Loan for Masters Degree:
The are plenty of students who cannot afford higher education even if they are earning. They have many responsibilities that come their way as hurdles. Don’t worry, you have numerous opportunities to avail ahead of! One of them is the most famous, scholarship. People can apply for a scholarship and the other best source is taking a loan. Students can avail of easy loans in very less time if they are eligible and have fewer income resources. Loan for a masters degree is a very common matter and even in Pakistan, it is being famous among students. They can take advantage of such policies and continue their studies without any added hassle. What is the Average Student Loan Debt for a Masters Degree?
Loan Debt Average:
Different organizations offer different loan debt for the masters degree. Each has its policy and criteria. It may vary from country to country and university to university as well. On average, it can be considered that international students can avail up to $10,000 or more for a masters degree. The amount still depends on one’s family income status and the course expenditure. Pakistan is not so famous for providing a big amount of loans to students. However, they can avail of the more or less plenty amount of loans to complete a masters degree. various private organizations have now emerged to help talented students to get higher education and rise among others. Some of the organizations rely on national and international funds which are then distributed among the rightful needy people. Those organizations have different loan debt for master students. They provide estimated loans from RS. 50,000/- to RS. 500,000.
Return of Loan:
The return policy of loans is very convenient for all types of students. The returning process will be different for each organization, yet, in this article, we will discuss the general procedures that students can experience during the repayment of the loan.
According to most of the policies, students usually are required to pay back the loan after they are employed and started earning. A specific percentage amount from the salary will be paid to the organization. The loan payment process can take years to complete.
In some cases, students may be forgiven the loan. In Pakistan, some organizations also take back the minimal amount of loans on monthly basis. Depending on the salary students can return the loans in the best possible time.
Following is the list of government and private organizations and banks providing loans to students for higher education.
National Bank (NBP) Student Loan Scheme:
Under the supervision of the government of Pakistan, a student loan scheme has been established for needy students who cannot afford educational expenditures. This initiative has been taken to provide opportunities to students who are talented but do not have enough resources.
National Bank of Pakistan work in collaboration with major banks like NBP, HBL, UBL, MCB, and ABL in this regard.
This student loan scheme is mainly handled by the National Bank of Pakistan and planned for students who are brilliant in studies and need monetary support to complete higher education. They are facilitated with interest-free loans. Only entitled pupils who have achieved up to 70% marks in previous exams and have secured their admission in a renowned government university, they can apply for a student loan.
The required age of applicants for the loan can be different based on selected masters programs. Students applying for the grant in undergraduate programs must not be older than 21 and students applying for the grant in postgraduate programs must not be older than 31 years, the maximum age limit for Ph. D is 36.
After the loan has been applied and the process is completed, the fund can either be directly transferred to the relevant university or can be given in the form of books aid. Once the loan has been processed and taken, according to the policy, the student will start returning the loan within 10 years of professional service.
Akhuwat Foundation is one of the topmost financing organizations in the country. Its objective is to help needy students in society. They struggle hard to improve and productively grow the educational system so that through literacy new changes can take place. Their limit of fund provision is around 10,000 to 50,000 for talented students. Their loan lending process demands no interest at the time of payback. Students can return the exact loan amount when employed. These policies of loans also help people from rural areas and provide them a platform to showcase their skills. Students can apply for masters loans by submitting a loan application and their income details so that they can easily pursue their dream education.
Al Khidmat Foundation is one more source of attaining loans and scholarships. With their ‘Talent Scholarship Program’ that comes in collaboration with Alfalah Bank, they provide educational funds to students for masters and other programs. Talented students do take benefit from this loan system and incline to focus and complete their schooling in a well-known government institution based on their skills. This new plan has become beneficial to many deprived students who cannot even manage their basic education. Sooner or later, the literacy rate seems to upturn that would also change a lot of things in the society in form of scholastic development. Such organizations also assess student’s competency at the time of providing a loan.
This is a charitable organization that offers financial support to those who are in need and survive hand to mouth. Ihsan Trust is also managing to contribute to social activities as they provide aid in the affected areas, for development of the rural areas, for the education of finically challenged people, orphans, and facilitate people in any natural misadventures.
The substantial part of this association is that they not only provide their help to students but also other social concerns are counted in their service list. Their support is non-profitable and workable for good reason. People are assisted based on their needs and capacity. Depending upon parents’ income, students will be obliged to pay a token of the amount as a return for the loan.
Professional Education Foundation:
To keep education unstoppable for everyone and overcoming any hurdles, Professional Education Foundation provides the chance to avail of this pro financial aid and achieve its goals. This organization copes to lend loans to students’ educational programs in the following disciplines:
These loans are arranged on a need cum merit basis and are transmitted directly to universities. The sum of the loan may vary according to the need of each candidate and a student has to have secured admission in any of the recognized government universities in the PEF board on open merit to become eligible for the scheme of loan.
PEF has 36 universities on the panel. More than 600 graduates and 1800 plus students are now availing of the loan facility. Universities on the PEF panel include:
- University of Engineering and technology
- University of Peshawar
- Quaid-e-Azam medical college
- Fatima Jinnah Medical college
- National University of Sciences and Technology
Throughout the study period, the applicant is entitled to payback 12 installments of Rs. 300-500 per month after obtaining the loan. Once the loan has been taken and studies are over, within six months of being paid professionally, a student will be required to pledge the repayment of the loan procedure.