Bermuda - Guidance To Apply Student Loan

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Procedure

Education/student finance - Banks:

1. Gather all documents you may need to present or submit in order to apply for a loan.
2. Some banks may also require applicants to secure the loan with fixed deposits or savings account proceeds deposited in the bank.
3. Complete an application, make sure that you have provided all the required information in the form. Most forms can be downloaded from the bank's website.
4. Submitting an application:
   1. In person: Most loan applications are done in person, with the applicant or his/her guardian going to the bank, you may set up an appointment with the bank by giving them a ring. Submit the completed application form along with other required documents. Note: It will be better if you can get in touch with the bank's representative/lending officer/customer service by phone first before you go to bank's branch. They can give you a checklist of required documents, answer some of your queries and direct you to the nearest branch of the bank in your area.
   2. Online: To save you some time, you may also check if you can start your loan application online. Some banks will ask applicants to complete a preliminary application to be submitted electronically, with some of the required documents sent via email. After reviewing the application, a lending officer will contact you to discuss your application.
5. Once your application is approved, the money may be immediately deposited to your bank account (with bank where you got the loan) or they can also send the funds through a wire transfer to another bank.

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Required Documents

Some of the documents that a bank might ask applicants to submit or present:

For your expenses:

• If you carry credit cards with other banks, they might ask you to include a copy of your latest credit card statement(s).

For your income:

• If your pay cheque is not automatically deposited to your bank account, a letter or pay statement confirming your salary.
• If you have rental income, a copy of the rental agreement(s).
• If you're self-employed or a business owner, one of the following:
  • A copy of your latest financial statement; and
  • A copy of your latest payroll tax or a letter from your accountant stating your income.

The student's acceptance letter from the school, or a copy of the invoice for tuition, or a copy of the invoice for online or correspondence courses.

Required documents may vary per bank.

Office Locations & Contacts

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

Eligibility

Some banks in Bermuda offers education loan to students taking up classes in a:

• Private school
• Boarding school
• College or University
• Professional Designation courses
• Online or correspondence courses

Fees

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

Validity

Some banks offers education loan with a maximum term of 5 years.

Some banks allows their clients to choose a repayment term from one year to five years.

Documents to Use

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Sample Documents

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Processing Time

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

Related Videos

Videos explaining the procedure or to fill the applications. 
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Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
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e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Instructions

Before applying for a student loan:

• Make sure that you can present and submit all the required documents that the bank is asking for.
• 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.
• It may also be helpful if you can ask your university/college if they offer any loans to students or if they have partnered with any banks that offers student financing.
• You might also need to consider the bank's customer service, since this type of loan are usually long term, it will make transactions easier and can spare you from a lot of headache in the future if your bank has good and accommodating bank representatives or loan officers.
• Loan amount: You may not need to accept the entire amount of the loan the bank is offering you. 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 Information

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 Document

Some banks in Bermuda offers education loans that can help students pay for tuition, uniforms and school fees. The loan can also be used to procure books and supplies, and pay for travel, accommodation and other living expenses.

Student loan schemes/education finance are designed to make the student's university/college life easier with its interest rate substantially lower than other personal loans offered by the bank and repaying the loan may be deferred while the student is still in school.

Here is a guide that can help students apply for student/education finance in Bermuda.

Information which might help

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Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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