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Burundi - Guidance To Apply Student Loan

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Contents

Introduction

Student Loans in Burundi are available to Akilah students in Burundi through the Bank. Since July 2012 the Finance Bank has been serving Burundians community including Burundi students who want to attend their Education. Once you have been admitted in Akilah institute in Burundi, You will receive more information on this type of loan.Akilah offers several financial aid options to help students pay for their portion of tuition. Once admitted, students work with Akilah staff to identify a financial aid option that best suits their needs.Student Loans for Akilah students in Rwanda are currently under review and may be offered soon. Students looking to access Akilah student loan options are recommended to contact their loan providers for detailed information.

Eligibility

i)Student Must have applied for a loan through the Financial Bank.
ii)Must have been admitted into a Akilah Institution at the time of Application of the loan.
iii)Must be a person who is not fully funded by other organizations or sources.
iv)Applicants must have demonstrated potential for success and passion during the time of application.

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Instructions

i)Unlike other types of Funding the Student loan attracts small interest on the principal and the interest rate is measured by adding the prime rate to the margin.
ii)Parents can now make the repayments even when the student is still studying or they may chose to pay after 2 years following graduation.
iii)Interest rate will accrue right from the moment of full disbursement in the case of repaying after graduation.
iv)Private Student Loan Application processes vary with each lender since they all require different sets of documents for sanctioning the loan.
vi)It is recommended that students read the terms and conditions of the loans thoroughly before committing to anything.
vii)It is recommended that students when applying for college loans follow the instructions and perform an extensive research before settling on a loan arrangement.
viii)Student Loan Applications do not require students to submit a huge bunch of documents, but only the necessary basic.
ix)Forbearance plans would be mentioned when filling out private student loan applications.

Required Information

i)Completed application form
ii) Secondary school diploma
iii) Record of academic excellence for last two years
iv) Intermediate English skills
v) National exam results
vi) Akilah admissions exam results
vii) a brief description of Passion & potential to succeed.

Procedure

The Process for applying a Akilah Student loan in Burundi is as follows

Applying for a Akilah student loans is quite easy and can be done online done without even leaving the comfort of your own home.

Student Loan Application Process differs with each type of loan program.

Step 1 Pick the application Form and fill out,

First of all research all your loan options at Akilah institute and try to identify a loan that is not only in line with what and how much money you need, but also offers a convenient re-payment plan after your 2 years following graduation. Well you should also ensure that you have all the information that you require with you before you commence the process. As soon as you have identified the loan you want, fill out and submit the Free Application for Student Aid at financial aid office in Akilah. The Application form guideline will let you know how much you can get as a student loan.

Step 2 Attach all the required Documents.

Akilah Student loan application requirements depend on the type of loan you intend to apply for.Akilah Student loan require students to only submit the Free Application of Financial Student Aid along with any other supporting documents mentioned before the mentioned deadline to the Akilah institutes' financial aid office whereas applicants might require a different set of records to take out a private loan from the financial Bank. All private lenders have different application requirements but mostly they also require FAFSA with some additional documents only.

Step 3 The next step is to visit the Financial Bank.

The next step is to visit the Financial bank with all your application for for endorsement and to be educated (students) about loans and their terms and conditions. However this depends on the loan a student is applying for. If students are applying for tuition Deferment fund or scholarship merit award they need to fill out the ONLY application form and submit to the financial aid office in Akilah. The Student loan application form is available online http://www.akilahinstitute.org/apply/ and has ample information for students about the information required and steps on how to fill and submit.As far as alternative or Financial private loans are concerned, students can access these forms by visiting the lenders official website.

Step 4 Fill the Bank Financial aid application form.

After learning about the student loan their terms and conditions in the Bank, take your time to find out what program suits you best,then you can chose the best loan program, Here students only need to complete one form from the Bank,the students will need a few additional documents like guarantors signature, Two (2) guarantors shall be required to endorse (sign and thumbprint) the duly completed loan documents. ,their bank Account numbers in that very Bank,a recommendation letter or admission letter from Akilah institute and 4 passport photos, But usually these defer from different Banks.

'Step 5'Submit the duly completed application form through Student Financial Aid in Akilah or directly with the Bank

Submit it along with other relevant documents. This will help the officials decide how much financial assistance you qualify for. However, if you are interested to do it your self after completing the necessary steps on the form , you need to visit the Bank concern and submit the Completed application form Directly or you can submit through the Bank website and follow the directions about how to submit for that particular loan.

Step 6 Open an Active bank Account with the Bank Concern with Student Loan.

Loan applicants are required to operate an active bank account with any bank of their choice around their campuses and indicate their valid account numbers on their loan application forms.

Step 7 Student Loan Approval

After the shortlisting the success full Applicant, the names will be forwarded to the Loan committee to further scrutinize and see that all the required steps and document were submitted before the final approval. Once all have done the loan will be approved and the money will be deposited directly to the institution account.

Note

You should never jump headfirst into a loan application and just be concerned about filing it as soon as possible. Being indebted is serious business and you should try to find out as much information as possible before getting yourself in too deep. An essential resource in this regards is the Bank of Burundi that serves as a sort of a government watchdog against the various credit institutions, banks, lending houses and debt collectors out there. There should not be any grey areas regarding the repayment criteria of the loan, such as the number of installments as well as the duration.

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Required Documents

i) Copies of previous Academic documents
ii) A copy of an admission letter from the institution of higher education.
iii)A copy of a document identifying the applicant:
iv) Three recent passport photographs.
v) Chart of prescribed fees. .
vi)Active Bank Account Number.
vii)Completed application form
viii)Intermediate English skills

Fees

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Validity

Valid for 1 year and a renewal is possible

Documents to Use

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Sample Documents

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Processing Time

Processing takes 30 working days

Office Locations & Contacts

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

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Video

Videos explaining the procedure or to fill the applications. 
Attach videos using the following tag <&video type="website">video ID|width|height<&/video&> from external websites.
Please remove the "&" inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver, 
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url "http://www.youtube.com/watch?v=Y0US7oR_t3M" Video ID is "Y0US7oR_t3M". 
	

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

http://www.akilahinstitute.org/admissions/financial-aid

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