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Central African Republic - Guidance To Apply Student Loan

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Contents

Introduction

A student loan is money borrowed by students, which must be repaid upon completion of studies.Student Loans are available from banks and institutions in Central Africa,Students may apply for this type of loan from Banks and institution.

The student loan can be used to pay course fees(tuition) or other costs such as travel and living expenses. You can also use the loan to supplement other forms of support such as grants or bursaries.

Eligibility

Applicants must be a Central African students seeking to pursue higher education in an accredited institution of higher learning.

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Instructions

i) The student loan is ONLY for Central African students.
ii) Applicants must be admitted to an accredited Higher Educational Institution.
iii) An Applicant is required to make a written application requesting for student loan Scheme at the institution
iv) Submission of application should be within a specified time frame.
v) Successful loan applicants shall are required to sign the loan agreement.
vi Student Loan are for candidates who are pursuing higher studies for the first time.
vii) Students who are enrolled as full-time students for a diploma or degree course at at any accredited university in Central Africa.
viii) The amount allocated is calculated on the basis of the highest academic achievement by the candidate in the final Grade examination and the family back ground especially needy students.

Required Information

i) The applicant full Details
ii) Sex, Age and marital status
iii) Nationality of the Applicant
iv) Education background of the Applicant
v) Bank Details of enrolling institution and student
vi) Applicants intended Course of study at the institution
vii) Duration of course
viii) Starting date of study;
ix) Amount of tuition and other required payment;


Procedure

step 1 Read the loan Brochure and find the loan that suit your needs.

Most students in Central Africa rely on a variety of funding sources to pay for college/University education. But often these resources don’t cover higher- education costs. Student loans are funded by a variety of sources including The Central African Republic Government and private lenders like banks and credit unions. Student loans are the most accessible to students, and offer the best repayment terms.Please Read the loan Brochure from private lenders for more information.

Step 2 pick the application form after demonstrating financial need.

The first thing you need to do is read through the application form fill all the fields up to the end,Application forms can seem tricky but with the right approach you can make yours stand out, don't skip any field,Answer every question, even if it does not apply to your situation. If an answer or the whole application is considered incomplete by the Student Loan Task force (SLTF), the application may be returned or refused. and Make sure you understand the terms, interest rates, fees, and repayment options on each of the loans you are considering. The loan Brochure shows you how to complete your application correctly and avoid common errors that can cause delays.So follow the guidelines to understand what the Application is all about and what the employer is looking for.

Step 3 Attach the supporting documents including the payment receipt for application form.

Some private financial banks providers and government department may use the supporting documents information to determine whether you qualify for their student loan.They will be looking for evidence that you fit their requirements and that you have the enthusiasm to pay all the principle and interest. It can be helpful to work through the supporting documents and highlight or underline any important requirements that are listed as desirable or essential,for the loan.

Step 4 submit your application together with other supporting documents.

Before submitting your application conform the information on your application form. Check, correct and update any details on the application form to. Provide all the necessary documents that is needed to be verified by the lender:

i) your birth certificate or passport – to show your date of birth
ii) your passport or citizenship papers – to show your residency status
iii) a pre-printed document from your bank with your account name and number – to show your bank account details.
iv) If you’re sending copies of original documents, you must have each page verified.
v) Sign and return the student's form and your student loan contract up submission.

But Before submitting your application form make sure that you have followed all the Terms and Conditions of the the Student loan.


Step 5 evaluation process will begin

The Student loan committee will do a thorough analysis of the applicant’s current financial obligations on evaluating his/her credit application. This will require a full disclosure by the applicant of total monthly income and expenditure and details of any other credit agreements already held.The committee will also Evaluate the applicant’s understanding and appreciation of the risks, costs and obligations of the proposed credit agreement; or if the student had a student loan before or an new applicant.

The Committee will evaluate the applicant to see if he actually can meet his/her obligation if the loan is granted to the applicant,they will make their recommendation to the effect.


Step 6 Accepting the Loan application to be approved

Upon the final check on your study details with your education provider the loan will be approved. But Make sure you’re fully enrolled so that your loan provider can confirm these details during the checking process.

The loan provider will need to confirmed your study details to in order to be able to assess your application.

If all is okay your student loan will be approved, the Loan provider will send you a letter letting you know how much you will get and when payments start to be deposited on the student account or school account. Once your student loan is approved, the student loan provider will send you a ‘loan entitlement advice’ letter letting you know what you can borrow. and If your application is declined, the loan provider will let you know why.

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Required Documents

i) Photo copies of previous Academic documents
ii) An admission letter from the institution of higher education.
iii) Student Identification Card
iv) 4 Recent passport photographs.
v) Fees structure fees.
vi) Birth Certificate
vii) National identification Card


Fees

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

Validity

Valid for 1 year and renewal is possible upon performance satisfaction

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Processing takes 4-6 weeks

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

Enter other informations which might help

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

http://www.centralafricanrepubliceducation.info/education-funding/education-loans/index.html

http://gse.buffalo.edu/org/IntHigherEdFinance/files/Publications/foundation_papers/%282004%29_Higher_Education_Finance_and_Accessibility_Tuition_Fees_and_Student_Loans_in_Sub-Saharan_Africa.pdf

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