A Simple Guide to Study Loans in South Africa
Study loans often provide the best solutions to individuals looking for financial assistance to help them further their studies. Traditional bank loans can be just as effective, but interest rates are often higher.
Study loans often provide finance to cover:
- Tertiary education fees
- Textbook costs
- Equipment costs
- Travel expenses
- Accommodation costs
In South Africa, not many students can afford the costs related to higher education. Many students and parents turn to loans for assistance.
The costs of tertiary education continue to rise, despite salary levels remaining relatively stagnant. The market for study loans is growing by the day, as individuals seek to improve their standards of living by gaining further education, even though they can’t always afford to pay.
Getting study loans provides simple solutions by giving individuals an opportunity to repay their loans over a set period of time, at the lowest possible interest rates.
Where can one get study loans in South Africa?
In South Africa, students can gain access to study loans through various channels. This may include banking institutions as well as specialist education funding providers.
Examples of lenders offering study loans in South Africa include:
- EduLoan
- Standard Bank
- National Student Financial Aid Scheme (NSFAS)
- First National Bank (FNB)
- Nedbank
- Absa
- Independent lenders
Study Loan SA
Study Loan SA is an independent lender that has partnered with a group of Distance Learning Colleges that offer study loans with affordable monthly payment schedules.
Partner colleges include College SA, Skills Academy and The Learning Group.
Absa
Absa study loans provide finance to cover tuition, textbooks, accommodation and study equipment fees. To qualify, a sponsor must earn a minimum of R3000 per month.
Standard Bank
Standard Bank study loans are granted for a specific year of study. Applicants must be studying towards a certificate, a diploma, a degree, postgraduate degree or postgraduate diploma.
EduLoan
EduLoan has been providing finance for all levels of tuition since 1996 and is an industry leader.
FNB
FNB offers a personalised interest rate on loans from R4000 to R80 000. Students can pay the interest only while studying.
