What Is Government Loan Scheme?
The objective of the loan scheme is to increase equitable access to higher education in Uganda and also support qualified students who may not afford higher education. Therefore the loans shall be made accessible to the poor and these will be identified using the means test.
How To Apply For Government Loan Scheme In Uganda
- To apply for the loan, one must have a copy of the admission letter from tertiary institutions, national ID, copies of academic certificates or result slips and transcripts, a birth certificate and a recent passport photo.
- One must also possess proof of payment of the prescribed loan processing fees amounting to Shs53,000, a copy of a financial card, a sketch map of applicant’s current address/residence, a sketch map of applicant’s home of origin if different from current address and a fully filled loan application form submitted online.
- A copy of admission letter from any of the participating HEI.
- A copy of the National ID.
- Copies of academic certificates or result slips and transcripts.
- A copy of a birth certificate.
- A copy of a recent passport photo.
Eligibility To Apply For Government Loan Scheme In Uganda
The loans cover tuition, functional, and any other fees required by the learning institutions. They also cover aids and appliances for people with disabilities. Online applications officially kicked off yesterday with suitable candidates expected to demonstrate a financial need.
They must also be Ugandan citizens. One must also be admitted to or pursuing any of the HESFB’s approved Science, Technology, Engineering and Mathematics (STEM) programmes or those approved under affirmative action.
Whereas one is required to present an admission letter from the tertiary institutions as one of the requirements, some universities have not yet concluded admission students who sat for the 2020 Uganda Advanced Certificate of Education exams.
He added that the board is hopeful that no students will be left behind.
Since 2014, the board has awarded loans to 11,187 beneficiaries (9,632 undergraduate degrees and 1,555 undergraduate diplomas) to study 130 degree programmes and 76 diploma courses.
At least 3,000 loan beneficiaries have completed their studies and are slated to start servicing their loans.
Mr Wanyama said Shs30b is due for recovery from the beneficiaries. Repayment for the first batch of students, who received the loans in 2014, reportedly started in 2018.
The government claims to have recouped Shs800m — with 25 students having fully cleared their dues — leaving a deficit of Shs2.2b.
The board gives each student a grace period of one year after graduating to start paying back the loan and double the years of his or her study.
If a student studied for five years, he has 11 years to repay the loan. As one of the recovery plans, the government has written to all employers to start deducting salaries of employees who studied on the loan scheme.
How Can I Get Education Loan From Government?
The applicant must register and login to Vidya Lakshmi Portal and then fill-up the Common Education Loan Application Form (CELAF) by providing all the necessary details. CELAF is a single form which students can fill to apply for Educational Loan to multiple banks/schemes.
How Do I Get A Loan For School Fees?
- Have a saving account with Pride.
- Documentation evidence of school fees payment e.g. admission letter/ institution bank slip and student identity card where either is applicable.
- Have adequate security e.g. Land, motor vehicles or chattels such as House hold or business assets.
Does Government Give Subsidy For Education Loan?
The Ministry of HRD, GOI has launched a scheme of Interest Subsidy on educational loans for economically weaker sections of the society. The students who satisfy all the following parameters would only be eligible for the interest subsidy: The scheme is applicable for inland studies only.
How Do I Get An Interest Free Education Loan?
No, it is not possible to get an education loan at zero rate of interest from the bank. However, you can apply for various scholarships or check for government subsidies to get an interest-free education loan.
Can I Get Education Loan Without Property?
Education Loans without Collateral. Even if they have financial constraints, educational loans allow students to study for a course of their choosing in India or overseas. For loans up to a particular sum, several banks offer education loans without requiring collateral or security.
Can I Get Education Loan Without Parents?
It is to keep in mind that you get an education loan without a financial co-applicant but a primary co-applicant is mandatory for contact purposes only and their financial status will not be checked. Co-applicant should be of your first family i.e parents, parents in law, siblings, and spouse.
How Much Percentage Is Required For Education Loan?
This value is computed by the educational institution while deciding the education loan abroad in terms of repayment to the free available income. In most cases this ratio is like 60%.