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.
ApThe 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.
6.1 Where applicable, the Borrower shall provide one or
more guarantors acceptable to Academic Forest.
6.2 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.
9.1 The Borrower agrees to immediately notify Academic
Forest in writing of resignation, suspension, retirement,
termination, leave without pay, or any change affecting
salary payment.
9.2 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.
9.3 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.
11.1 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.
11.2 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.
11.3 Academic Forest shall process all personal data in
accordance with the Nigeria Data Protection Act (NDPA)
and other applicable data protection regulations.
11.4 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.