Belize - Guidance To Apply Student Loan

ProcedureEdit

Finance companies and credit unions may have different ways of processing loan applications, but most of them will ask the loan applicant (student/parent/guardian/sponsor) to complete an application form.
They will require the applicant to submit the completed application form along with the following:
1. Letter of acceptance from the institution of University they will be attending.
2. Applicants accepted in the Associates degree program, signed and sealed copy of high school transcript.
3. Applicants accepted in the Bachelors Degree program, signed and sealed copy of transcripts from Associates Degree.

Disbursement Policy

Once loan application is approved, some loan companies will disburse tuition on a semester basis to the student.

Applicants are also required to meet the following criteria:

Passing grade requirement of the institution where the student is enrolled.
Some loan companies may also ask the student to submit a grade report to the credit committee as proof of continuous eligibility for money to be disbursed to the student
Graduate applicants will be required to show proof of eligibility of passing before disbursement of funds is given.

If the applicant fails to comply with these regulations, disbursement of loan funds may cease and the applicant will be asked to pay back the loan immediately.

Required DocumentsEdit

Completed application
Letter of acceptance from the institution of University they will be attending.
Applicants accepted in the Associates degree program, signed and sealed copy of high school transcript.
Applicants accepted in the Bachelors Degree program, signed and sealed copy of transcripts from Associates Degree.

Requirements may vary per loan company/credit union.

Office Locations & ContactsEdit

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

EligibilityEdit

Some credit unions and finance companies requires applicants to:

Be a Belizean
Be Accepted by or enrolled in an education institution in Belize
Present a letter showing tuition and fees for which financing is sought
Be a member or agree to become a member of the credit union
Have a guarantor or other forms of loan security
Maintain a certain G.P.A

Age Requirement: Some finance companies also requires students to be 15 years of age or over. In case the applicant is below the lending age (18 years), the application must be done by their parent, guardian, and/or sponsor.

Courses financed: Some companies finance courses in accordance with the priority list approved by their Board of Directors.

Eligibility criteria varies per lending company or credit union.

FeesEdit

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

ValidityEdit

The student may choose to pay the interest only on the principal or pay the principal and interest whilst in school.

Upon completion of degree some lending companies gives loan recipients six (6) months grace period before they start paying the principal and interest that will be calculated on the loan.

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

Please explain processing time taken in obtaining the document/certificate.

InstructionsEdit

Some loan companies and credit unions offers student loans that can be used to pay for the following:

Cost of Enrollment
Tuition, books and related expenses
Transportation and personal expenses (boarding and lodging)
Loan closing costs and life insurance during grace (case to case basis)

Before applying for a student loan:

Make sure that you can present and submit all the required documents that the loan company/credit union is asking for.
Take note of the interest rate, conditions, and repayment scheme that the loan company/credit union imposes.
Loan amount: You may not need to accept the entire amount of the loan you are being offered. Remember that what you are getting is not a grant but a loan, meaning you will need to pay back everything plus interest sometime in the future.

Required InformationEdit

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.

Need for the DocumentEdit

Student loans in Belize are available through credit unions, finance companies and charitable trusts that has allocated funds for this purpose.

Loans granted by some credit unions can be used to finance local, regional (Caribbean and Central America) and Extra Regional (North America, Canada, Europe, UK, etc.) courses of studies as follows:

Associate, Bachelors, Masters and other professional degree and courses offered by recognized educational institution for up to 5 years.
Specialized vocational & Professional Courses not exceeding three years

Maximum amount you can borrow and repayment time varies depending on the degree you are pursuing (Associates, Bachelors, M.B.A. ,M.Ed.)

Information which might helpEdit

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External LinksEdit

Belize Natural Energy Charitable Trust:

http://www.bnetrust.org/funding/student-loan-project

OthersEdit

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