How to Apply for a Student Loan in Augustine University Ilara (AUI)

With the current state of the economy and everything being inflated, parents, guardians and even students could encounter many financial challenges. If you are an Augustine University, Ilara student, you are looking to apply for loans to support your school finances. This article provides you with the information you will need to do so.

How to Apply for a Student Loan at Augustine University Ilara

However, it is essential to know that the school does not provide any information on a loan on its website, but you can choose to visit the school’s financial aid if they provide more information.

Additionally, some loans that will be listed come with higher interest rates than others. Hence, it is essential to take your time to read through this article and also do further research before choosing a loan to apply for.

What You Need to Know About Augustine University and How Loans are of Benefit to their Students

Augustine University is a private university founded by Rev. Dr. Alfred Adewale Martinswhose mission is to “Foster Student Learning Through High Quality, Career-oriented Education, Integrating Personal Development, Technology, Business and Management”.

Augustine University will deliver practitioner-oriented undergraduate and postgraduate programmes to meet the needs of a diverse student population.

If you’re a student of Augustine University and you have had a tough time getting, or you noticed your parents or guardians squeezing themselves to help you get, Then, it could be advisable to look into applying for loans, as this could help you out of a challenging financial situation.

Taking a loan could reduce the burden on your sponsor, which can help them focus on paying your tuition( school fees), which is about 845,000 naira for returning students and 1,060,000 for returning students. Furthermore, for students, the meal plan costs N362,000.00 (per semester) for three meals a day and N724,000.00 (per session) for three meals daily.

What Type of Loans Can Augustine University Students Apply for in Nigeria?

As a student of Augustine University, you are eligible for different kinds of loans as long as you meet their requirement and the consent of a guardian.

  • Government loan: The federal government student loan is a financial assistance program to help Nigerian students afford the cost of tuition, living expenses and other additional fees. Every student of Nigeria’s tertiary institutions is eligible for a government loan if they meet the requirements.
  • Bank loans are loans collected from a bank to help students through their university. As a student of Augustine University, you can apply for a bank loan as long as you meet the requirements.

Examples of banks that offer loans are LAPO Microfinance Bank and Access Bank Loan. There are more Bnak that provide student loans. However, it is essential to know Bank loans come with a higher interest rate than government loans.

  • Private Institution: These are personal businesses or loan companies that give loans to students as long as you fill in essential documents and meet their requirements. More importantly, private loans like this come with much higher interest rates.

Eligibility Requirements to Apply for Loan as an Augustine University Student

Each loan has its requirements, so you must contact whatever institute you are loaning from or research their needs. However, these are the general requirements that will be asked for any student loan.

  • You must provide a copy of your school admission letter.
  • You must have at least two guarantors ready.
  • Also, a letter of domiciliation of your salary account or your parent’s or guardian’s salary account ( For private entities).
  • Submit at least two guarantor letters and provide evidence of employment and employer details ( For Government loans).
  • You must not have been convicted of examination malpractice, fraud or any act of felony in the school, also, without a criminal record.

Note: Every sector or institute giving out a loan has its requirements to make you eligible. Hence, it is always advisable to make contact with the institute.

Documents Required for the Augustine University Student Loan Application Process

First, you must know that the institute has its documentation requirements. Hence, always reach out to the institute or do further research online.

  • You must provide a copy of your school admission letter.
  • A complete application form.
  • Two passport photographs of you and your guarantors.
  • A reference letter from a professor or lecturer.
  • School fees invoice.
  • You must provide a valid means of identification, like your NIN.
  • You or your guarantors may need to provide a means of identification with their BVN.

Most importantly, every institute, body or loan company requires a different documentation process that suits them. Always remember to contact the institute and do further research about them.

Loan Application Process for Augustine University Students

For Augustine University Students applying for a loan, this process should guide you through your application.

  • Firstly, thoroughly go through the institute application form.
  • Afterwards, fill in all required information in the state and submit it to the institute providing the loan.
  • Make sure all the necessary documents are intact and accurate before submission.
  • After submission, the loan institute will provide updates as your loan application is processed.

Alternatives to Loans for Augustine University Students

Knowing that not all loan application processes work out is essential for Augustine University students looking to apply for a loan. Hence, it is important to have alternatives to help reduce your university’s financial burden.

  • You can apply for government grants and scholarships.
  • You can apply for private grants and scholarships.
  • It would be best if you tried learning a skill ( Photography, Digital marketing, etc..)
  • It would help if you tried Getting a part-time Job.

Conclusion

In conclusion, if you are an Augustine University student looking to apply for a loan. It is advisable to watch out for interest rates as some loan institutes, like Banks, have high interest. Furthermore, it would help if you understood that applying for loans doesn’t guarantee getting them. Finding alternatives like learning skills or applying for grants can also help you reduce the school’s financial burden. 

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