BANK PHB
THE loan facility allows Nigerians to take advantage of the education and career development opportunities available in the United Kingdom. It is available for undergraduate and postgraduate studies in universities recogtnized by the British Council.
Parents/Guardians who wish to give their children or wards quality educationin UK higher institutions. Such parent of Guardian will have regular source of income or acceptable convertible collateral (share or landed properties).
Students who wish to pursue higher education UK. Such student will be required to have a sponsor (sponsor with convertible collateral). The sponsor shall assume the responsibilities of the borrower.
Working individuals who wants to pursue any undergraduate or postgraduate course in any UK university recognized by the British Council.
Process of getting the Education loan
Open a UK Education Account in Bank PHB.
Build it up to 10% of the School fees as advised by the school in question The built up amount attracts interest and is domiciled in a non withdrawal UK Education Account, held in Bank PHB till the completion of academic programme. This built up amount is treated as refundable security deposit.
Apply for a UK Education Loan that will cover 80% of the following:
School fees, accomodation, maintenance and flight tickets,
Subject to a maximum of N5million (Five Million Naira).
Student/guarantor/parent can apply for the UK Education Loan as well as service the debt over the tenor of the facility
Repayment Options
Any of the following repayment option is acceptable;
Payment of interest and principal monthly over the tenor of the facility.
Interest element to be serviced monthly, while principal is paid back once as a single bulk payment.
Interest element to be serviced monthly throughout the tenor of the facility, a moratorium of 6months after the conclusion of study (during this period, the proceds of the refundable security deposit in the Education savings account can be used to service the monthly interest), then and addtional 12 month tenor is given to service both accrued interest and the principal. In effect the tenor of the facility is extended by additional 18 months. This option is only avaliable for postgraduate students.
Options 2 and 3 are only available in cases where the borrower (student or sponsor) is abet to provid an acceptable security i.e. where the facility is collateraiuzed. If it is not, then the student/sponsor must service the interest and principal monthly over the tenor of the facility.
In the past, any 4-year college degree was enough to let you get a good decent job in the field of your preference, but times have geratly changed. Today, you can apply for any work in your field once you got your Bachelor's degree, however, if you want to attain higher levels in your line of work, the need to take up an advanced degree is neccessary.
Likewise, in some professions, particularly those in medicine and law, they always require quite a few years of graduate study. When it comes to financing a graduate school, most students agree that the graduate student loan is still the best way to pay for their schooling and reach their dreams.
First of all, graduate schools are schools are schools for college graduates who wanted to pursue higher education such as the master's degree, Ph.D., and other postgraduate programs that will lead them to a more advance level of learning. By finishing a postgraduate course, the graduate can look forward to a more rewarding career.
Furthmore, these kinds of schools are not really an independent institution. In fact, it is common for big universities to offer post-graduate courses to working executives and other professionals. Then again, like with the bachelor's degree.
The standard requirement to be eligible for a graduate school loan in include:
he must be a citizen and a permanent resident of the country where he will take the post-graduate course. In case the student is not a permanent resident, then a co-borrower will be required. Nevertheless, the co-borrower must be at least 18 years old, a bachelor's degree holder from a reputable school, and must have a good credit rating with any lending companies or bank.
Moreover, the advantage of having a co-borrower who is reliable enough to be granted with the credit is that, even if you are not creditworthy, you still and was approved, the amount that you can borrow starts from $1,500.00 up to the ceiling limit of $75,000.00. As for repaying the loan, it can be automatically debited to the lender's bank accounts or straight to the university.
At any rate, when you're lookin g for a graduate student loan, one of the most important things to consider is the rates offered by various lending companies. By doing so, you will be able to compare and then decide which of those companies offer the most affordable fees.
Most loan rates that you will find can be as low a 8.25% and with thorough search, you can even find something lower. Also, don't forget to take a look at the kind of interest rate that is being offered. There are two types of interest, the fixed and variable. Variable rates may appear to be the best choice but it's not, because it may start out low but it has the tendency to increase over time. Lastly, if you really want to get the best graduate student loan out there, with terms and conditions that are agreeable to you, then do your homework. You can't just sit back and wait for the best offer to come to you.
Brad Stridgeon has written several online publications and also maintains his own websites, besides writing for other online marketers also. Read what he has to say the converience of a graduate student loan and and get some top tips in choosing a credit card.
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