You’ve just finished your Grade 12 exams, driven and hopeful; you’re thinking — What’s next? As a student, pursuing higher education is only a natural progression in the circle of life. The last thing you should stress about is funding your higher education.
If you’re in need of funding, applying for a student loan can be your way out. In this article, we will guide you on how to apply for a student loan in Cambodia. Not sure if a student loan is right for you? Read on to see if a student loan is worth investing in.
Let’s discuss the basics. Before you apply, you should determine if you have met these requirements. In general, most banks or financing institutions in Cambodia would require applicants to:
Next, here are some documents that you might need to submit:
Of course, the requirements and documents needed may vary from institution to institution so be sure to do your homework before you apply.
While enquiring for a student loan, be sure to take note of the loan’s terms and conditions, repayment requirements, and other loan-related matters. Don’t be afraid to ask the following questions:
By being aware of the above, you will be able to manage your financial planning accordingly. The formula is simple — know the right amount to sign up for, what you’re signing up for and how to handle your payments. Once you have weighed the pros and cons of a student loan, and you’re confident on the repayments, go ahead and sign on that dotted line.
In Cambodia, the general features of student loan are as follows:
from $600 up to a maximum of $100,000, or some institutions will match the amount to your tuition fees
12 months up to 7 years, may be flexible for some institutions depending on loan agreement
from 0.79% or can be dictated based on the applicant’s academic standing and level of degree
Payment Schedule Types:
A key aspect to think about is the return of investment (ROI) on your loan. While opting for a student loan will lead to the prospect of a better education, a better career and ultimately a better future, you should carefully weigh your options before committing to one.
As long as you are confident that the return on your investment will exceed the repayments to be made on the student loan, then a student loan is ideal. Learn to practice good financial planning to avoid falling into a debt trap.
Make full use of your first student loan to start building a healthy credit score by paying your loans on time.
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