Student Loan (Secured)
About This Loan
The Student Loan is for students planning to study full time only. The Education Loan can be used for payment of tuition, purchasing of books and other expenses related to the school. It offers $6 million with 12 years to repay. Interest is calculated based on the amount and type of collateral. Repayment begins six months after completion of study. The repayment penalty for missing one month is an additional 5% of the loan amount for the month missed. Collateral is required for this loan, this includes cash, car title (must not exceed 10 years old), property title and insurance (cash surrender value). Members must make a 5% deposit of the required loan amount in shares. Application process begins 3-5 working days after the required documents are submitted.
What You Need To Know
in Available Funds
3 - 5 Working Days
Avg. Approval Time
As Low As
Who is This Loan Primarily For?
Cornwall University-level Students who study full time
Cornwall Parents/Guardians of University-level students
Cornwall Parents/Guardians wishing to send their child to University
Cornwall Students that 18 years and older
Cornwall Students who wish to pay for school related expenses Cornwall Students who are thinking about going to University
Do I Need Collateral To Apply For This Loan?
Minimum Amount Disbursed For This Loan?
Based on Chosen Security
What Are The Requirements To Apply For This Loan?
Deposit 5% of required loan amount in shares
Acceptance Letter/School Report
Valid ID (Driver’s License, Passport or National ID)
Tax Registration Number (TRN)
Collateral/Security for loan or two Guarantors who are willing to provide tangible security Passport size photograph