Conversations around student loans in South Africa highlight how expensiveeducationis in the country.
The cost of registration fees, tuition fees, studying material and accommodation is not cheap.
Furthermore, today’s society can hardly accommodate an uneducated fellow.
The best student loans 2021. Photo: Belgium CampusSource: Facebook
These factors call for the conversation on the best student loans in South Africa.
Are student loans a viable option?
Read on for more details.
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Student loans in South Africa
Financial institutions offer to lend students funds to cater for their studies.
You are required to pay the loan directly to the financial institution.
These details unpack that and more information.
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How does a student qualify for a loan?
What is a study loan?
The debt caters for a student’s tuition and any other education-related expenses.
A student is delighted to learn he can pursue his studies through funding by Standard Bank. Photo: @Standard Bank - South AfricaSource: Facebook
Therefore, for you to qualify, you should prove to have been accepted to an institution.
You also need to prove that you have a reliable person who will service the loan for you.
Best student loans South Africa
Financial institutions like banks offer study loans.
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It would also be prudent to go with the one with favourable interest rates.
Being knowledgeable on the repayment plan is also essential.
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So,which bank is the bestfor student loans in SouthAfrica?
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This list provides some of the most reliable options, their terms and what the loan covers.
The funding ranges between R4,000 to R80,000.
Any student from a recognized tertiary institution qualifies for the loan.
Fundi, one of South Africa’s most reliable financial institutions. Photo: @S.MAB Training AcademySource: Facebook
The bank also offers a flexible repayment plan.
The plan only requires you to service the interest while studying and flush the capital upon completing your studies.
Standard Bank South Africa
Standard Bank South Africaoffers student loans for both full-time and part-time students.
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SBSA offers a 7% interest rate, and it covers educative devices like laptops.
It also provides easy payouts as the funds are remitted to the relevant parties.
It allocates up to R60,000 for accommodation and R20,000 for textbooks and equipment.
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Standard Bank South Africa is one of the most reliable options.
It allows a student the option to confirm whether they qualify online.
Nedbank
Nedbankoffers to fund full-time students and interns.
For you to be a benefactor, your guarantor should commit to paying the monthly interest on your loan.
when you obtain completed your studies, you will start repaying your loan,capital and interest.
Nedbank offers part-time students access to the loan, although on different terms.
As a part-time student, you will need to service the loan and interest once you commence your studies.
Nedbank offers favourable interest rates based on your credit scores.
It also provides a life cover in case of death or a disability.
The Nedbank study loan covers tuition, accommodation, study-related equipment and books.
Calculate your loan repayment using the bond repayment calculator
4.
ABSA
ABSAoffers students the opportunity to access low-interest study loans.
The package has a more flexible repayment plan.
Sanlam study loans have a lower interest rate, unlike personal loan interest rates.
The funds cater for study fees, registration and exam fees, study-related material and accommodation.
No deposits are required to dive into the funds.
However, as a benefactor, you ought to service it by paying the fixed monthly charge.
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Where can you get loans in South Africa?
The options mentioned above provide a wide range of financial institutions at your disposal.
Therefore, they make your dream to access higher education more attainable.
Furthermore, you could lessen your financial burden by applying for student bursaries.
You might want to check the list out.
The health care sector is one of the most lucrative fields in the 21st Century.
Therefore, pursuing a nursing course is a smart move in ensuring you secure a well paying job.
Any action you take upon the information presented in this article is strictly at your own risk and responsibility!
She graduated from Meru University of Science and Technology with a Bachelor of Technology in Civil Engineering in 2019.
In 2023, Priscillah finished the AFP course on Digital Investigation Techniques.
She has been writing articles on Briefly.co.za since 2019.
Email: pshmueni@gmail.com
