Learn While You Earn Loans
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
- Other costs (eg. laptop, tablet)
- 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 laptop or tablet and other major school-related costs
- Minimum Savings: 5% of loan amount
- Repayment Period: Up to 6 years for unsecured loans
- Interest Rate: 10% on the reducing balance
- Member Shares based on loan amount
- 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
- Member Shares/Loans click here!
- Call or visit an NCCU Branch for an appointment with a Loan Officer.
- Where multiple disbursements are required, the loan will be processed as a Revolving (Open –End) Loan.
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 (in total) above savings.
Tertiary Education Loans
For information on regular Tertiary Education Loans