Zimbabwe - Guidence to Apply for Student Loan Grant

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Procedure

Applying for a student loan in Zimbabwe would seem to be an overwhelming and complicated process unless it is completely understood.

It is easier to make the process simpler and straightforward by just breaking the entire application procedure into three broad categories that include understanding one's financial needs, applying for student loans and presenting the eligibility report to the desired school.

Step 1 Proper estimate about how much finances would be required

The first step in the application process is to have a proper estimate about how much finances would be required to complete the education.This estimate should include the tuition fees, living expenses, books, food and other miscellaneous expense.compare the education costs of different schools. Access the affordability and assessment which will determine what you qualify for. It is strongly recommended that you keep finance low to avoid the risk of not being able to secure finance for the entire duration of your studies.

Step 2 The next step is the application procedure.

The applicant will pick an application form from the institution,Fill the form and submit it at the institution office of the academic registrar for further processing.Select the college/university you will be attending and the amount of money you need to borrow. You can then see the loans that meet your criteria and go for that.

Step 3 Fill Out Your Application.

Fill Out Your Application. Complete the loan application form up to the end. You will need to follow the guideline and procedures governing the loan application.Once the Application form is filled, the loan application is processed by the institution loan scheme department before being forwarded to the ministry of Higher Education.

Step 4 Application is forwarded to the education committee , Higher Education for further process

Then the committee will short list all applicant who qualify for the loan and a selected list be forwarded to the Board for final approval, once they are approved the list will be displayed at the ministry of Higher education notice board and another list will be sent to the various universities and tertiary institution including the letters of Loan offer.

Step 5 Disbursement of Funds

This will be the final and last stage of sending the funds to the various institution accounts corresponding with the names of the approved applicant.The funds will go directly to the school account and no funds will be deposed on the student account,however when repaying the loan students are required to deposit the payments directly on their accounts.

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Required Documents

i)Bank statements

ii)Bank Account Details of the applicant.

iii)copy of your parents income tax return (if any)

iv)and Social Security Number.

v)The student must be registered with a Zimbabwe Tertiary institution.

Office Locations & Contacts

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

Eligibility

i)All Zimbabwe students who are offered admission to pursue Higher Education:

ii)Applicants must be a Zimbabwe students seeking financial aid.

iii)Where the student has obtained admission in eligible course through merit based selection process, he/she could be considered this kind of loan in public universities and tertiary institutions.

Fees

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

Validity

Valid for 2-4 years.

Documents to Use

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Sample Documents

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Processing Time

Processing take 6 weeks

Related Videos

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". 
	

Instructions

i)Service the interest portion while the student completes their studies and start repaying interest plus capital after the student graduates

ii) Beneficiaries will be expected to repay the loan within a period of 10 years.

iii)the Government student loan cannot cover all the expenses you need for a college/university education you may have to apply for private student loans provided by private lending institutions including banks and credit unions.

iv)over 25.1% percent of the total national budget is allocated to education each year.

Required Information

i) Admission letter to the institution,

ii) Birth certificate

iii)National identification Card

iv) Previous pass slips

v) Bank Statement

vi) Applicant Details

vii)Proof of financially constrained students

Need for the Document

A tertiary education can be expensive. For most students, the only way to pay for college/University education in Zimbabwe is to apply for a loan. Earning a college degree is stressful enough without the pressure of having to find money for tuition and other school expenses when enrollment time comes around. It is fortunate that funds for college/university in Zimbabwe are available through grants, scholarships and loans

Unlike scholarships and grants, loans must be paid in full at the end of the term, including interest charges. These loans usually have a term of up to 10 years.

Due to political bickering in Zimbabwe this type of scheme was suspended by the government of Zimbabwe because economic crisis in the country and as result of the absence of the scheme for the past one decade in Zimbabwe , thousands of the students had to dropped out of universities and other tertiary education completely, mainly because they were rejected in the scheme or were barred from the scheme.

In December 2011 the Zimbabwean government had to relaunched student grants again after a strong pressure from the Student, House of Assembly,and a unity government's budget the student grants and loans had to be revived - nearly a decade after being shelved due to an economic crisis that saw world-record inflation at one stage reaching 1.3 million per cent in Zimbabwe. The funding was to come from the sale of the country diamond which is expected to raise US$2 billion annually, in an effort to resuscitate the tertiary sector.

Later in the same year the government of Zimbabwe in conjunction with the Zimbabwe Banking Group,reintroduced student grants and loans; government had to put in US$15 million while the bank would chip in with an equivalent amount.

What the Student Loan covers

i) Tuition fees

ii) Books

iii) Campus Accommodation

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.universityworldnews.com/article.php?story=2011012823011421

Others

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