How to Apply for a Student Loan in Afe Babalola University Ado Ekiti “ABUAD”

Are you in ABUAD looking for a way to sort out your school fees? Do you wish for a solution to your financial problems as a student? This article introduces you to the student loan plan. In this article, you will be learning How to Apply for a Student Loan in ABUAD “Afe Babalola University Ado Ekiti”.

How to Apply for a Student Loan in ABUAD

What You Need to Know about ABUAD and How Loans are of Benefits to their Students

ABUAD is one of the prestigious private universities in Ekiti State. The university is versatile in courses and has all the professional courses to study. ABUAD students pay tuition fees of over a hundred thousand naira. This fee amount is high and it is possible that most students struggle to pay up.

You can go through ABUAD on student loans all through your university days. It is even better because, unlike the usual loan, you won’t have to pay up not until you are a graduate. That is how the student loan scheme works. It has its benefits and advantages which students enjoy.

The following are the benefits of using a student loan to sponsor your education;

  • It increases excellency:

The student loan removes financial distractions from your study time. It promotes good study habits and eradicates waste of time. To clarify this, once you have a student loan you will be able to pay for all your academic-related fees and won’t need to worry about working extra time so you can study.

  • No time length:

As a student, student loans are not rushed during payment. You have a long time to pay. Most student loans span throughout your entire years in the university giving you what you need to pay for your fees as well as enough time to pay up the loan.

  • Reasonable interest rate:

For student loans, the interest rates are low. Students can return the money in instalments without added interest to the original interest.

What Type of Loans can ABUAD Students Apply for in Nigeria

ABUAD students can apply for grants and financial aid. Student grants are financial assistance that the government of a state or the Federal Government of Nigeria provides for students to assist them financially in their education.

These grants and aids are usually non-repayable while some are repayable. You can apply for a government grant to support your education but to apply you must first be eligible.

Also, ABUAD students struggling financially can also apply for student loans. These loans can be from Banks, private or government agencies.

Eligibility Requirements to Apply for a Loan as an ABUAD Student

Whether you are applying for a grant financial aid or for a student loan, the first step for any of these applications is to check your eligibility status. Once you are eligible then you can proceed with your application process. The following are some of the eligibility requirements you need to apply for a loan;

  • Must not be a defaulter at previous loans.
  • Applicant must have a clean record of drugs
  • You must not be found in any cultism association.
  • Must be a legitimate student of ABUAD.
  • Also, you must have a working academic progress that shows excellence.

Documents Required to Apply for Loan as an ABUAD Student

These are the required documents a student must bring along or use when applying for a student loan:

  • Guarantors letter
  • Student’s ABUAD admission letter.
  • Passport of the student and guarantors.
  • Financial status of the guarantor and student applying for the loan.
  • Photograph of guarantors.
  • Personal information of guarantors and the student applying for the loan.

Loan Application Process

Below are the steps you can use to create an account, a username, a password, and a FAFSA PIN for a student loan.

  • Click on their websites via the pin: www.studentaid.ed.gov
  • Create a username and set a password you can easily remember.
  • Enter all the personal information required
  • Enter your FSA pin if you have or create a new one.
  • Confirm your information and click on accept terms and conditions.
  • Confirm your email address with the code that you will get.

After you are done with this process, you can now process to apply for your Financial Aid Loan.

Alternatives to Loans

  • Federal Direct loans:

This is of two types. Subsidized and unsubsidized direct loans.

  • Private Students Loans
  • Federal Parent plus loans

Other alternatives for ABUAD student loans are scholarships. There are various bodies or organizations that offer scholarships to students in Nigeria today no matter the education level. These are some of such organizations and their scholarships;

  • NTLG Undergraduate Scholarship
  • MTNF Science and Technology Scholarship Scheme

Conclusion

Overall, you can either go for a student loan or any of the loan alternatives such as federal parent loans or a scholarship.

Also, Check Out;