Study loans help students pay for an education, even though they have insufficient funds. The interest rates on study loans are usually lower than regular loans, and some study loans don't have to be paid back. Here is how you could apply for a study loan to support you in your studies:
- Look for organizations, schools and agencies that offer study loans. How? Search the Internet by typing the keywords 'study loan' or 'student loan'. To narrow your list, add words that describe your preferred study loan in detail such as the lending organization, the school of your choice, the type of loan you want and your location. You could also look up directories and call, e-mail or visit companies offering study loans.
- Look in advertisements. If you haven't found an agency, find them through advertisements. You could read about study loans in online articles, blogs, websites, forums and groups. You could watch for them in TV shows, commercials or see them in posters, flyers, brochures and classified ads. You could also hear about them in radio shows or from word-of-mouth. Either way, pay attention for news on study loans that you could apply for.
- Know whether you are eligible for a study loan. Once you have found an agency or company to fund your education, read the rules and the contract to find out whether you can apply for a student loan. The requirements differ from one lending agency to another. Some lending agencies give loans to those with dependent children, those who undergo medical procedures, those who have part-time work, those who are second-coursers and so on.
- Choose the type of study loan you prefer. There are different kinds of study loans available, such as course fee loans, course-related loans, living cost loans, combination loans and others. There would be different requirements and fees for each, so determine whether a loan type is suitable for your budget and situation.
- Complete the forms. Once you have determined that you are eligible for a study loan, fill out the forms provided for you. Some of these may be found online, while some have to be requested for delivery by mail or written in the presence of the lending officers.
- Submit the requirements. You will be asked to submit documents such as IDs, birth certificates, marriage certificates, bank account details and others. The kind of documentation required from you varies according to your situation. Make sure that they are valid and verified by authorities or the officers of the lending agency.
- Wait for a response. You would be informed whether you could receive a study loan and what the procedures are for receiving the payment. If you were not granted a loan, you would be informed of the reasons why you were not allowed to receive a loan. Some loans go directly to your school to pay for expenses, while some send cash to your bank account.
Funding an education, even though you haven't got enough money, is made possible by study loans. Apply for a student loan now.