Nigerian students Asking the question “How do I pay for university?” is like asking, ‘How do I get to Lagos Island?’ or, ‘How do I start my side hustle?’ There are many ways to pay for university in Nigeria, but there’s not always one clear path.
If you’re like most students and families, you’ll hustle together funds from different sources. Some types of financing methods are better than others, so use the following advice in this order;
Sources of funds to pay for university in Nigeria
- Student Grant – Student grants are monetary gifts to people who are pursuing higher education. Unlike student loans, grants do not require repayment. Student grants also differ from scholarships, which are usually given to and by specific groups of people for a specific line of study and often require students to excel as a scholar or athlete. Grants are typically need-based and awarded to students who may need help overcoming obstacles or barriers to an education.
- Scholarship – Scholarships, unlike student loans, don’t have to be paid back. Thousands are available; use a scholarship repository to narrow your selection. While many scholarships require that you submit your WAEC and JAMB scores, most also have an additional application.
- Choose an affordable university – Paying for university will be exponentially easier if you choose a school that’s reasonably priced for you. To avoid straining your bank account, consider starting at a college of education or technical school. If you opt for a traditional four-year university, look for one that is generous with aid. Focus on the net price of each school, or the cost to you after grants and scholarships. Use each school’s fee schedule to estimate the amount you’ll have to pay out or borrow.
- Part-time Job – It provides an income, work experience and potentially valuable connections. If you’ve traveled abroad to study you need to ensure your visa and university allow you to work in the country of study.
- Your Savings – Realistically, you’ll probably have to dip into your income and savings to pay for school fees, accommodation, and other university-related expenses.
- Borrow Loans – If you do need to use private student loans, compare your options before you choose a lender. Check around to find the lender that offers you the lowest interest rate and the most generous borrower protections, such as flexible repayment plans or the option of forbearance if you’re struggling to make repayments.