The high costs of tertiary education often make it challenging for many people to access. One of the main ways in which people access tertiary education is by applying for a student loan.
Getting a form of tertiary education is a good way to enhance job prospects and can be helpful for gaining some valuable skills.
How to apply for a student loan
Tuition fees are quite exorbitant, so applying for a student loan can be a good way to be able to afford the level of education that you want.
Most student loans generally cover the cost of tuition, books, accommodation and other study-related equipment.
Before you apply for a student loan, it’s important to make sure that you calculate costs such as residence fees, books and stationery. It’s important to shop around and to make sure that you read the fine print.
Make sure that you understand the terms and conditions attached to each loan as well as the repayment terms.
Keep in mind that with different lenders you may need to apply for each year of registration. In many cases a student loan is granted for a specific year of study.
You will be required to provide a range of documents during the application process.
Some lenders may also offer a grace period for internships, community service or articles in order to qualify in their field of study.
A credit assessment will be done, in order to ascertain whether you will be able to afford to repay the student loan or not. If you are underage, or if you have a poor credit record you may apply for a student loan with the help of surety. This individual should have a good credit record. Payments can then be charged to the surety’s bank account.
Tuition fees will be paid directly to the tertiary institution.