Are you looking for How to Apply For Student Loan online? This article is what you need. It is tailored to serve as a guide to see available student loan application Forms.
The procedures for applying for student loans can be overwhelming at times. A lot of things are needed to ensure the application process is smooth and simple.
Aspiring students who want to apply for the Loan are expected to follow a particular step to make sure that the application process is done the right way. A compiled list of documents has to be submitted before the students can apply successfully.
How to Apply For Student Loan contains specifically the eligibility requirements and other basic information that must be adhered to by the student seeking for loan.
To enjoy the benefits that come with getting a student loan it is important that you take the steps to apply now. This involves knowing what is needed of you.
The steps or procedures are simple, easy, and convenient for persons who are interested in the Student Loan application.
Depending on the kind of student loan you want to apply for below is carefully drafted step-to-step guidance to help you successfully apply for the loan.
Type of Student Loans Available
Student Loans are made available through various means which enables the students to explore the many options they have. The choice as to which loan the student will be applying for is determined by the characteristics possessed by each form.
We have available student Loan such as:
- Federal Student Loans and
- Private Student loans
Under federal loan we have the one made available for only Nigerians;
Tinubu Student Loan
This student loan is the type provided by the federal government to give opportunity to the indigent students to acquire quality higher education at an interest-free cost.
The loan places maintaining equality and fairness as its goal in fostering the growth required by the country, this will help persons relate and widen out at the social level.
However to qualify to fill out the application form certain things are needed, things as an admission letter, a guarantor, a valid means of Identification from the student or parent, and a functioning account with details.
All indigenes of Nigeria are entitled and qualified to apply for the student loan. Now to apply for this Student Loan, follow these simple steps:
- Through the office of the chairman of the committee, a form will be issued to you, provide the necessary information as stated in the form
- Your most important document is the admission letter that certifies you as a full student of the institution.
- You must have a good-paying job whose income is measurable to the loan you want to apply for and provide two guarantors to stand in for you in case you default in repaying on time.
Under private loans, we have the following in the list to enable students to know which one to apply for.
Also, Check Out: First Bank Student Loan Empowering Education with Financial Support
Student Loan Offered By Banks
Many banks offer their customers loans. This is to further expand the relationship that exists between the banks and the users.
Different banks make student loans available for students who have an account with them.
The loan is strictly for their customers, so if you must apply for a student loan via banks you need to sign up an account with them.
Interest rate is applicable for student loans obtained from the bank. But the interest rate is cheap and affordable and it varies by banks.
What is common among all bank student loan is that it is collateral-free. This implies that you don’t need to provide landed property for the bank to confiscate failure to repay at the due time.
How to Apply For a Student Loan through different banks have almost the same procedures, a guideline for obtaining it is stated below:
- Make sure you are connected to a strong internet on your device
- Using mobile banking, log in to your account
- Search for the loan on the homepage and click on it
- You will be required to choose a category for the loan
- At this point, the eligibility will be checked, tap on it to see if you qualify for such a loan.
- Click on the type of loan you want to apply for and the amount
- Now tap on the agree to terms and conditions button to proceed to the next page.
- Click submit.
Remember your form will be reviewed and verified in 14 working days and a response will be sent to you.
Click Here to Access More Loans: Federal Government Student Loan For Graduates & Undergraduate Program
International Student Loan
It is only accessible to interested scholars who want to study abroad. The loan amount is up to 20 million and an interest fee of 12.5% will be added.
This is to make sure that it is enough to pay for the flight, feeding, accommodation, reading materials, and other important needs that may arise.
Applying for this kind of Student Loan comes with benefits such as discounts on withdrawal costs, low tuition fees, and affordable and reduced travel expenses.
Simple Steps on How to Apply For Student Loan:
- Connect your device to an internet
- Search online for any available international loan application link
- A displayed list of results available will pop out
- Click on the link to open the application page
- Now, you have the digital copy
- Fill out the form with the necessary details needed
- Cross-check to see if there is an error in spelling or name
- Click on submit. Wait for the response. This may take a few days to process.
How to Apply For Student Loan
Now to apply for a student loan, one needs to check out these important ways to do so.
- Check yourself to see if you can afford the interest rate that is attached to any amount you borrow. How much can you be able to provide for a certain period and will it be measurable to the loan you want to acquire?
- Next is to fill out the application form to apply for the student loan. The application form can be accessed online. Use the official website to get it.
- Read the terms and conditions that apply to the student loan you want to apply for. Check for the repayment duration and know if you can work with that and others.
- Check the eligibility criteria to see if you are qualified to seek a loan.
It is important to note that How to Apply For a Student Loan varies as it can be applied for through various depending on the means one chooses to use.
How to Apply For Student Loan is very simple easy and comfortable if you follow the right and carefully outlined procedures available in this article.