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Loans and finance
Their degree today. Full repayments after graduation.
The Lanternvale Education Loan pays university fees at home or abroad, with interest-only payments for up to 4 years while your child studies.
Applications are not possible: this is a fictional test website.
Key benefits
Up to JOD 40,000
Cover tuition, housing and books for a full degree.
Interest-only while studying
Pay only the interest for up to 4 years, then start full instalments.
Paid straight to the university
We transfer fees each semester, in the university's currency if needed.
6.50% p.a. fixed
One clear rate for the whole loan.
Who it's for
For parents who want the best education for their children without emptying the family savings.
- Parents of high-school graduates accepted at local universities
- Families sending a son or daughter to study abroad
- Working adults returning for a master's degree, with a guarantor
- Students on partial scholarships who need to cover the rest
Features
- Fees paid per semester or per year
- Overseas fee transfers in USD, EUR or GBP
- Grace period of up to 4 years with interest-only payments
- Total term up to 10 years including grace
- Living allowance of up to 30% of the loan
- Free student debit card for the student
Rates and figures
| Item | Detail |
|---|---|
| Maximum amount | JOD 40,000 |
| Rate | 6.50% p.a. |
| Grace period | Interest-only during study, up to 4 years |
| Total term | Up to 10 years including grace |
Fictional figures for software testing.
| Period | Monthly payment |
|---|---|
| During study (4 years) | About JOD 108 (interest only) |
| After graduation (6 years) | About JOD 336 |
Rounded illustration only.
Fees and charges
| Administration fee | JOD 100 |
|---|---|
| International transfer to university | Free for the first 8 transfers |
| Early settlement | Free |
| Late payment | JOD 10 per missed instalment |
Eligibility
- Borrower (usually a parent) aged 21 to 65 at the end of the loan
- Minimum monthly salary JOD 600
- University acceptance letter
- Student aged 17 to 35
Documents you need
- Borrower's ID and salary certificate
- Student's ID or passport
- University acceptance letter and fee schedule
- Proof of relationship (for parents)
- Student visa (for study abroad)
How to apply
- Get the university acceptance letter and fee schedule
- Apply in the app or at a branch
- Sign the loan agreement
- We pay the first semester directly to the university
Frequently asked questions
Who repays the loan, the parent or the student?
The borrower, usually the parent, is responsible. A working adult student can borrow with a guarantor.
Can you pay a university abroad?
Yes, we transfer fees in USD, EUR or GBP directly to the university account.
What happens if my child takes longer to graduate?
The grace period can be extended by up to 12 months once, within the 10-year total term.
Can I settle early?
Yes, education loans can be settled early with no fee.
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Lanternvale Bank is fictional. Figures are examples for software testing only. Finance is subject to credit approval and, if it were real, to local banking regulation.