Study Loans For Higher Education

The best thing to happen to South Africa was the introduction of study loans. Yes its money you have to pay back eventually. However, student loans take the burden off your shoulders after you matriculating. One of the biggest reliefs is that you never have to worry about fees while you study because its all taken care of by your loan. The only stress you’ll have to deal with is passing your modules and getting that degree. The list below gives you options of organisations you can approach for a student loan.

1. Life Start Student Loan – FNB

Get a six month grace period after graduation to start repaying capital.

Qualifying criteria:
• Parent/Sponsor must be permanently employed
• Should have worked for the same employer or in the same industry for a reasonable period of time
• Should be able to afford the monthly repayments.
• Should earn a minimum income of R6 000 per month.
What the Life Start Student Loans offers:
• A student loan from R4 000
• Competitive interest rates
• Flexibility as you can apply every year as and when you need support
What this allows me to do:
• Pay tuition fees directly to the university/educational institution
• Service only the interest portion while completing your studies and start repaying interest plus capital after graduation
• Consider your no obligations quote, which is valid for 10 days
• Now you can concentrate on your studies while we help you manage your finances.
What it will cost:
The monthly repayment amount is based on your risk profile and the terms of the loan. Now you can concentrate on your studies while we help you manage the finances.
https://www.fnb.co.za/students/life-start-student-loan.html

2. EduLoan – Student Educational Loan

Eduloan is the leading education finance specialist, operating in Southern Africa, catering for all levels of tuition. Since our inception in 1996, we have helped more than 720 000 South Africans to unlock their true potential with more than R3,7 billion in study loans. We have also pioneered a bursary fund management product called Eduxtras, to assist students and bursars alike in effectively budgeting and controlling spend on essential study requirements, including tuition fees, books, accommodation, food etc.
Eduloan study loans make your life simpler
• Extremely low monthly repayments
• No deposits. No hidden costs
• Fixed monthly instalments, so no surprises and you can budget easily
• You only need 4 documents to apply
• Get a response in 48-72 hours
• No admin. Your study loan is paid directly to the institution
• No limits. Apply for all your study needs from books to laptops, registration fees or outstanding balances
• Anyone can apply on your behalf. They just need to be fully employed and meet the instalment criteria
http://www.eduloan.co.za/loan/527/study-loans

3. NSFAS

A student loan is the money you borrow from NSFAS to cover the costs of your studies at any of the 25 public universities in South Africa. The costs include tuition fees, residence or private accommodation costs, food, books and travel. This loan must be repaid to NSFAS when you have finished studying. Depending on your results, up to 40% of your NSFAS study loan may be converted into a bursary and you do not need to repay that amount.
NSFAS has very reasonable repayment terms, which are based on what you earn after you leave university. All loans that are repaid are used to fund other students who also need financial assistance.
NSFAS gives loans to students without the need for guarantees or sureties from parents or guardians. To apply for a NSFAS study loan you can apply at the institution or online directly to NSFAS and fill in the application form.
http://www.nsfas.org.za/NSFAS/STUDENTS/LOANS

4. Standard bank – My student Loan

A Standard Bank student loan to pays for higher or further education and make your dreams a reality. Fill out the application form on this site or visit your nearest branch to complete your application. As a full-time student, you will start repaying the loan on completion of your studies. However, during your time of study, you will need to pay the monthly interest. The interest must be charged to your surety’s bank account.
You’re given a grace period for capital repayments if you have completed your articles, internship or community service. You will need to start repaying your loan immediately if you fail to complete your studies.
Once the amount has been decided upon and you begin repaying the loan, the monthly repayment amounts will remain unchanged. As a part-time student, you will need to repay your loan as soon as you start studying.
Monthly payments must be made by debit order and the amounts will be discussed with you once you apply.
http://youth-applications.standardbank.co.za/mystudentloan/

5. Absa study Loan

An Absa Study Loan can be used to pay your study fees, textbook bills and related costs. It can help you make the most of your resources. While the student is studying, the borrower pays only the interest due on the loan, for the year in which the finance has been taken up. If finance is not taken up for the subsequent year of study, the loan must be paid back from that year onwards. Where finance is taken up for every year of study, the loan must be paid back upon completion of studies over a period not exceeding the time it took to complete studies. When students’ studies are complete, they have the option of taking over the study loan from the parent (the borrower) once they are employed and can prove that they are creditworthy and can afford the repayments.
http://www.absa.co.za/Absacoza/Individual/Borrowing/Finance-your-Studies/Study-loan

6. Nedbank Student loan

A Nedbank Student Loan gives prospective students and parents peace of mind and a sense of financial security knowing that funds are available for further studies. As a fulltime student you qualify for a Dezign Student Account, which allows you access to a transactional account in a convenient and cost-effective manner. With this product you can also support a cause that is important to you with our affinity options, at no additional cost to you.
http://www.nedbank.co.za/website/content/products/product_detail.asp?SubSubcatid=1883&Subcatid=506&ProductID=255