My Student Loans from Standard Bank

Student loans are a reality to many citizens who wants to get a higher education but simply cannot afford it. There are many questions like “When should I start paying my student loans”? or “What can I pay with my student loans”? Standard Bank has the answers.

Firstly, let us look at the definition of a student loan. When someone applies for a student’s loan, they are applying for funding for a higher education after completion of high school. Student loans can be used to pay to books, tuition fees, equipment that will be used for studies like a laptop and accommodation. Please note that loans for accommodation are only granted when full-time students are not living at home with their parents.

For a Standard Bank student loan to be approved, the course as well as the institution you have choses must be accredited by one of the following entities: Department of Higher Education (DHE), SETA; SAQA; or Umalusi.

When you are approved for a student loan, you will also receive a transaction account. A once of initiation fee and monthly service fee will be subtracted form the loan. This account will be used to buy things you need. If you student loan is approved and an accommodation loan is included, the accommodation money is paid to the place of residence.

The tuition fee will also be paid directly to the institution. The remaining balance can either then be transferred to the transactional account or left in the student loan account. You only pay back your loan on completion of your studies.

When applying for a grant, keep in mind that it is only valid for a specific year. You need to re-apply every year when you register. If you do continue with studies but do not need any additional funding, you need to send proof of registration and your marks to Standard Bank.