Student Loans in Nigeria: Schoolable – The best platform for student loans in Nigeria

Schoolable is the most reliable online resource for obtaining student loans in Nigeria.

Introduction

Unavoidable costs are associated with obtaining a quality education; however, some students may be in a position to cover those costs on their own, while others will be forced to rely on financial aid. Student loans are one alternative to consider when looking for a way to finance one’s education; however, there are some colleges and universities that do offer scholarships as a way to alleviate some of this financial strain; however, not all students are eligible for these types of awards.

Every proprietor of a school, at some point or another, is likely to have been confronted with the challenge of effectively managing the school’s finances. The good news is that some digital platforms are designed to make this process simpler. Schoolable is a digital infrastructure that gives you access to all of the fundamental tools you require in order to manage your school business in an efficient manner. In the following, you will find all the information pertinent to the financial management organisation.

A Brief Introduction to Schoolable

Schoolable is a platform that offers services in the areas of product development, as well as school finance management, educational technology, savings, and business tools. In essence, this digital infrastructure provides you with all of the tools that you require in order to effortlessly manage the operations of your school.

Angela Essien and Henry Chibuzoin established the organisation in 2018, and it is a non-profit that is privately held. They are experts in the management of school finances, technology, educational technology, and product development. Managing your school’s finances has never been easier than it is with Schoolable. This platform makes it easier for parents to put money away for their children’s future education.

What kinds of services does Schoolable have available?

The following is a list of the services that the platform makes available to proprietors of educational institutions:

1. Quick and Simple Reconciliation

This platform assigns a one-of-a-kind account number to each individual family and student enrolled in your school. Essentially, this enables you to know the precise amount that they pay, the time that they pay, as well as other information regarding the transaction.

2. The Billing of Students

You are able to maintain records of the amount that each student owes your school by using the invoicing feature of Schoolable. You basically have the ability to keep tabs on half payments, manage discounts, and set an automatic reminder to keep parents informed of their outstanding school bills.

3. Multiple payment channels

This platform gives students a variety of payment options to choose from, making it more convenient for them. They merely have to transfer money into the family account that the platform provides for them and it will be done for them. They will be able to directly clear all of their unpaid bills at the school if they use this account.

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4. Saving

With the Savings feature, parents no longer have to worry about the stress and effort of planning in order to save money for their child’s school fees. Your savings are basically managed by themselves, and you earn a competitive interest rate on any amount that you put away.

In conclusion, the platform provides you with a degree of flexibility. This essentially means that you have the ability to choose where you would like any and all payments for school fees to go. You have the option of keeping it in the Schoolable account you already have or moving it to any other bank account you have in Nigeria.

Where do I find the instructions to sign up for Schoolable?

The steps to registering and configuring your account on Schoolable are as follows:

1. Enter your login information on the website (www.schoolable.co).

2. When you are ready, select “Create an Account.”

In the final step, enter your information and then click the “register” button. Congratulations, the creation of your account was a success.

Can Schoolable provide me with a loan of some kind?

Yes, you can. Parents who are strapped for cash but still want to be able to pay their child’s school fees can apply for school loans. After you have opened an account, you will be able to submit an application for a loan, and if your application is approved, you will be given the loan. Schoolable would, in essence, play the role of an intermediary between the school and you as a parent, ensuring that your payments are made in accordance with a predetermined schedule.

How do I submit my application for a loan through Schoolable?

Please proceed in the following manner:

1. Visit the Schoolable website and create an account there.

2. Go to the section of the website titled “loan application.”

3. Make sure to include all of the necessary information and fill out the forms.

4. Whether your application for a loan was approved or denied, you would be notified of the outcome.

Read up on the five most common reasons why your application for a loan might be denied.

What’s the maximum amount I can save using Schoolable?

On the platform, you can begin saving with as little as N100, and there are no limits placed on the total amount that you can save to its maximum capacity.

What kind of savings options does Schoolable provide for its customers?
The platform, in its most basic form, offers you two different savings options. They are as follows:

1. Periodic plans

You have the ability to save money on a daily, weekly, or monthly basis for at least three months when you sign up for one of the Periodic plans. You need only indicate the type in which you are interested, and the platform will take care of everything else for you.

They make it so that the money you choose to save is put away in an automated fashion on the day that you specify. The baby bloomer plan, the secondary school plan, and the termly tuition savings plan are the sub-plans that are included in this overall plan.

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2. Put Away Money As You Get It

This plan requires a manual topping off process. You may choose to go this route instead of setting up automatic savings if you do not have a consistent stream of income and you find it difficult to keep up with the savings each month.

In a nutshell, these plans are what each individual user is able to access through the platform.

When I make plans with Schoolable, how much interest do I get on those plans?

You will receive a return on your investment each day in addition to a competitive annual interest rate that is offered by the platform.

Is there a Schoolable app for mobile devices?

They do not yet have a mobile application, so the answer is no. On the other hand, you can take charge of your school’s finances and savings by creating an account on their website and doing so.

How do I get in touch with Schoolable?

You can get in touch with Schoolable using any of the following methods:

Address: Close 1, Victoria Garden City Lagos, Lagos 23401, NG

You can reach us at these numbers by telephone: +234 814 714 0714 or +234 903 000 9647

Visit us online at www.schoolable.co.

Hello, you can reach us at [email protected]

 

Do you need financial assistance?

Be sure to check out this online marketplace for loans, which will let you compare offers from a variety of lenders in a matter of minutes. It provides the best possible experience and guarantees that you will receive nothing less.
A student loan can be thought of as a form of financial investment that is intended to help students with costs associated with their education. These requirements consist of things like class fees, textbooks, and general living and educational costs.

Loan Options For College Students

The interest rate on student loans is typically quite low, and there are two different types of rates that can be applied. There are two types of interest: variable and fixed. A variable interest rate is typically a better deal than a fixed rate; however, variable rates are subject to change given that they are determined by the prevailing market rates. Therefore, an increase in the rates will result in an increase in the variable interest, and vice versa.

On the other hand, fixed interest rates do not change during the course of the loan’s lifetime, unless the borrower chooses to consolidate their debt. Because you are trading flexibility for stability when you choose a lower fixed interest rate, the rate will typically be higher than the rate offered by the variable option. Finding the right kind of rates to go with can feel like a bit of a gamble at times.

If you are interested in keeping track of how much interest you are accruing on a loan, the fixed rate is the best option for you. If you choose a loan with a variable rate, your interest payments could go up or down over the course of the loan depending on the prevailing market conditions.

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How to Apply for a Student Loan and the Steps To Follow

Planning should come before submitting an application for a student loan. Take into account the minimum number of years of experience that is required for the course that you are currently enrolled in. You need to put in a lot of effort if you want to graduate from school at the right time. This means making every effort possible to avoid having to serve an additional year in prison. We are, without a doubt, conscious of the repercussions that an additional year will have. Additional costs for education

Consider ways to reduce the amount you spend each month so that you can get the most benefit from the money you borrow. You could, for instance, share a room with another person or maintain the quality of your books so that you can resell them at the end of the academic year in order to make some extra cash.

Create a rough estimate of the annual amount of your first salary when you start working. Most importantly, make every effort to refrain from borrowing any more than that. If you do this, you’ll be able to make your repayments more quickly and at a time that’s convenient for you. All that is truly required of you is to exercise proper control over your expenditures.

When it comes to taking out student loans, the vast majority of students have a healthy amount of skepticism. They are concerned because they have the impression that they won’t be able to repay the money.

On the other hand, Nigerian loan companies give borrowers the option of making payments in installments either while they are still in school or immediately after they graduate. Access Bank, KeyStone Bank, Heritage Bank, and Ecobank are just some of the financial institutions in Nigeria that offer student loans, along with LAPO Microfinance Bank.

Conclusion

In conclusion, if you are considering taking out student loans, make sure you are familiar with the terms of the loans, and try to gather as much information as possible before making a decision. You should also be aware of the characteristics of the loan as well as the type of interest rate that you prefer.

Schoolable is a platform that provides you with all of the tools you require to effectively manage the financial aspects of your school. In addition to this, it gives parents the opportunity to either get a loan or save money for their child’s tuition costs. Overall, the purpose of this platform is to simplify and streamline the process of school financial management, savings, and the use of educational technology for individuals.

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