What is a student loan?
A student loan is a loan which goes towards funding your studies, it’s a less ideal way of funding your studies because it has to be repayed with interest. If you don’t qualify for grants, scholarships, bursaries, or if the funding that you have is not enough to cover your tuition and other school related costs, then a student loan is another funding option you can consider.
Which banks offer student loans in South Africa
All major South African banks offer student loans to South Africans with valid study permits, these banks include: Absa, First National Bank (FNB), Nedbank and Standard Bank.
Who qualifies for a student loan?
What do I need to apply for a student loan?
Each bank has specific documents that you need to submit along with your application, so have a look at their websites if you want to know more information. The common documents banks need are:
- Certified copy of your ID
- Acceptance letter/proof of registration from the institution you will be attending
- Proof of residence
- Latest academic results
- 3 months’ bank statement
- Proof of tuition costs
What do student loans cover?
Absa – registration fees, tuiton fees, accomodation, text books and computer equipment.
FNB – tuition fees, textbooks, devices, equipment and accommodation
Nedbank – tuition fees, textbooks and accommodation
Standard Bank – registration fees, tuition fees and accommodation
Although the loans these banks offer may seem like they cover a wide variety of costs, the downside is the fact that the loans have to be repayed with interest. If you do enough research, you’ll be able to find a student loan that is tailored to your needs and what you can afford to repay.