Loan Repayments and Loan Remissions
Repayment of loans taken during study at AKU
commences one year after graduation from the University for all
programmes except MBBS, in which case it commences after two years. The
repayment schedule is as follows:
Programme |
Study Period (Years) |
Grace Period (Years) |
Annual Repayment Schedule as Percentage of Total Financial Assistance Loan |
Year1 |
Year2 |
Year3 |
Year4 |
Year5 |
Year6 |
Year7 |
MBBS |
5 |
2 |
0 |
0 |
10 |
15 |
20 |
25 |
30 |
| ASDH | 2 | 0 | 50 | 50 | - | - | - | - | - |
MSc in Health Policy and Management |
2 |
1 |
0 |
15
|
25 |
25 |
35 |
- |
- |
MSc in Epidemiology and Biostatistics |
2 |
1 |
0 |
15 |
25 |
25 |
35 |
- |
-
|
MPhil in Biological and Biomedical Sciences
| 2
| 1
| 0
| 15
| 25
| 25
| 35
| -
| -
|
PhD in Health Sciences |
4 |
1 |
0 |
15 |
25 |
25 |
35 |
- |
- |
BScN |
4 |
1 |
0 |
15 |
25 |
25 |
35 |
- |
- |
Post-RN BScN |
2 |
1 |
0 |
15 |
25 |
25 |
35 |
- |
- |
MScN |
2 |
1 |
0 |
15 |
35 |
50 |
- |
- |
- |
MEd |
2 |
1 |
0 |
10 |
15 |
20 |
25 |
30 |
- |
| MPhil in Education | 2 | 0 | 10 | 15 | 20 | 25 | 30 | - | - |
The loan remission programme will waive up to 50 per cent of financial assistance loans for
those who graduated in 2006 or thereafter and:
For each year a person works or studies at
AKU while the financial assistance loans are being repaid, half of the
annual loan repayment amount will be granted remission at the end of the
year.
Frequently Asked Questions
What is Loan Remission?
The
Student Financial Assistance Loan Remission Programme provides those
who receive financial assistance for their AKU education, an opportunity
to reduce the burden by offering a 50 per cent waiver on their loan
repayment terms.
Who qualifies for this programme?
All
AKU graduates from the class of 2006 and after are eligible, provided
they are either employed by AKU for a minimum of one full year, or have
enrolled in another education programme at the University while
financial assistance loans are being repaid. For each year that the
graduate is employed or studying at AKU, he/she will be eligible to
receive a 50 per cent waiver on loan payments for the year.
How does the remission mechanism work?
The
following chart will help you understand the process for availing the
loan remission. The opportunities available for graduates are
employment, internship, research, further studies and residency.
Process for Remission of Financial Assistance Loan
For information, graduates should approach:
MSc Epidemiology & Biostatistics and MSc Health Policy and Management
|
shahzad.ali@aku.edu |
|---|
PhD in Health Sciences |
perwaiz.iqbal@aku.edu |
|---|
PGME Office for internship and Residency programmes.
|
pgme@aku.edu |
|---|
SON Admission Office for Post RN BScN and MScN Programmes.
|
sonadmission.query@aku.edu
|
|---|
Human
Resources for employment/internship/residency by Medical college, IED graduates and SON graduates seeking employment at SON. |
asif.jamani@aku.edu
amin.ladak@aku.edu |
|---|
Human Resources for employment/internship/residency by Medical College, IED and
SON graduates seeking employment at SON
|
shiraz.hirani@aku.edu |
|---|
Within
a month of starting of employment, internship, research, further
studies or residency programmes, graduates should register themselves
for the Remission in
Financial Assistance Loan Programme with the
Student Finance Office.
|
student.finance@aku.edu |
|---|
During
the year of employment or study, the graduate will continue to repay
the Financial Assistance loan according to repayment schedule.
|
student.finance@aku.edu |
|---|
At
the end of one year of continuous employment/research/
internship/further studies/residency at AKU, the graduate should seek a
certificate of completion of one full year of continuous service with
AKU from the HR Department, and from the Office of the Student Affairs
in case of study at the University.
|
asif.jamani@aku.edu
amin.ladak@aku.edu |
|---|
Once
the above certificate is submitted to AKU Student Finance Office, a 50%
remission will be granted against the loan installments that have been
paid previously during the year, and reimbursed to the graduate by the
Student Financial Office two weeks later, by cheque.*
|
student.finance@aku.edu |
|---|
The
Finance Department will issue an updated loan statement to the student
after the adjustment based on the certificate that is received from the
student. |
student.finance@aku.edu |
|---|
* In case a graduate joins
employment/research/ internship/further studies/residency at AKU,
immediately after graduation (i.e. during the grace period) the graduate
will be given 50 per cent remission on the first year’s loan repayment
instalment
How will my loan instalment amount be adjusted to reflect the remission?
On
completion of 12 full months of service, 50 per cent of the financial
assistance loan repayment instalment due during the same year (as
service or study) will be paid by cheque.
Will I be expected to pay my complete loan repayment instalment for the year even though I am registered for the programme?
Yes, you should continue to pay your loan repayment instalments as and when they become due.
What if I join the programme during the middle of my loan repayment schedule?
The
remission for the first full year of employment/study will be
calculated on the first annual repayment instalment. Similarly, for the
second year of employment/study the remission will be calculated on the
second annual repayment instalment, and so on and so forth.
If I join AKU during the grace period following graduation (when no instalment is due) how will I get remission?
Since
no loan repayment instalment would have been due during the grace
period, the 50 per cent remission will be adjusted from you first annual
loan repayment instalment; for the second year of service the remission
will be adjusted in the second annual repayment instalment, and so on.
If I serve at AKU after all my instalments become due, will I get any remission?
In such situations, no remission is granted because the student is expected to complete the repayment of his/her loans.
How will AKU know that I have been employed for the correct amount of time? Do I have to notify them each year?
On
the completion of each year’s service you should present to the Student
Finance Office a certificate from the Human Resource department or the
Office of the Registrar stating that you have completed one full year
of service or study and then your remission will be processed for
payment.
What if I am let go or resign during the year?
If
you are let go due to disciplinary reasons, you will forfeit your
remission if any is due. On the other hand, if your current department
is unable to retain you, you will have the option to continue with
another department and continue to work towards a full year of
employment. You will have three months from the time you are notified to
find another position.
What if I leave during the year for another job or to pursue further studies?
No remission will be granted if one full year of service or study is not complete.
