How do School Loans Work?

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How do School Loans Work?

Education is the source of good changes in society but good education not only bring changes, but it also develops people’s personality and enables them to think, evaluate, discuss, have a viewpoint, and to be aware of right and wrong. Education plays an important role in any country’s development in a prosperous way.

How do School Loans Work?

How do School Loans Work? People in all countries do face some difficulties while pursuing their dreams. Whether it’s about getting an education or any job. People do have to struggle for achievements. Not everyone gets everything desired or needful. Likewise, everyone wishes to be educated and aspire for a good career ahead. People who are needy and cannot afford education even at schools. Parents barely afford things. The government of Pakistan and other countries also have fewer scholarship resources for such students but Pakistani government schools’ fee structures are too low that anyone can afford them easily. Schools also provide few concessions or scholarship programs based on any conditions. Needy students often study in government schools and focus on their studies.
There are still enough schools and academic organizations who offer loans to school level students. It only needs good research that can lead students to get the right loan or scholarship at right time.
Although school loans are not frequently required in government schools and studies can be easily continued based on a few scholarships and concessions provided by a large number of sources that include NGO’s, other organizations, charities, foundations, businesses, colleges, universities, government, and private people’s fund. They provide required money in the form of loans and scholarships as well.

Still, in case someone who is not being able to get the scholarship or concession and need money to continue studies can apply for loans.
Through this article, students will know about the benefits that they can get from school loans.
These loans are usually provided to need-based students who do not fall under any scholarship programs and need money for getting an education in school. Parents then apply for a loan at the relevant school by talking to the management and giving a loan application. Schools that have such policies or are in collaboration with any funding organizations, lend the required loan in the form of school fees. Parents then can return the loan amount gradually with minimal reimbursement.
School loans usually work in collaboration with organizations that work for educational aid. They provide loans through different schools to needy and talented students. they also follow eligibility criteria for students to manage the limited funds and ensure its provision to the needy people.
Let’s see the details of the few funding organizations below:

Akhuwat Foundation:

One of the top remote financing organizations in the country is the Akhuwat Foundation that targets the needy students in society. They aim to improve and develop the educational system so that through literacy new changes can take place. Their fund size is around 10,000 to 50,000 for talented students and they lend the loan without demanding any payback interest on it. These types of loans help those in rural areas and enable them to showcase their abilities. Students can apply for school loans by giving a loan application along with their income details so that they can easily pursue their dreams.

Alkhidmat Foundation:

Al Khidmat Foundation is another source of getting loans and scholarships. Through their ‘Talent Scholarship Program’ in collaboration with Alfalah Bank, they provide funds to students for education. Talented students do take advantage of this loan scheme and tend to complete their schooling in a well-known government institute based on their abilities. This new arrangement has become helpful to many indigent students who do even get to manage basic education. In the long run, the literacy rate seems to increase that would change a lot of thing in the society in terms of educational development. Such organizations also evaluate student’s capability at the time of providing the loan.

Ihsan Trust:

This is a charitable association that offers monetary support to people whose earnings are low and do not get meet the needs. Ihsan Trust is also engaged in social activities as they help the affected areas, development of the rural areas, education of the needy people, children of the orphanage, and facilitate people in any natural mishaps.
The significant part of this organization is that they not only provide their assistance to students but also other social issues are included in their service list. Their services are non-profitable and workable for good cause. People are facilitated based on their needs and aptitude. Subjected to parents’ salaries, students will be obliged to pay a nominal amount as a payback of the loan.
However, school loans are not the only help students can acquire for education, there is another option of scholarships provided by various scholarship programs under the government and private sectors’ supervision.

Federal Directorate of Education (FDE)

The Federal Directorate of Education (FDE) Islamabad and Punjab Education Commission (PEC) has taken an initiative to conduct the consolidated annual exams of 5th and 8th class for several educational institutes. Students who will pass the examination and achieved good marks will be awarded scholarships. Students can easily take benefit from such steps taken by different organizations. Students applying for this scholarship must have achieved 70% marks in 5th class and 70% marks in 8th class and appeared in board exams. Students will be required to submit a copy of domicile, copy of “B” form, copy of previous result card, and a copy of domicile. Students must work harder and get eligible for this scholarship so that getting an education can be a hassle-free process in terms of money.
Moreover, The Government of Punjab has also introduced “The Punjab Educational Endowment Fund” (PEEF) to make education accessible to students whose parents have been late, parents who are government workers on the rank of 1-4, minorities religion students, family income is 15000 or less than this, and disabled students. Also, applicants must belong to Punjab province completely, passed the PEC exams with at least 60% marks, and currently registered in the 9th class. Interested students can easily download the form from its official website and apply for the funded education along with all required documents.

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