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Learn While You Earn Loans |
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Who Will Qualify?
Employed members who have been accepted for a programme of study at an tertiary level institution and have the capacity to repay a loan can qualify for Learn While You Earn loans. Parents can apply for this facility for children who are not yet employed. Self-employed persons can also qualify.
Non-Members must become Members
Persons interested in this facility who are not yet members of NCCU will need to join the Society. She/he will come in to the Member Services Department with the following documents:
· Photo ID --DSS card, Driver’s License, passport · Utility bill with name and current address. If a bill is not available a reference letter from a pastor, priest, school principal/teacher, employer, police officer will be accepted
· At least $70 to purchase one NCCU Share at $50 and for covering new account fees of $20.
What costs will NCCU finance?
- Tuition
- Books
- Exams,
- Other associated costs (eg computer)
What will the member need to bring in?
- Job letter (NCCU will provide a form)
- Two consecutive and recent salary slips
- Letter of acceptance from an accredited school
- Cost of programme
- Invoice for computer and other major school-related costs
Loan Terms
- Minimum Savings: 5% of loan amount
- Repayment Period: Up to 6 years for unsecured loans
- Interest Rate: 11% on reducing balance
- Loan Limit: $20,000 in Character (unsecured) loans (inclusive of other Character loans )
- First time borrowers: A co-maker may be required
- Disbursements: Funds will be disbursed to the education institution and suppliers
Loan Processing
- The applicant will call the Loans Department at 255-2128 for an appointment with a Loans Officer.
- The officer will conduct an interview and analyse the member’s income and expenses. The member’s capacity to repay the loan, character and credit rating will be examined.
- Where multiple disbursements are required, the loan will be processed as a Revolving (Open –End) Loan.
Other Information
Some employers refund education costs when an employee completes an approved course of study.
The borrower can claim Education loan interest payments, of up to $5000 annually when filing taxes.
What is a Character Loan? It is an unsecured loan of a fixed amount above savings that can be granted to a member with a good credit rating who has successfully repaid previous loans. The loan is granted on the member’s signature. With the special Learn While You Earn facility, a member with a good credit rating can qualify for character loans of $20,000 above savings.
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Loans 