Where can you apply for a study loan?
- Most banks offer study loans. Go into a branch or search their website to find out what they can offer you.
- If you have an education savings policy that doesn’t covers all your cost, find out from your policy holder if they have a product that could help you with the rest of the costs.
Who can apply for a study loan?
The criteria will differ from bank to bank, but the most general ones are:
- You have to be at least 18 years old.
- There should be a principal debtor or sponsor that will apply for the student loan with the student.
- The principal debtor or sponsor will have to provide an income statement and there will be a minimum amount that they must earn per month in order to qualify.
- The student has to be registered part-time or full-time at a tertiary institution. These can include a university, university of technology, agricultural college, technical vocational education training college (TVET) or private institution that is registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA).
What will a student loan cover?
Depending on the specific bank or institution’s conditions, the loan could cover or give discounts on:
- Tuition fees.
- Text books and stationery.
- Campus or private accommodation
The most general documents needed when you apply:
- A copy of the sponsor and student’s South African green bar-coded ID or Smart Card ID.
- Latest payslip of sponsor and/or 3 month’s bank statements.
- Proof of residence not older than 3 months.
- Proof of registration or letter of acceptance from the educational institution that indicates the year in which your studies will start.
- Proof of how much the course will cost and of any outstanding fees owed to the tertiary institution.
- An invoice of other applicable costs like stationery, accommodation etc.
- The student’s matric or last academic results.
How do I pay a study loan off?
- You or your sponsor usually only pay the interest while you study and the rest after graduation. These will be monthly instalments.
- You can already make capital and interest repayments as soon as your application for a study loan is approved.
You might want to read about ways to make education more affordable.