Learn While You Earn Loans

Employed members who have been accepted for a program of study at a tertiary level institution can qualify for a special character loan facility, the Learn While You Earn loan. Parents can apply for this facility for children who are not yet employed. Self-employed persons can also apply.

WHAT IS COVERED

Tuition
Books
Exams
Other Costs: eg. laptop, tablet

WHAT IS NEEDED

Job letter(NCCU will provide a form)
Two consecutive and recent salary slips
Letter of acceptance from an accredited school
cost of programme
Invoice for laptop or tablet and other major school related expenses

PROCESS

Call or visit an NCCU Branch for an appointment with a Loan Officer
Where multiple disbursements are required, the loan will be processed as a Revolving (Open-End) loan

TERMS

Minimum Savings: 5% of loan amount
Repayment Period: Up to 6 years for unsecured loans
Interest Rate:10% on the reducing balance
Member Shares based on loan amount
Loan Limit:$20,000 in Character (unsecured)loans (inclusive of other Character loans)
First time borrowers: A co-maker may be required
Member Shares/Loans click here!

OTHER INFORMATION

Some employers refund education costs when an employee completes an approved course of study.
The borrower can claimEducation loan interest payments of up to $5000 annually when filing taxes.

What is a Character Loan ?

It is an unsecured loan of a fixed amount above savings that can be granted to a member with a good credit rating who has successfully repaid previous loans. The loan is granted on the member’s signature. With the special Learn While You Earn facility, a member with a good credit rating can qualify for Character loans of $20,000, in total, above savings. For information on regular Tertiary Education Loans Click here.