How do People Afford College Without Parents Help?

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How do People Afford College Without Parents Help?

College without Parents Help:

Achieving something in life has always been challenging for people around the world. Every goal requires more effort, investments, and most importantly determination of accomplishing that goal. Similarly, the expense of higher education has gone beyond the affordability of parents and students. Instead of increasing literacy rates by easy access to education, it has caused obstacles in the way of students.
How do People Afford College Without Parents Help? Parents are unable to facilitate their children with a good education. Though many students manage to become a helping hand to their parents and make contributions to their study expenses. They search and find part-time jobs to earn money and get higher education. in the case of part-time jobs, call centres, restaurant jobs, and home tuitions are the best options for students. However, at some point, it becomes difficult to manage study with a job and get good marks, it is when study loans become useful.
It becomes handy for students to avail study loan at this point. These loans can be availed through different sources by submission of a loan application with all details of income, college/university, and degree program in which students want to take admission. The loan can be taken for national or international, both types of studies, and can be returned easily on monthly basis or some organizations may require a repay in form of a small amount during their study period.
The concept of taking study loans is very common among foreign students. Developed countries like, America, England, Germany, and Australia, have made it easier for students to avail loans for their studies. Though it was not popular in Pakistan previously now people are getting awareness of such amenities. The literacy rate of Pakistan seems to be increased with such steps and students will no longer be worried and discontinue their goals of getting a higher education.
National Bank of Pakistan has introduced a student loan scheme in collaboration with the Government of Pakistan. They have also involved major banks’ partnerships for this purpose.

Banks included are:

• Habib Bank Limited
• United Bank Limited
• Muslim Commercial Bank
• Askari Bank Limited

National Bank of Pakistan (NBP):

A student loan scheme has been introduced by the Government of Pakistan. This initiative has been taken for students who do not have enough resources for getting an education.
Major banks like NBP, HBL, UBL, MCB, and ABL have collaborated with Pakistan’s government for this purpose.
This scheme is managed by the NBP. It is specially designed for students who need financial support to get higher education. They are facilitated with interest-free loans. Only eligible students who have attained 70% marks in the previous exams and have secured their admission in an approved public university, can apply for a student loan.
The required age of students for the loan may vary based on programs. For the undergraduate programs students must not be older than 21, For postgraduate programs, they must not be older than 31 years, and for Ph. D the limit is 36.
After applying, the loan is either directly transferred to the relevant university or received in the form of books. Once the loan process is done, students have the time of 10 years to return the loan as per policy.
A public sector university must be offering programs in the following disciplines.
• Engineering
• Electronics
• Chemical Technology
• Agriculture
• Medicine
• Physics
• Chemistry
• Mathematics
• Computer Sciences
• Business Studies

Looking for other sources that can provide financial aid to pursue higher education?

Yes! you are reading the right article. Here you will know about many government and private organizations that are providing study loans without any connection with banks.
Here is the list of organizations that offer education loans in Pakistan:

1. Ihsan Trust:

This is a non-profit organization that provides financial support to people with low income. It is also involved in a social activity like the development of the rural area, education, orphans care, and services in any natural calamities.
It is a valuable step taken by Ihsan Trust that not only helps students for education but also it provides aid to needy people. The provision of interest-free loans may vary from student to student liable on their needs and aptitude. Depending upon the parent’s income, just a nominal token of the amount is to be paid by the student during the study period. The return of the loan is also subjected to the parent’s salary.

2. Professional Education Foundation:

To keep students going with the flow and not letting any hurdle come their way, Professional Education Foundation provides the opportunity to avail this advantage of financial aid and achieve their goals. This organization manages to lend money for undergraduate programs in the following disciplines:
• Engineering
• Business
• Management
• Medicine
• IT
• Agriculture
These loans are given on a need cum merit basis and are transferred to universities. The payment of loan may vary according to the need of each applicant and a student has to secure admission in any of the government recognized universities in the PEF board on open merit to be eligible for the scheme of loan.
PEF has 36 universities on board. More than 600 graduates and 1800 plus students are currently availing of the loan facility. Universities on the PEF board include:
• University of Engineering and technology
• University of Peshawar
• Quaid-e-Azam medical college
• Fatima Jinnah Medical college
• National University of Sciences and Technology
During the study period, the applicant is entitled to pay 12 instalments of Rs. 300-500 per month after acquiring the loan. After the loan has been taken and studies are completed, within six months of getting employed, a student will be required to initiate the repayment procedure.

3. Akhuwat Foundation:

Akhuwat Foundation is one of the leading private organizations in the country that aims to bring a good change in social economic and improve the low-income standard in society. It provides sufficient loans from 10,000 to 50,000 for students’ education without any interest. The purpose behind lending such loans for education is to make people literate and keen to become progressive. Indeed, people can take benefit from such schemes so that society can also be improved.
Students who have done their matriculation and have low income, are eligible to avail of these loans. Return of loans can be made through easy instalments.

4. Alkhidmat Foundation:

Al Khidmat Foundation also provides scholarships to students. They have introduced the ‘Talent Scholarship Program’ in collaboration with Alfalah Bank’s scholarship scheme. Brilliant students take benefit from this scheme and complete their education in a well know government institute based on their skills. This new system has made getting an education much easier and has shared parents’ burden. A student’s capability is also evaluated before providing any scholarship.

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