Student Loan Application Guidelines

Loan Application Process

• Applicants must provide personal details including Registration No., National ID No., Institution Name, Course of Study, Year, Semester, and contact information.
• Financial information is required, specifically the amount applied for in Ugandan Shillings (Ugx) and a Financial Card No. for processing.

Certification by Academic Registrar

• Certification must confirm the student's enrollment status and academic progress, specifying if they are on normal or probation status.
• The registrar's certification requires an official signature and stamp along with the date.

Loan Agreement Acknowledgment

• Applicants declare that all information provided in the application is truthful; false statements may lead to legal consequences.
• Acceptance of loan disbursements signifies an obligation to repay the loan with interest and according to specified terms.
• The loan is contingent upon board approval, meaning application does not guarantee loan approval.

Terms and Conditions of Loan

• Loan repayment structure is through equal monthly installments, determined by the Board.
• In case the student discontinues studies before full disbursement, remaining allocations will be recalled.
• Early repayments are encouraged whenever financially feasible, as per Article 27 of the act.

Default and Liabilities

• Deliberate loan repayment defaults can lead to full loan amounts being immediately due along with additional charges, including legal fees.
• The loan agreement must be signed for disbursement; no loan will be issued without this formal agreement.
• The Board will protect its funds against risks associated with the loan and may charge administration fees in case of loan withdrawal.

Confidentiality and Credit Assessment

• Applicants consent to the collection and retention of credit information for assessing creditworthiness and decision-making regarding loan approval.
• Credit information may be shared with other credit providers and authorized agencies if default occurs.
• The consent allows for periodic monitoring of credit profiles and ensures the applicant's responsibility for potential liabilities arising from their loan application and agreement.

Applicant's Responsibilities

• Continuous liability for the commitments made in the application until full repayment of the loan is confirmed.
• Requirement to notify the Board of any changes affecting the loan agreement.
• The application establishes a binding agreement that obliges the applicant to compensate the Board for any costs incurred due to loan administration or legal actions linked to the loan.

This quiz covers important guidelines for filling out a student loan application form. It highlights the necessity of providing accurate information and the consequences of false statements. Enhance your understanding of the application process and ensure compliance with the requirements.