HELLO ....FROM PRESIDENT -PRIVATE STUDENTS ASSOCIATION...MUWANGA ONESMUS.....BELOW ARE THE PROCEDURES FOR GETTING THE STUDENTS LOAN SCHEME...........READ THE ARTICLE FULLY AND UNDERSTAND IT..........OTHERWISE THE DEADLINE IS 28TH/JUNE /2013...........THE MAIL [email protected] Gov’t Releases Guidelines on student loan scheme Posted about 10 days ago by Collins Hinamundi | 6 comments Government has finally released guidlines for the proposed student loan scheme, where students will be able to borrow money to borrow money to pay for their University Education, when fully implemented, the student loan scheme will phase out the Gov’t scholarship programme that has been on going. With the student loan scheme, these students will be assured of a university Education In a statement released today, Government released the guidelines and requirements that students will need to fulfil before they can access the loans. the laon scheme is expected to start this year with the current university intake of Academic year 2013/14 and a few of the students who are currently enrolled. students from both public and private universities will have a chance to get loans from the Government to pay for their education. the students will be expected to sign an undertaking where they will pay back the money with a small interest. The fund will also be used to enhance skill development to those who wish to attain certification in their career fields such as ICT, Accountancy, Marketing, Procurement, & Management. Uganda students have welcomed the scheme with some saying it will save them from the Government scholarship scheme which only favours from students from good schools whose parents already have money.while MP Joseph Ssewungu has promised to fight the student loan scheme saying it does not have clear Guidelines Below is the Full Statement. STUDENTS’ EDUCATION FUND UGANDA PRIVATE students joining universities this academic year 2013/14 and a few currently enrolled students at both public and private universities will have a chance to get loans from the Government to pay for their education. We have already created a secretariat for the loan scheme. We are going to begin giving out loans this academic year to a number of students, with sincerely financial need. The funds are meant to advance money to needy students in all local governments. Part of the funds will also be used to enhance skill development to those who wish to attain certification in their career fields such as ICT, Accountancy, Marketing, Procurement, & Management. The loans will be at low interest rates or interest-free and for students with university degrees. WHAT ARE STUDENT LOANS Student loans are money, provided while you are at university or college, by the government of Uganda. Student loans are available to help with living costs such as accommodation, food, books and travel and, where applicable, loans are also available to cover the costs of university tuition fees for the financially needy students . HOW WILL LOANS BE GIVEN ? If your loan application is approved by the secretariat, you will receive your Maintenance Loan when the university or college confirms you are attending. Your loan or loans will usually be paid in three instalments WHEN DO A STUDENT START PAYING BACK A student only start repaying a loan once he/she have left university or college. However, you can make voluntary payments before or after you leave your course which will reduce your balance earlier. The secretariat will write to you before you start making repayments to tell you how the repayments will be collected INTEREST RATES ON THE LOANS Although student loans are contracts which can be enforced by the civil courts, they are not profit making loans. The Government subsidies the actual cost of interest on the loans, so you do not have to pay the same rate of interest that you would be charged if you were to take out a commercial loan (for example, from a bank or building society). You will be charged interest on your loan from when you receive your first payment until it has been repaid in full. The interest will be ‘compounded’ (that is, added to the total amount you owe) every month. The interest rate can vary from year to year , although changes can happen during the year too. WHEN WILL STUDENT LOAN BE CANCELLED There are circumstances where your student loan may be canceled so that you never have to pay it back. This depends on the rules at the time you take out a loan. If you have taken out a student loan in the past for a different period of study, your loan may be canceled under slightly different circumstances; If you die before you pay the loan off; or If you become disabled and because of that disability you are registered as being permanently unfit for work. If you die before you pay the loan off APPLICANT’S RESPONSIBILITY When you take out a loan, you will sign a declaration which will be a contract. This states that you have read and understood the Terms and Conditions. You must agree to repay your loan in line with the regulations that apply at the time the repayments are due and as they are amended. The regulations may be replaced by later regulations. You must make sure that you provide complete and correct information when you take out the loan. You must tell the secretariat about any changes to these details: During the application process; While you are at university or college; and Until you have repaid your loan in full. Your loan agreement is a contract ELIGIBILITY / REQUIREMENTS 1.Any Ugandan student irrespective of tribe, culture, political differences is eligible. A student must have a financial need currently enrolled students at universities must provide proof of enrolment such as university ID , Admission and Recommendation from university of enrolment Joining students must have passed with at least two principle passes in case of Degree enrolment and one principle pass for diploma enrolment. Other requirements like; Introductory letter certifying your residence, Two (2)passport photos, Birth certificate shall be asked for when the secretariat gets back to successful/ short-listed applicants(students). UNIVERSITIES ELIGIBLE FOR STUDENT LOAN SCHEME: MAKERERE UNIVERSITY KAMPALA(MUK), MUBS, KYAMBOGO, GULU, MBARARA,& UCU(Mukono) Universities. HOW TO APPLY: Student in dire need for financial Assistance should send their applications clearly indicating three courses in order of preference and any University of their choice among those listed above, accompanied with their Ordinary and Advanced level of Education certificates to the secretariat via these emails: studentfundug@gmail or [email protected] Before; 28th /June 2013 and only successful ones will be informed in two weeks time. This is done to create fairness and avoid irregularities or inconveniences caused in case it was done either way. NOTE: The student loans secretariat will conduct a selection process together with universities that are part of this programme, so there is no need for students to to first seek admission from their universities of preference in order to qualify for the scheme.
Posted on: Fri, 21 Jun 2013 08:11:25 +0000
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