International Student Loan

Getting access to an International Student Loan can be useful for education-related expenses, including tuition, books, fees, transportation, accommodation and other school-related expenses. The costs of tertiary education continue to soar every year. For individuals considering studying internationally these costs may be even more crippling.

For this reason, some people opt for getting a study loan. While it can be possible to apply for an international scholarship, not everyone will qualify.

In South Africa, most lending institutions offer study loans for local study. One of the big four banks in the country however does have resources available for international study.

Nedbank offers student loans to individuals planning on postgraduate studies abroad. The loan amounts vary significantly and the institution offers flexible repayment terms.

The amount that an individual may qualify for is dependent on what he or she will be studying.

In most cases, you can begin the loan application prior to being accepted to your school, but you will need to be accepted in order to finalise the loan. To do this you will also have to provide a valid student visa.

While applying for an International student loan may be highly useful, it’s important to be aware of the costs involved. Doing thorough research before you consider the loan will serve you well in the long run.

The financial sector is unfortunately riddled with unscrupulous lenders who are always looking to swindle individuals. When applying for an international student loan (and any other loan) you should only approach registered banks or institutions.

Applying at multiple banks or institutions might also be worthwhile, as you may not qualify for the first loan you apply for.

Once you are approved, you should keep track of the balance and repayment status at all times to make sure that you don’t default.