Liberia - Guidance To Apply Student Loan

ProcedureEdit

The process for applying a Student Scheme is as follows

Step 1: An Official Advert in the Media:

The Liberia Student Loan Board will run an official advert in the major print media of national coverage calling eligible students to apply for loans.

Step 2 Pick the application form

After pick the application form,you need to follow the guidelines because Loans differ, so read all of the materials and disclosures. Make sure you understand the terms, interest rates, fees, and repayment options on each of the loans you are considering. Eligible student are required to pick the loan application form from the Liberia Student Loan Board for the loan or scholarship.

Youll need some documents to assist you in filling out the form, such as your or your parents/guardians most recent income tax return. You will also need:

a) the Social Security number of your parent

b) you will also be required to register for Social Security numbers

c) Student identification card and admission letter (if you have one)

d) Student Registration Number (if you have one) and

c) Information on personal savings and investment accounts

Step 2 Consider a credit History of surety:

Loans (and their interest rates) are based on your creditworthiness and your ability to pay. Since most high school graduates have not yet had a chance to build a credit history, applying with an established surety , like a parent or other credit-worthy individual, may help get you approved and get a lower interest rate.

Step 3 submit the application form

Submit the application within a specified time frame to the office of the Deans of Students.Your school will tell you how to accept all or part of the student loan. The forms shall then be collected by the staff of Students Loan Task force for further processing. Loan Application Forms shall then be received by the Records Officer at the Students Loan Scheme offices.

submit on time

Be sure to complete and submit the form on or as soon as possible after January 1st of the year you expect to start college. Complete and send your application form for student loan to the university/college through territory of permanent residence. You can speed up the process by submitting it online or allow 4-6 weeks by mail.

Step 4 Application form is then forwarded to operations Unit for selection and assessment

Received application forms shall be recorded at the Mail registry and forwarded to the Operations Unit (Loan Officers) for assessment. In this case any forms that are defective the applicant shall be informed through e-mail, sms message or by telephone.

Step 5 Approved forms are generated and forwarded to head of operations

Then a list of successful applicants shall be generated and sent to the Head Operations for verification, and evaluation and recommendation to the coordinator for approval.

Step 6 Final Approval

The coordinator then presents the approved list to the Selection Committee for discussion and final approval. If approved, the Coordinator forwards the list to the Head Operations and Finance for the implementation. Implementation will include authorization, publishing list in the print media and on the Ministry website and drafting of the award letters for the Coordinators signature.The successful applicants are then informed of the Committees decision and the amount allocated.

You loan agreement is a legally binding contract, it is important that you review it carefully and read the terms and conditions. Check your personal information to make sure it is correct. If not, contact your student Loan task force for assistance.

Step 7 student loan identification numbers

Before you can receive your student loan and/or grant money, your school must confirm you are enrolled full-time at a designated post-secondary institution using the the admission letter and registration number.A Confirmation of Enrolment form will be mailed to you or your school. The board shall then go a head to approved applications to confirm the loan identification numbers for the select suitable beneficiaries; Then , the Board shall allocate a student loan identification numbers to each approved applicant;then the Identification cards shall be issued;

Step 8 Sign your student loan document

Make sure you fully understand your responsibilities and commitments before signing. Your loan agreement is a legal document and your signature means you agree to be bound by its terms and conditions.

Once you're sure that all the information is correct and you have read and accepted the terms and conditions, sign your agreement.

Your loan or grant money will be deposited directly to your bank account or forwarded to your school to pay your academic fees (e.g. tuition) on or after the first day of classes.

Required DocumentsEdit

i).Valid Social Security Number

ii). Guarantors Endorsement

iii).Active Bank Account

iv). Institutional Endorsement

v). Passport-sized Photographs

vi).Admission Letters;

vii.valid Student Identity Cards.

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

i)Student who have completed lower primary Level, can take loans under this scheme to cover their tertiary/University Tuition fees.

Liberian students who are offered admission in

ii). approved tertiary institutions;

iii). pursuing approved courses.

FeesEdit

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

ValidityEdit

Valid for 2-4 years

Documents to UseEdit

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Sample DocumentsEdit

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Processing TimeEdit

Processing takes 4-6 weeks

InstructionsEdit

i). Student loan covers some tertiary institution which include the Universities, Polytechnics and some Specialized Institutions.

ii). Applicants must be admitted to an accredited Tertiary Institutions of Higher learning in Liberia.

iii). Students should apply before commencement date to allow ample time of processing their application .

Required InformationEdit

i) Personal details: Name , citizenship,

ii) place and date of birth,

iii) address, phone, email

iv) Programme of study: Institution, programme, campus

v) Secondary school qualifications: Institution, year completed, subjects, marks

vi) Medical history

vii) Parental income details: Parent's/Guardian's name, phone number, address

Need for the DocumentEdit

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.

Students can avail Education Loans to pay their education fee.Some banks offers this specific type of loan to their customers. A student loan can also be obtained through a government student loan program, Many high students in Liberia, cannot finance or support their educational studies entirely on their own. That's where student loans come in!

student loans are available to Liberia students to help cover these costs while studying.This includes the cost of books, tuition fee and living expenses.

Today it can be overwhelming, especially if you factor in room and board costs. But now you can apply for student loans and it could not be easier to complete your education without necessary worrying about paying for your education.

After choosing the best available Loan options, students can contact the relevant bank or agency and may apply for it. The Education Loans usually include almost everything that is required for attaining education in Liberia.

Information which might helpEdit

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External LinksEdit

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

OthersEdit

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