A Guide to Financing Your International Studies with Access Bank Loans and Services
Studying abroad opens doors to immense learning and growth opportunities. However, the financial costs involved can seem prohibitive without proper planning.
While Access Bank may not have dedicated study abroad loans, their flexible offerings like school fee financing, forex services, and remittances can fund your global academic pursuits.
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Overview of Access Bank’s Services to Finance International Studies
Despite not having tailored study abroad loans, Access Bank provides a suite of relevant services:
School Fees Loan
- Offers financing up to N5 million for educational purposes
- Available to both account holders and non-customers
- Repayment periods of 6 months to 3 years
Salary Advance
- Provides quick short-term funding against your salary
- Can be used towards immediate education needs
- Repayable in 1 to 6 months
AccessAfrica Remittances
- Send overseas tuition and living expense payments
- Available in key global currencies: USD, GBP, EUR, etc.
- Online transfers, cash pick-ups, or direct payments to universities
Forex Services
- Open forex accounts to receive foreign payments
- International debit and credit cards for payments while abroad
How to Use Access Bank Services to Finance Your Studies Abroad
Here is a step-by-step process to fund your international education through Access Bank:
Open an Account with Access Bank
Visit your nearest branch and open a suitable savings or current account. Active accounts improve eligibility for loans.
Apply for School Fees Financing
Calculate your costs and apply for the school fee loan or salary advance. Provide supporting documents (university admissions, cost estimates, etc.).
Open a Dollar or GBP Forex Account
Open a Forex account to receive overseas payments for tuition and expenses. AccessBank’s competitive exchange rates help maximize value.
Use AccessAfrica for International Transfers
Leverage AccessAfrica online or in-branch to directly pay your university application fees, tuition costs, and accommodation expenses internationally.
Get a Forex Debit or Credit Card Before Departure
Obtain an international debit or credit card before travelling abroad to withdraw cash and make necessary payments conveniently.
Key Benefits of Using Access Bank to Finance Overseas Studies
Quick and Convenient Process
Access Bank’s digital services allow fast and seamless loan applications, account openings, remittances, and payments for your overseas needs.
Wide Network and Global Services
With a presence in multiple countries, partner banks worldwide, and forex services, Access Bank provides the connectivity you need globally.
Reasonable Fees and Rates
Their school fees, loans, and forex exchange rates are quite competitive. Follow guidelines to minimize remittance charges.
Experience Serving International clients
Access Bank has significant experience serving corporate and retail clients with international needs. You can benefit from their expertise.
Estimating the Overall Costs for Studying Abroad
Here are typical expenses to account for when budgeting:
- Tuition fees: $10,000 to $70,000 per year, depending on course and country
- Accommodation – $300 to $1000 monthly for student dorms and shared apartments
- Food – $200 to $500 monthly for home-cooked meals
- Health insurance: $500 to $1500 mandatory annual coverage
- Textbooks and supplies: $300 to $500 per semester
- Other living expenses: $300 to $600 monthly (transport, phone, leisure)
In total, plan for $25,000 to $50,000 in annual costs on average in popular study destinations like USA, UK, Australia, and Canada.
Key Tips for Responsible Repayment After Studies
To repay your education loan smoothly after completing international studies, be sure to:
- Seek part-time work during studies to start saving up for repayments.
- Begin job search activities actively in your final semester to ensure you have employment upon returning home.
- Discuss EMI amounts with Access Bank based on your income and create a feasible repayment plan.
- Make loan payments on time to avoid additional interest and penalties.
- Explore options like payment spreading to ease liquidity issues if you are having difficulties repaying.
- Leverage AutoPay tools to ensure you never miss an EMI payment deadline.
Prudent planning and financial discipline go a long way toward repaying student loans successfully.
Conclusion
Despite not offering dedicated overseas education loans, Access Bank’s diverse services provide multiple avenues to finance studies abroad for Nigerian students. Combining school fee financing, forex accounts, international remittances, and wise budgeting can cover your costs. Partner with Access Bank to achieve your global student ambitions.
FAQs on Access Bank for International Studies
What are the eligibility criteria for school fee loans from Access Bank?
You need to be 18+ years old, have repayment capacity, and submit documents like cost breakdowns, previous results, etc. The size of the loan sanctioned depends on eligibility.
What are the interest rates on Access Bank education loans?
Rates for school fee loans start at 10% per year. The actual rate you get will depend on your profile, loan amount, and the tenure you choose.
How much forex can I get annually as a student going abroad?
You can avail of forex cards with limits in the range of $1000 to $10,000 based on your approved requirements. The overall forex outlay limit will depend on regulatory guidelines.
What documents are needed for forex services?
You need a valid visa, an admission letter from the university, a cost estimate breakdown, financial statements, a CA declaration justifying forex demand, and other KYC documents.
How early should I apply for loans and forex services before travelling?
Start engaging Access Bank for loans, forex cards, remittances etc. at least 4-6 months ahead of your planned departure to avoid last-minute hassles.