Student Loans in South Africa is a necessity. Here is how they work, how to qualify for one and where to find student loans in South Africa.
Most students are not be able to achieve their educational dreams because education is certainly not cheap.
Among other costs, South African students have to deal with cost of registration fees, tuition, accommodation (if your tertiary institution is far from home), textbooks, a laptop and other study materials.
Yes, there are bursaries, learnerships, scholarship awards (which is the whole purpose of this website) that students can rely on to fund their tertiary education, the truth, however, is that the number of bursary awards are way less than the number of students who need them.
There are just not enough bursary awards for all the South African students who need them.
So, is there a way out? If yes, what is this way out? What other option is available for students in financial need?
That solution is student loans.
To find out more about study loans and how they work and where to find them online, continue reading below:
What is a student loan?
A student loan is a type of loan designed to help students pay for post-secondary/tertiary education and the associated fees, such as tuition, books and supplies, and living expenses. Student loans in South Africa are a realistic option, and they are readily available.
How do student loans work in South Africa?
South African financial institutions will lend you the money to pay for your studies. How you pay back is – service the interest while you are studying and pay back the capital once you have graduated.
A student loan is paid directly to the university/tertiary institution where you are undertaking your studies.
How to get a student loan?
To get a student loan, you will be required by the financial institution to provide proof that you have been accepted by your school and registered to study.
If however, you are employed during your school year, let’s say you are studying full-time (thus not employed), someone will be required to stand surety for you and service the interest on your loan while you study. This is usually done by your parents or guardian.
What loan amount can I apply for?
This depends on three things – the cost of your tuition/other study expenses, how much you will be able to pay back, then the financial institution you approach for a loan.
What expenses can a study loan cover?
A study loan can be used to cover your tuition fees, accommodation fees for full-time students, textbooks, equipment and every other education related expenses.
This may differ between financial institutions.
How do I qualify for a student loan?
To qualify for a student loan, you will be required to provide that you have been accepted to study at a university/tertiary institution and that you have someone to stand surety for paying back the loan.
Where can I get a student loan?
Here is a list of the top financial institutions in South Africa that offer student loans:
- Standard Bank Student Loan
- ABSA Student Loan
- FNB Student Loan
- Nedbank Student Loan