How to Access School Loans to Study

How to Access School Loans to Study

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School Loans are one of the different ways a student can fund or finance university education, especially when they have to study abroad. Scholarships are competitive and full funding is mostly for PhD students but school loans are accessible to anyone.

Do you know there are organizations that can support you with school loans for studies abroad?

The Study Abroad Program (TSAP) is one of the bodies that can help you do that.

We got this from an interview with a representative at TSAP.

How the Loan Scheme Works

If you’ve been offered admission at a university, this body will send an approved amount to the school that offered you an admission.

They can fund up to $100,000 depending on how much your tuition is.

For example, if your tuition is $15,000 and your cost of living is probably about $10,000, you can ask for a loan of $25,000.

However, this money is not sent to your account or to you as a student. The money is sent directly to the school.

If and when this money is sent to the school, the body will give you a letter.

This letter is what you’re going to present at the embassy during your Proof of Funds and demonstration, showing that you have money that is enough for your upkeep and tuition. 

Let’s say you’ve been approved for $25,000, it will be sent directly to your school from this financial body once they confirm that you’ve been granted a visa.

You have to get your visa first before you get into the school. On an agreed date, the body sends the money to your school.

The school then takes out their own tuition. From our example, they will take out $15,000 for tuition and $10,000 will be left.

They would then write to you and say that they’ve gotten the money from the financial body regarding your tuition and ask you what you want done with the balance.

You can then provide them an account to send the money for your upkeep.

However, some schools will require a tuition deposit.

The Process

The process is this: you get an admission letter from your school confirming that you’ve been admitted and requesting you to pay a certain amount of money as tuition deposit.

When that amount is paid to the school for tuition deposit, then a confirmation letter will be sent to you from the school. 

The student has to be prepared to pay the tuition deposit but some of the schools that TSAP works with request for not so much money when it comes to tuition deposit. For example, the University of Ottawa requests about 500 CAD for tuition deposit. 

Also, Trent University (these are some schools in Canada). Tuition deposit is about 2,500 CAD. Whatever the tuition is, the student must be willing to pay the tuition deposit. 

The Disadvantage

However, this facility has a downside. Whatever you borrow, when you’re paying back, it’s almost double. In fact, it is double what you’re paying.

But the amount is spread over 12 years when paying back the loan. It’s easier for students to pay back. The interest rate is 12.99%.

If you’re interested in this loan facility for studies abroad, The Study Abroad Program (TSAP) is available for schools in Canada. You can contact Valentine with the details below:

Email: Valentine@thestudyabroadprogram.com

Tel: +2349030360632

Have further questions or comments, you can drop them in the comments section.

Also read:
How to Get International Scholarships for Postgraduate Studies

How to Easily Access Proof of Funds

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