To study has become quite expensive and there is no way around it. Fortunately, there are other options available. If you were one who asked, how to apply for a student loan in South Africa, then read the next few paragraphs carefully as we’ll give you everything you’ll need.
Student loans in South Africa work like this: The student and a parent that earns an income apply for a loan for the student. The parent is then required to pay the interest portion of the loan every month while the student studies. The loan amount, however, remains in the student’s name. The student is expected to pay off the entire student loan
amount once they graduate and start working. The loan provider does give the student about 3 – 6 months to get a job before they have to start paying the loan off. The whole idea behind this is to give the student a fair opportunity to find a job after he/she graduates. Should this period expire and the student doesn’t have a job yet, the parent will be charged the monthly fee.
The first thing you need to remember is, it’s quite hard to say whether a student loan is good or bad for you because it all depends on your circumstances.
So ask yourself this question, by taking out the loan, will it prevent you from studying? If yes, then take a study loan! Otherwise, avoid it till the circumstances are better.
Always pay your tuition first, should there be money left over, leave it alone. Paying that back into the student loan will make your life and that of your parents so much easier in the future. Any money left over can make the amount you pay back less and also bring down the interest your parents have to pay on your loan while you study.
When you go to the bank to apply, you’ll simply fill in some forms, hand over the documents and give them some how much you need. Also, make sure you have all the details of your studies, like the level and full name of the course.
The amount you receive is all dependent on your parent’s credit history and their income bracket.
You’ll know in 20 minutes or less whether you’re approved or declined. In 48 hours or less, you’ll have the money in your account and then off to pay your tuition.
Should you decide to take a student loan, you need to consider the type of loan provider you’d like to use. It’s highly recommended to use a bank, and because you already have a bank account, it makes things easier. So approach your bank, they’ll work easier with you since you have an account with them.
Here is a breakdown of what these loan providers offer:
They cover:
You’ll get:
Take note; a new application form is required each time you start studying.
Should you be a full-time student, you’ll also get the Standard Bank transaction account that best suits a student’s needs, but only once the loan is approved.
They cover:
A once off initiation fee and monthly service fee will be charged on the student loan.
They cover:
Also if you earn a monthly income of a minimum amount of R3 000 per month or more.
This is everything you’ll need to get started with your studies.
if my credit record looks bad meaning i can't able or be considered by anyone for R60 000 student loan…
if my credit record looks bad meaning i can't able or be considered by anyone for R60 000 student loan of my daughter?
