Student Loans in South Africa is never easy as it is very costly. Not everyone is so fortunate to have families or employers to cover the costs associated with education such as university fees, private tuition fees, outstanding balances, registration fees, and school fees. If you need to find the money for your education you should understand how to get a student loan. This article will cover the options available to you and what you need to know before you start borrowing.
First of all, a great educational tip is that you should try not to borrow anything. As it’s easy to get money, it’s hard to pay off later. Obviously, an education is an investment, as your knowledge and expertise are going to make you money one day, but you can thank yourself later if you minimize your debt burden by:
Student Loans Options
When taking out student loans, you have a variety of options. You should make sure to consider all of them and choose wisely as to what fits you the best. You should consider the following:
Student loans acquired by the government are probably the best option. Student Loans from the government normally have lower interest rates and some of the interest rates can be paid (subsidized) on your behalf while you’re in school. You should be eligible to qualify for certain government loan programs regardless of your income or credit score. However, should you need more money, you’ll have to be eligible for loans with a private loan provider. That means you’ll need debt to income ratios and credit scores that are high enough to borrow more and students frequently don’t meet those criteria.