How to Obtain Student Loans in Egypt as an International Student
I am sure you were wondering why Egypt featured as a study destination well, the purpose of getting an education is to become more exposed and enlightened in all areas. Studying in Egypt would give you an opportunity to understand ancient civilizations and how they influence today’s world. There are also wonderful areas for exploring from the pyramids of Gaza to the river Nile, there would be something to tickle your fancy whilst exploring Egypt. Also, Universities in Egypt have produced exceptional talents while still having high-ranking amongst universities in Africa.
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When Is A Student Loan Necessary?
The truth is that studying as a foreigner in a new country would come with its own challenges, some people might have financial needs which were not originally included in your budget before leaving home. Some unforeseen circumstances such as an increase in rent, medical insurance, textbooks e.t.c would require you to spend more than you initially planned to, in times like this you might require a type of aid to ease your burden and this is where student loans come in.
How Does Student Loan Work in Egypt?
There are loan options for Egyptians, especially those who are from the low income earning families to support their financial needs during school, in some instances orphans and children of police/army officials who were martyrs are exempted from paying tuition. As for international students, there are not so many loans available for now.
What Would I Need To Obtain A Loan?
Although there are no specific provisions of student loans for international students, you can look to asking for a personal loan from private-owned banks in Egypt. Some of the requirements you may be required to provide before you can access such loans include;
- Passport
- Student I.D
- Statement of accounts
- Loan application form
- Letter from the school/university with the cost of the education program
- Authorization for investigation
- Recent utility bill (maximum three months)
Is there a Minimum Amount?
Some banks would like to know what your tuition fee breakdown is to be certain that there is no alteration in the price, while some would rather give out little loans for rent, tuition and other little expenses. Most banks determine their repayment plan and interest rates independently, repayment plan sometimes can have a duration of 36 months or more.
Conclusion
Before embarking on your journey as an international student in a new country, i would advise that you make provision for an extra emergency fund or search for grants, scholarships or teaching assistant positions available to international students in your school.
