Grenada - 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 Grenada. 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.
After approval of student loan, some banks will ask their clients to provide the bank a written instruction on how would they like to pay the installments. You must pay your installments on the date specified in the loan terms and conditions, to avoid any additional charges or penalty.

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

Applicants may need to submit the following documents to the bank:

Letter of acceptance from the educational institution
Document showing full cost of studies
Certified copies of school certificates and/or diplomas.
Official school transcript (required from students already undergoing the course of study for which a loan is requested).
Two picture IDs (passport, national Identification card, drivers licenses, NIS Card).
Evidence of financial support or sponsorship
Written statement regarding payment of interest and insurance during the grace period.

Note: Requirements may vary per bank, get in touch with a bank representative to know more about required documents.

Office Locations & ContactsEdit

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EligibilityEdit

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FeesEdit

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ValidityEdit

Repayment period - Banks: Some banks gives their clients up to a maximum of 12 years, with grace period on principal payment during the entire programme of study, and up to 3 months after completion of study with only the Interest on the loan to be paid during the grace period.

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

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InstructionsEdit

Student Loans in Grenada - Banks

Some banks in Grenada offers education loan plans to help students pay for their tuition, books and other costs associated with the programme of study including living expenses. Students can be attending study programmes locally, in the Caribbean (Including Cuba and Guyana), USA, Canada, England & other countries. The areas funded includes but is not limited to Drafting, Architecture, Management; Accounting, Nursing, Social Work, Business Management, Mass Communication and Agriculture.

Get in touch with a bank representative to inquire if they offer this type of loan, which expenses will the loan cover, how much can you borrow, which courses do they fund and if they have any condition in relations to where can you enroll.

Required InformationEdit

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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 in your country.

Following is a guide on how students can apply for a loan or seek financial aid in Grenada.

Information which might helpEdit

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External LinksEdit

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OthersEdit

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