AAUA management announces students' loan scheme | EduCeleb
Akintunde Ishola
25th July 2018
The management of Adekunle Ajasin University Akungba Akoko (AAUA) has announced the provision of a students’ loan scheme to alleviate the challenges students may be encountering in the process of raising funds while studying.
According to a notice to that effect made available to  on Wednesday, the management said that only three categories of students were eligible to obtain such a loan.
These include the physically challenged, Merit-Based Scholarship for Students and Students’ Support Loans.
For the physically challenged, they cannot obtain more than Fifty Thousand Naira as loan and must provide a guarantor “known to the University” to endorse their application form.
Those belonging to the second category must not be in the final year of their studies and are required to pay back their loan at the end of the session.
For the third category, the requirement is that they are proven to be indigent students. In their case, they can only get 25% of their school fees as loan.
Read the details below.
The Students’ Loans and Scholarship Committee wishes to inform all the students that the Vice Chancellor has graciously approved three (3) categories of students who require Students’ Loans Support & Scholarship as listed below:
*Applicants must be physically challenged.
*Applicants will obtain a form, complete it and submit to the Centre.
*A guarantor known to the University will be required to endorse the application form.
*The sum of fifty thousand naira (₦50,000) only would be given to qualified student(s).
*For the best student in each Department.
*The Scholarship will be for students from 100 Level to 300 Level (for students running four- year programme) and from 100 Level to 400 level (for students running five- year programme).
*Payable to qualified students at the end of every academic session.
*Eligible students must be on minimum CGPA of 4.0.
*The sum of fifty thousand naira (₦50,000) only would be given to qualified student(s).
*For indigent Students (with proof).
*Student must be on minimum CGPA of 2.0.
*A loan of 25% of the Student’s total school fees will be given per session.
*Repayment will be within 12 months, effective from the date of collection. Payment can be made by installment or at once.
*Defaulters will pay a fine of five hundred naira (₦500.00) on a monthly basis after 12 months of non-repayment of the loan.
*A student on loan cannot re-apply, until he/she has repaid the loan initially obtained.
*Newly admitted Students are not eligible.
*Letter of consent from Parent/Guardian is required.
The Students’ Loans & Scholarship Support Scheme is an initiative of the Management to provide relief for students in financial need in view of the recent increase in school fees.
Only eligible students may apply.
For more information, visit the University website or contact:
Dr. A.D. Ikuomola, Coordinator, Students’ Support Centre, 3rd Floor, Opposite Legal Unit,
Senate Building.
or
Mr. Mapayi, A. V.
Room 29,
Student Affairs Division.
Signed:
Mapayi, A.V.
for: Chairman (SL&SC)