General Loan FAQs for African Students

1. What types of loans are available to African students through 8B Education Investments?
8B Education Investments offers a range of loan options tailored to meet the needs of African students studying at top universities around the world. These include loans directly from 8B, as well as loans facilitated through partnerships with various international and U.S.-based lenders.

2. Who is eligible to apply for these loans?
Eligibility varies depending on the lender. Generally, loans are available to African students who have been accepted to or are currently enrolled in accredited universities, particularly in STEM fields or pursuing and MBA or JD degree. Specific eligibility criteria may include academic performance, enrollment status, and financial need.

3. How do I start the loan application process?
Begin by completing the 8B loan inquiry form. Based on the information you provide, we will help match you with options that you are most likely to qualify for. You will then be guided to the relevant lender’s application process.

4. What is the interest rate on these loans?
Interest rates vary by lender and loan type. Rates can be fixed or variable, and they depend on factors such as University, field of study, creditworthiness, and the chosen repayment plan. Details will be provided once a match is made and during the actual loan application process. 

5. Are there any fees associated with these loans?
Some lenders may charge origination fees, late payment fees, or prepayment penalties.The specific fees will be outlined by each lender prior to the application process.

6. What documents will I need to apply for a loan?
Typically, you will need your university admission letter, passport, proof of address, academic transcripts, and in some cases, a local credit report. Each lender may have specific document requirements.

7. How long does the loan approval process take?
The approval timeline varies by lender. Generally, the process can take from a few days to several weeks, depending on the lender’s requirements and the completeness of your application.

8. What happens if my loan application is denied?
If your loan application is denied, you may still have other options. 8B can assist you in exploring alternative lenders or scholarship and financial aid options. Additionally, we highly recommend you engage with the 8B Community for advice and support.

Specific FAQs for U.S.-Based Lenders

1. What is the difference between U.S. lenders and international lenders?
U.S. lenders typically require a U.S.-based cosigner for non-U.S. citizens to secure a loan. These lenders often offer competitive rates and favorable terms for those who can meet their requirements. Most International lenders do not require a U.S. cosigner and cater specifically to international students.

2. Can I get a loan without a U.S. cosigner?
Yes, loans from international lenders like 8B Education Investments, MPower and Prodigy do not require a U.S. cosigner. These lenders assess your eligibility based on factors such as your future earning potential, academic background, and the school you are attending.

3. How do I compare loan options from different U.S. lenders?
After completing the 8B loan inquiry form and verifying that you have a US Co-signer, you will be presented with a detailed loan/lender comparison tool which showcases your options. Here you can compare each lender and loan programs interest rates, repayment terms, and other factors to choose the best fit for your needs.

4. What is a “cosigner,” and why might I need one?
A cosigner is someone who agrees to take responsibility for your loan if you are unable to repay it. Many U.S. lenders require a cosigner, typically a U.S. citizen or permanent resident, to mitigate their risk when lending to international students.

5. What repayment options are available with U.S. lenders?
U.S. lenders usually offer a variety of repayment plans, including deferred repayment, fixed repayment, and interest-only repayment while in school. The exact options will depend on the lender and the loan terms.

Specific FAQs for International Lenders:

1. What are the benefits of taking a loan from international lenders like 8B Education Investments, MPower or Prodigy?
The main benefit is that these lenders do not require a U.S. cosigner, making them accessible to a wider range of international students. They also understand the unique challenges faced by international students and structure their loans accordingly.

2. How do international lenders determine loan eligibility?
Most will assess your eligibility based on factors such as your academic background, future earning potential, and the reputation of the school you are attending.

3. What are “keep in touch” payments?
Some lenders may require students to make small “keep in touch” payments while they are still in school. These payments are designed to keep students engaged with their loans and help manage debt more effectively after graduation.

4. Can I get a loan for my entire education cost?
This depends on the lender and your specific circumstances. Some lenders may offer loans that cover the full cost of attendance, while others might only cover tuition or a portion of your expenses.

5. What are the typical repayment terms with international lenders?
Repayment terms vary by lender. Some offer grace periods that allow you to start repaying your loan after graduation, while others may require payments while you are still in school. Interest rates may be fixed or variable.

Final Note

What should I do if I have more questions?
If you have further questions or need personalized assistance, please reach out to us at [email protected]. Additionally, you can join the 8B Community to connect with peers and experts who can provide guidance and support.