Dominica - Guidance To Apply Student Loan

ProcedureEdit

Applying for a Student Loan - Banks

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.
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.
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.
Search online for banks that offers student loans in Dominica. 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.
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.

Required DocumentsEdit

Applying for a Student Loan - Banks

Documents that are required from the school:

Acceptance letter for first time students
Proof of enrollment for existing students
Detailed and regulated fee assessment / tuition and other fees

From the applicant:

Identification
Proof of residence
If the student is a minor, identification for the child (Birth certificate or government issued identification)
Job letter from employer or proof of consistent income if self employed
Recent salary slip
Financial records for self-employed individuals
Proof of collateral if the amount requested exceeds $8,000 e.g. Certificate of Title
Credit reports from other financial institutions

Note: It will be better if you will check first with the bank about the documents you will need to bring when you apply for the loan.

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 banks offers loans to students above 18 years.
Tertiary level studies
Some banks requires applicants to have or open an active savings account with them.

FeesEdit

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

ValidityEdit

Banks: Payback period may vary per bank, some can be paid within a period of 3 years and some loans can take up to 10 years to be completely paid.

Documents to UseEdit

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

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

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

InstructionsEdit

Student/education Loans in Dominica - Banks

Some banks in Dominica has established a loan scheme designed to aid students in paying for their school expenses.
Get in touch with a bank agent/representative to inquire if they offer this type of loan.
The interest rate of the loan may vary depending on the amount you are borrowing and how long is the payback period.
You may use the money you will get from the loan to pay for tuition, supplies, lab fees and exams.

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

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 Dominica.

Information which might helpEdit

Enter other informations which might help

External LinksEdit

Place some external links which might help

OthersEdit

More information which might help people.