Applying for a Student Loan - Banks

1. In reviewing loan applications, banks will usually take into consideration the applicant's character, capacity to repay the loan and ability to comply with the bank's conditions. To help them evaluate your application, they might ask you to present some form of identification or evidence that you are currently enrolled in an educational institution.
2. For banks to know how much you will need to borrow, they will need a computation of your tuition fees, accomodation fees if there's any, school materials etc. Banks may also ask you to provide information about your income/parent's income.
3. Some banks may require you to present a guarantor to co-sign the loan agreement. Requirements for guarantors are usually someone of good standing, professional and with fix monthly income.
4. Search online for banks that offers student loans in Dominican Republic. Get in touch with the bank to inquire about their application process and which documents do they require their applicants to submit. Make sure you can present and submit all the required documents that the bank is asking for.
5. Check if you can start your application online. Some banks will ask applicants to complete a preliminary application online. After reviewing the application, a bank representative will contact the applicant to tell them where can they submit their application and what documents will they need to produce.

Notes:

• Before you apply for a loan, carefully take note of the interest rate, conditions and repayment scheme that the bank is offering. Look into several banks and do some research regarding the banks application process. One thing that you also need to consider in choosing where to apply for a student loan is the bank's customer service, since this type of loan can take years of continuous correspondence between you and your bank, it will be much better if your bank has a good and accommodating customer service, this will save you from a lot of stress in the future.
• You may not need to accept the entire loan amount the bank is offering you. Since you will be paying back the loan sometime in the future, it will be more ideal if you will only borrow what you need.

Non-profit finance group - FUNDAPEC

There is a vetting process for loan applicants so it will be better if you can get in touch with the organization to inquire how you can apply for a loan and what are the requirements needed. Their Website

List down the documents required for successfully completing the procedure.

e.g.
1. Proof of child birth from the Hospital.

Please list down the office locations that can be approached for applying. External links can also be used specifying office locations.

Provide eligibility criteria's for going through this procedure.

Explain the fees structure which is required for obtaining the certificate/document.

FUNDAPEC: Loans can have terms of up to 12 years, which includes a grace period of up to 5 years. The grace period includes the time during which the student is enrolled at a university. Borrower is not required to make any repayments to the loan during that period.

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Student Loans in Dominican Republic - Banks

Some banks in Dominican Republic offers loans that can be used for educational purposes.

Student loan through a non-profit finance group - FUNDAPEC

FUNDAPEC is a student lending organization headquartered in Santo Domingo, Dominican Republic, that helps students and their parents with school expenses.

The loan can help cover education related expenses such as:

• Full tuition, living expenses including transportation costs, as well as school-related expenses including books and laptop computers;
• Partial tuition plus living and school-related expenses;
• Living and school-related expenses (excluding tuition fees)

The organization have various products that can help finance high school studies, degrees in technical fields, masters and doctoral degrees, masters for business executives, continuing education and more.

FUNDAPEC also covers other education expenses, including the purchase of laptops, transportation, etc.

A list which displays the kind of information which is required to complete the procedure.
e.g.
1. Date of Birth.
2. City or County of Birth.

Designed to help students pay for university/college tuition, books, and living expenses, student loan differs from other types of loans with its interest rate substantially lower and repayment of the loan may be deferred while the student is still in school.

Some banks offers this specific type of loan to their customers. A student loan can also be obtained through a government student loan program, this may not be the case in all countries so it will be better if you will check first if such program exists.

Following is a guide on how students can apply for a loan or seek financial aid in Dominican Republic.

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http://www.kiva.org/partners/298

http://www.fundapec.edu.do/index.php

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