Affordable & Reliable School Fees Financing Platform.
By applying for or receiving school fees financing from Academic Forest, you agree to comply with the terms outlined in this agreement.
• Loan repayment must follow the agreed schedule.
• 25% penalty applies to defaulters.
• Accurate information must be provided.
This School Fees Financing Terms and Conditions Agreement ("Agreement") is made between Academic Forest (hereinafter referred to as "the Lender") and the undersigned beneficiary (hereinafter referred to as "the Borrower"). This Agreement governs the terms under which Academic Forest provides school fees financing to eligible beneficiaries.
The financing provided under this module is strictly for the payment of approved school fees and/or related academic charges at the designated educational institution as disclosed by the Borrower during application.
2.1.The loan amount approved shall be determined by
Academic Forest based on the Borrower’s application,
eligibility, and verification outcomes.
2.2. Disbursement shall be made directly to the borrower or
educational institution or through any other method deemed
appropriate by Academic Forest.
3.1 This financing module is designed specifically for civil
servants and public-sector employees whose salaries are
paid through approved government payroll systems.
3.2 The Borrower irrevocably authorizes Academic Forest
to recover all loan repayments through monthly salary
deductions facilitated by the employer, ministry,
department, agency (MDA), or designated payroll
administrator.
3.3 Repayment shall commence as stated in the loan offer
letter and shall continue until the total outstanding obligation
is fully liquidated.
3.4 The Borrower agrees that salary deduction shall remain
in force notwithstanding transfer, posting, promotion, or
change in salary structure.
3.5 Where salary deduction is delayed or interrupted for any
reason, the Borrower remains personally liable to make
alternative payments to avoid default.
4.1 The applicable interest rate, service charges, or
administrative fees (if any) shall be clearly stated in the loan
offer or repayment schedule provided to the Borrower.
4.2 All approved charges form part of the total repayment
obligation of the Borrower.
5.1 A Borrower shall be considered in default if they fail to
pay any installment fully on or before the due date.
5.2 In the event of default, the Borrower agrees to pay a
penalty of Twenty-Five Percent (25%) of the outstanding loan
balance, which shall be added to the total amount due and split into a maximum of two repayment installments.
5.3. In an event where the recomputed default amount is still not recovered fully, section 5.2 will be reapplied untill full payments are made
5.4 Academic Forest reserves the right to recover defaulted amounts through lawful means, including but not limited to deductions, guarantor claims, debt recovery processes, or
legal action.
Where a customer or beneficiary repays an Academic Forest loan through salary deduction, payroll deduction, or any other recurring repayment arrangement, Academic Forest shall reconcile payments received against the customer's outstanding loan balance.
6.1. Identification of Over-Deductions: An over-deduction occurs where the total amount deducted or received from a beneficiary exceeds the amount required to fully settle the beneficiary's outstanding loan obligation, including any applicable interest, approved charges or other amounts expressly stated in the applicable loan agreement.
Where an over-deduction is identified, Academic Forest shall verify the customer's account and determine the refundable balance.
6.2. Customer Notification: Where an over-deduction is identified, Academic Forest may notify the affected customer through an available communication channel, including phone call, SMS, email or other official communication.
Customers may also contact Academic Forest to report a suspected over-deduction and provide relevant evidence such as salary slips, deduction schedules or payment records.
6.3. Refund of Confirmed Over-Deductions: Upon confirmation of an over-deduction, the excess amount shall be refunded to the customer or applied toward another outstanding obligation of the customer only with the customer's authorization, where applicable.
Refunds shall ordinarily be made through a verified bank account belonging to the Beneficiary/customer.
6.4. Payroll Processing Delays: Where an over-deduction results from a payroll or third-party deduction system continuing to deduct funds after the customer's loan has been fully settled, Academic Forest shall reconcile the amount received and process the confirmed excess in accordance with this policy.
Academic Forest shall not be responsible for delays caused by a payroll authority, employer, bank, payment processor or other third party in stopping or reversing a deduction.
6.5. Refund Timeline: Once an over-deduction has been confirmed and all necessary verification has been completed, Academic Forest shall initiate the refund within a reasonable processing period primarily depending on payments of deductions for the months under review.
The actual time for the refunded amount to reflect in the customer's account may depend on the customer's bank or other payment service provider.
6.6. Incorrect Refund Claims: Where an alleged over-deduction is found not to exist after reconciliation, Academic Forest shall provide the customer with an explanation of the account position where reasonably required.
Where an amount has been mistakenly refunded to a customer due to an accounting or reconciliation error, Academic Forest reserves the right to recover the erroneously refunded amount through lawful means.
6.7. Customer Responsibility: Customers remain responsible for notifying Academic Forest promptly of any suspected over-deduction and providing information reasonably required to investigate the matter.
The existence of a payroll deduction instruction does not by itself determine the customer's outstanding balance; the customer's account shall be reconciled against actual amounts received by Academic Forest.
6.1 Where applicable, the Borrower shall provide one or
more guarantors acceptable to Academic Forest.
7.2 The guarantor(s) shall be jointly and severally liable in
the event of the Borrower’s default.
The Borrower agrees to:
Academic Forest reserves the right to terminate this Agreement and demand immediate repayment of the outstanding balance (including penalties) if the Borrower breaches any of the terms herein.
10.1 The Borrower agrees to immediately notify Academic
Forest in writing of resignation, suspension, retirement,
termination, leave without pay, or any change affecting
salary payment.
10.2 Upon exit from service or cessation of salary, the
outstanding loan balance shall become immediately due
and payable, unless otherwise restructured at the discretion
of Academic Forest.
10.3 Academic Forest reserves the right to demand lumpsum
repayment or activate guarantor recovery upon such
exit.
This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
12.1 The Borrower hereby consents to Academic Forest
collecting, processing, storing, and sharing personal,
employment, salary, and repayment-related information
strictly for the purposes of loan administration, recovery,
reporting, and regulatory compliance.
12.2 Such data may be shared with the Borrower’s
employer, payroll administrators, guarantors, financial
institutions, credit bureaus, recovery agents, or regulatory
authorities where necessary and lawful.
12.3 Academic Forest shall process all personal data in
accordance with the Nigeria Data Protection Act (NDPA)
and other applicable data protection regulations.
12.4 The Borrower acknowledges that refusal to grant
consent may render them ineligible for the school fees
financing facility.
Academic Forest may review or amend these terms from time to time. Borrowers shall be notified of any material changes.
By checking the box, the Borrower confirms that they have read, understood, and agreed to be bound by the terms and conditions of this Agreement.