Education has become a necessity than option in lives of Nigerians. It is an accepted culture of an average Nigerian household regardless of their status. In as much as everyone desire the sweet fruit if being an educated elite, education doesn’t come cheap. As such, there are now platforms where students can obtain loan in Nigeria to finance their schooling.
What is a Student Loan?
A student loan is designed to help students pay for education and its related fees. This loan is different from other kinds of loans in the aspect that the interest rate is relatively lower, and the repayment schedule is much more flexible and less stressful.
You can use student loan to fund any of your school costs which might include the; Tuition Fees ,Books,Housing,Meals, Groceries, Transportation to and from school,A laptop,Equipment amongst others. Student loans are available for students in undergraduate and graduate programmes. Dental, medical, and health professions,Law, Engineering and other programs need funding. There are private Students loan from banks.
1. Research your private lender offer.
With several private lenders available, you can choose for your best interest to pick a suitable one. Specifically, you want to find a lender offering a low interest rate, the term/period you want, and none of those unnecessary fees that can drive your loan’s cost up.
2. Research loan rates with multiple lenders.
After picking a few lenders, it’s pertinent to see what type of deal they’ll offer you. Many lenders will show you potential loan rates you could qualify for and how to go about them. Providing some basic information such as your name, date of birth, phone number,home address,etc for application and registration is necessary.
3. Pick the lender and loan you want.
Having checked what each lender has to offer, you should be able to validate the offer suitable for you. You must make sure you understand all the details of each loan so you can make a fair assessment. You must be able to agree and sign into contract the rates and period of payback.
4. Fill and submit an application.
After filling the application, submitting for a feedback is a step forward to receiving your loan.
5. Receiving your loan
If the private lender approves your loan application, the funding period is between two to eight weeks. There are two ways the lender can disburse funds:
i. School-certified private loans
Your school must certify the amount of your loan you’re applying with the lender before funding. The lender sends the loan application to your school, and your school applies the loan to your tuition, fees, books,meal,room and any additional money can be sent.
ii. Direct-to-consumer private loans
The lender doesn’t need your school to verify or certify regarding your loan amount but sends the loan money directly to you. It is fair to say that student loan application process can be lengthy and stressful.
Getting a funding makes it a lot easier to make the right decisions about your student loans.