Are you looking for How to Apply For Student Loan online? This article is what you need. 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.
Type of Student Loans Available
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 provided by the federal government to give opportunity to the indigent students to acquire quality higher education at an interest-free cost.
However to qualify you need to fill out the application form, 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.
Bank Student Loan
This loan is strictly for students who have an account with the bank, so if you must apply for a student loan via banks you need to sign up an account with them. Their interest rate is cheap and affordable and it varies by banks.
Bank student loan 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
- Connected to a strong internet on your device
- Log in to your bank 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.
International Student Loan
It is only available for 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.
Easy Steps 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.
You should note that the topic “Easy Steps to Apply For Student Loan” varies as it can be applied for through various means depending on the means one chooses to use. If you follow the right and carefully outlined procedures available in this article the process will be easy and successful