Study loans are a great initiative for students who wish to pursue higher education and can provide them with the much-needed assistance to secure professional degrees from leading local and international education institutes. Study loans are offered by government, private organizations, non-governmental organizations, and lending or financial organizations. These loans support students who lack the financial means to fulfill their academic endeavors and are popular among students in developed countries including America, England, Australia and Germany. However, these study loans have strict criterions, including sky-high interest rates of more than 6 percent in different countries including England.
The concept of student or study loans is now getting popular in Pakistan as well, where students are provided with financial assistance to help them in pursuing education, nationally as well as internationally. If you are a deserving student and lack the means to support your education expenses, this article can provide you an insight into the top five organizations that can sponsor your dream of pursuing higher education:
Ihsan Trust reaches out to help the poor and the needy, encouraging others to uplift the low-income community for the socio-economic prosperity of the country. The organization aims to raise the living standards of the neglected and downtrodden segments of the society by developing a sustainable system that can help in sharing the resources with them on equal grounds. The organization works in the fields of rural development, education, skill development, community services, orphan care and immediate relief to the affectees of natural calamities.
Ihsan Trust offers Ihsan Trust Financial Assistance Program for Higher Education to needy and deserving students. These study loans are given on “Need cum Merit” and the amount of loan depends on the individual need of the student. During the study tenure, the applicant is required to pay a nominal repayment token amount which is determined by the monthly income of their parents/guardians. After the completion of studies, the full and final repayment of the loan is determined keeping in mind the monthly income of the applicant
AlKhidmat Foundation offers humanitarian services all over Pakistan, with the mission to serve people without any discrimination of caste, sect, language or political affiliation. The organization is working in seven key areas including community services, orphan care, disaster management, health services, education, clean water and Mawakhat.
AlKhidmat Mawakhat Program provides interest-free micro-credit loans to poor and needy students to either pursue higher education or start their own businesses, in order to improve their standard of living. These programs are offered under Islamic teachings of “Qarz-e-Hasna” and are interest-free loans that provide needy and poor students with a fair and equal chance to earn a degree and fulfil their economic and social needs. The organization offers interest-free study loans of up to 35000/PKR which the applicant is entitled to return during the stipulated time frame.
Akhuwat foundation is one of the leading non-governmental organization of the country. Akhuwat aims to alleviate poverty and sustain a social system based on mutual support, in order to help the marginalized segments of the society. The organization offers interest-free study loans to students and entrepreneurs for carrying forward their dream of education and starting their own businesses. Akhuwat offers educational interest-free loans of up to 10 -50k to students who have exhibited outstanding academic performances and hail from low-income backgrounds. These loans can be paid back by students or their parents in easy instalments. Students from Post matriculation to Masters are eligible to apply for these loans by paying a meagre application fee of 200 rupees
Professional Education Foundation
Established in January 2009, Professional Education Foundation works with the aim to support disadvantaged students to pursue their dream of getting professional education at some of the leading universities of Pakistan. PEF offers financial support to students pursuing undergraduate degrees in the disciplines of engineering, business management, medicine, IT and agriculture. PEF offers financial assistance to needy students on Need cum Merit Basis which are paid to universities directly. The amount of the loan depends on the individual requirement of the applicant. To be eligible for the loan, the student must secure admission in any of the universities in the PEF board on open merit.
After securing the loan, the applicant is entitled to pay 12 instalments of 300 to 500/month during their study tenure. After completion of the degree, the applicant is required to initiate the repayment process within six months after getting employed. PEF has 36 universities on board, with 600+graduates and 1800+ students who are currently taking advantage from the assistance. 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 just to name a few.
National Bank of Pakistan
A student loan scheme (SLS) for educational purposes has been launched by the Government of Pakistan in association with major commercial banks of Pakistan including NBP, HBL, UBL, MCB and ABL. This scheme is administered by the National bank of Pakistan and provides interest-free loans to deserving students across the country, who lack the financial means to afford professional and technical education and training at leading higher education institutes across the country. Under the scheme, free student loans are disbursed to students meeting the prescribed eligibility criteria’s and cover the entire duration of the study. The loans are paid either directly to the university in the form of fee and boarding expenses, or to the student in the form of textbooks. The loans are entitled to be paid back within a span of 10 years, after the disbursement of the first instalment and begin one year after graduation or six months after securing employment.
The applicant is required to secure admission on merit in any of the approved public sector universities and must not be older than 21 for undergrad, 31 for postgrad and 36 for PhD. The candidate should have at least 70 percent marks in their last exams and must be studying any one of the following disciplines: engineering, electronics, chemical technology, agriculture, medicine, physics, chemistry, mathematics, natural sciences, computer sciences, business studies and Islamic jurisprudence.
To Sum Up
Student loans are a great initiative for Pakistani students who wish to pursue higher education. These study loans can provide them with the much-needed financial assistance required to secure seats in some of the leading higher education institutes within country as well as abroad