disbursement notice and repayment schedule.
Checklist and warnings
- Never pay an "agent" who promises loan approval in exchange for an upfront fee to a personal account.
- Do not share your bank password, BVN, OTP or admission portal login with anyone who claims to process the loan for you.
- A loan is debt. Post-study work visas can be shortened or refused; your repayment obligation usually remains.
- If the only way the numbers work is an assumed high salary in a foreign currency, rebuild the budget with a more conservative income.
Keep your offer while you arrange funds
University offer deadlines and visa appointment slots do not wait for a slow loan decision. Ask the lender how long underwriting usually takes, and ask the university whether it can extend a deposit deadline in writing if needed. If your offer expires before funds are released, you may have a contract with a lender and no place to use it. It is reasonable to tell the admissions office that you have a loan application in progress, but only official confirmation from the lender, in the form the university or visa authority accepts, should go into your paperwork.
Frequently asked questions
Can I get Prodigy or MPOWER from Nigeria?
Sometimes, if you have an offer from a school and programme on that lender's current eligible list and you meet their nationality and residence rules. Check the eligibility tools on the official sites. There is no guarantee, and lists change.
Do I need a co-signer?
These specialist international lenders often market no-cosigner products. A bank in your home country may still require a guarantor or collateral. Read the product you are actually applying for.
Will a loan help my UK or Canada visa?
Only if the funds are documented in the way that country's immigration authority accepts. Ask the university international office and read the official visa funds page. Do not assume a lender approval email is enough on its own.
Should I skip scholarships and go straight to a loan?
No. Scholarships do not have to be repaid. Apply for funding first, then borrow the remaining gap if you still want the place and can repay the debt.
Information checked November 2026; always confirm on the official site.