How to Apply for a Student Loan in Pan-Atlantic University Lagos (PAU)

This post will help you with information on How to Apply for a Student Loan at Pan-Atlantic University Lagos (PAU). If you are a PAU student and require a loan but don’t know how to proceed, this article will give you all the necessary information.

How to Apply for a Student Loan at Pan-Atlantic University

What You Need to Know About Pan-Atlantic University and How Loans are of Benefit to their Students

The university was established in 1991 and originated as the Lagos Business School. Pan-Atlantic University has a well-earned reputation locally and internationally as it provides world-class education.

As a student of PAU, you will have vast opportunities to gain knowledge of different aspects, including business, entrepreneurship, as well as the arts and humanities. All these aspects require financial assistance alongside school fees as well as accommodation.

As a student of Pan-Atlantic University, a loan will greatly benefit you in different ways. First, with a loan, you do not have to work part-time as you will be solely focused on your education. Also, if the thought has ever crossed your mind, you will not have to take a gap year or drop out.

What Type of Loans can Pan-Atlantic University Students Apply for in Nigeria?

A student of Pan-Atlantic University can apply for different kinds of loans. They fall into two categories;

  • Public Loans: Students of PAU can apply for public loans to fund their education. Loans under this category include federal government loans, state government loans, and local government loans. Also, commercial and microfinance banks are under public loans as they provide students with financial assistance.
  • Private Loans: PAU students can also get loans from private institutions, sometimes known as money lenders. There are cooperatives and private establishments where students can take long-term student loans.

Eligibility Requirements to Apply for Loan as a Pan-Atlantic University Student

The requirement varies depending on whether it is a public or private loan. However, the general requirements are;

  • Students must demonstrate financial need
  • Applicant must not have any criminal record
  • Also, the applicant must be a student of Pan-Atlantic University.
  • Students must have a promising CGPA
  • Also, applicant must have a responsible adult to stand as guarantor(s)

Students must ensure to meet all other requirements given by the loan outlet.

Documents Required for the Pan-Atlantic University Student Loan Application Process

Applicants should have the following documents ready when applying for a student loan;

  • Proof of enrolment at the applicant’s institution, which is Pan-Atlantic University
  • A valid means of identification
  • Two or more passport photographs
  • The bank details of the applicant, as well as that of the guarantors
  • In some cases, a reference letter may be needed from any of the applicant’s lecturers at PAU
  • Student’s academic transcripts

Other documents, as required by the loan outlet, should be made available by the applicant to have a successful loan application.

Loan Application Process 

The loan application is relatively quite straightforward. Once you have all the necessary documents and you are sure you fulfil all requirements,

  • Visit the loan application portal (depending on the outlet you decide to use). You can also make a physical visit to the loan office.
  • Fill in the application form.
  • Submit the form alongside the required documents.

After a review of your application, you will be notified of your loan status, and funds will be disbursed at the stipulated time.

Alternatives to Loans 

If your loan application was denied or you do not want to apply for a loan, you can;

  • Start a part-time job to help you keep up with the bills
  • Take a gap year so you can gather enough money
  • Start up a small business
  • Apply for scholarships or local grants to help you fund your education

Conclusion

The above will help you if you are to apply for a student loan from either a public or private facility. You can also choose to do any of the alternatives if a loan is not in your best interest.

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