Student Loans In South Africa
Education is certainly not cheap, with the cost of registration fees, tuition, accommodation (if your tertiary institution is far from home), textbooks, a laptop and other study materials. But there is no denying that in today’s society one cannot afford to not have a tertiary qualification.
There is of course the option of a bursary or scholarship award (which is the whole purpose of this website), but the truth is that there are just not enough bursary awards for all the students who need them.
However, there is another option for students in financial need – a student loan.
If you would like to find out more about study loans and how they work, please see our list of FAQ’s (frequently asked questions) relating to student loans below:
1) What is a student loan?
Financial institutions will lend you the money to pay for your studies – you will then be required to service the interest while you are studying, and pay back the capital once you have graduated.
A student loan is paid directly to the financial institution where you are undertaking your studies (they will require proof that you have been accepted and registered to study).
If 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 – usually a parent or guardian.
2) What loan amount can I apply for?
This depends on the financial institution and the cost of your tuition and other study expenses.
3) What expenses can a study loan cover?
The loan can be used to cover your tuition fees, as well as accommodation for full-time students, textbooks, equipment and other education related expenses.
This may differ between financial institutions.
4) How do I qualify for a student loan?
You will have to provide that you have been accepted to study and that you have someone to stand surety for paying back the loan.
5) Where can I get a student loan?
We have compiled a comparison 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