How to Fund Your International Studies with FCMB’s Education Advisory Services
Studying overseas allows you to gain global exposure, receive a world-class education, and enhance your career opportunities. However, the high tuition and living costs involved often require taking an education loan.
While FCMB previously offered tailored Study Abroad Loans, their current unavailability need not deter your plans to study internationally. FCMB’s robust education advisory services provide comprehensive support and financing options to make your global academic dreams come true.
ALSO SEE:
How to Use GTBank Loans to Finance Your Study Abroad Dreams
Student Loan for International Students UK
Study Loan For Abroad PNB (Punjab National Bank)
Scholarship Opportunities for Nigerian Students to Study Abroad
Scholarship Opportunities in UK for Nigerian Students 2024
Student Loan For International Students in Italy
Overview of FCMB’s Education Advisory Services for Studies Abroad
FCMB offers premium banking customers specialized assistance for overseas education through their Education Advisory Services, including:
- Guidance on choosing and applying to accredited universities abroad
- Support with student visa processing requirements
- Information on scholarship opportunities
- Travel arrangements like flight bookings
- Pre-departure preparation like foreign exchange, international debit cards, etc.
- Financial services tailored for abroad studies like:
- School fees financing up to N5 million
- Foreign currency bank account
- International funds transfer
- Prepaid pocket money debit card
By leveraging these advisory services, you can get end-to-end support for your move overseas, along with financing to cover your tuition and other expenses.
Key Steps to Access FCMB Education Advisory Services
Follow these steps to obtain FCMB’s assistance for your study abroad plans:
Open an FCMB Premium Account
To access the education advisory services, you must be an FCMB Premium Banking customer. Open a premium account by meeting account balance requirements.
Schedule an Advisory Session
Book an appointment to meet an FCMB Education Advisor to discuss your study plans – courses, universities, timeline etc. They will guide you through the process.
Finalize Your Study Institution
With support from your advisor, research universities thoroughly and finalize an accredited institution for your abroad studies.
Access Financial Services
Leverage FCMB’s specialized financial services like overseas school fees financing, forex accounts and international remittances to fund your program.
Obtain Any Other Assistance As Needed
FCMB advisors are available to assist with visa applications, travel arrangements, pre-departure preparation and anything else required for a smooth transition.
Assessing the Pros and Cons of FCMB Education Advisory Services
Pros
- Personalized expert guidance on studying abroad
- Assistance with admission applications and visa process
- Customized financial services and products
- Special deals for school fees financing
- End-to-end support for a hassle-free transition
Cons
- Premium account required, with higher minimum balance
- Advisory services are not free (fees may apply)
- Loans offered will still have interest charges
Estimating the Costs for Studying Abroad
Factors determining the costs of overseas education include:
- Tuition fees – Between $10,000 to $70,000 per year depending on course and country
- Accommodation – $300 to $1000 monthly for student dorms or shared apartments
- Health insurance – $500 to $1500 mandatory annual coverage
- Food and transport – $300 to $900 monthly living expenses
- Textbooks and supplies – $300 to $600 per semester
- Miscellaneous expenses – $200 to $500 monthly for leisure, phone bills, clothes etc.
Total annual costs range between $25,000 to $40,000 on average in popular study abroad destinations.
Available Financing Options Through FCMB
FCMB offers the following loan and support services to fund overseas education:
- School fees financing up to N5 million in partnership with Credit Direct Limited. Requires guarantors.
- Opening forex account to receive overseas payments and efficiently manage international expenses.
- International funds transfer channels like wire transfers and demand drafts to directly pay university fees.
- Prepaid debit cards for ATM withdrawals and payments in foreign currency while abroad. Useful for monthly expenses.
- Potential personal loan products like salary advance, personal advance, etc. which can cover education costs.
By judiciously combining FCMB’s suite of offerings, you can fully finance your abroad studies and related costs.
Conclusion
While dedicated FCMB study abroad loans seem temporarily unavailable, their wide-ranging education Advisory Services offer the guidance, tools and financing needed to smoothly pursue higher education overseas. By engaging closely with their experts, you can get support through the entire process – from selecting universities to departing Nigeria. Partner with FCMB to make your global education dreams a reality.
FAQs on FCMB Advisory Services for International Studies
What are the eligibility criteria to open an FCMB Premium Account?
You need to maintain a minimum balance of ₦1 million in savings or ₦5 million in a domiciliary account. The FCMB reviews applications holistically.
How can FCMB advisors assist with the visa application process?
They guide documentation, financial evidence, visa fee payment, interview preparation, and other aspects of securing your study visa successfully.
What are the interest rates on FCMB overseas school fee loans?
Rates vary in the range of 15% to 17% based on your profile. The partnership with Credit Direct enables customized terms.
What documents do I need for an education loan application?
You need bank statements, income proofs, a university offer letter, a tuition fee breakup, family financials, and documents from guarantor(s).
How early should I engage FCMB advisors before commencing studies?
Connect with FCMB’s education specialists 12–18 months before your planned enrollment. This gives sufficient time for quality guidance.