Where Can You Get Student Loans In South Africa

Many students can’t opt for working and studying due to one reason or the other. This is understandable. Imagine studying a very tasking course like Medicine, and you now keep dividing your attention with working on different jobs. It won’t be quite easy. Hence, a reasonable option for many folks who can’t afford to pay for their university expenses is to simply sign up for a student loan.

Actually, there are several places you can get a student loan in South Africa, and they are usually banks. But we won’t be limiting here. And we won’t also give a long list and expect you to sort out things yourself. Rather, let’s simply highlight some of the biggest and best student loan providers in South Africa, as well as what you can expect from them.

Where Can You Get Student Loans In South Africa

1. Fundi

This loan issuer has the following student loan options:

1. Study loans: This will cover things like your tuition fees, your exam fees, your registration fees, as well as outstanding fees.
2. Study tools: This fund is expected to be used to sort out critical things like textbooks, technology, study equipment
3. Accommodation: Your accommodation is covered during studies

If you are getting a loan here, you should note that you will have to submit four documents to apply, and you will receive a response within 48-72 hours from them. Please note that there are no deposits, and your study loan is paid directly to your institution. They also operate a fixed monthly repayments structure, and there are no limits to what they offer.

One of the significant features about them is that they allow anyone to apply on behalf of the student (of course, such must be fully employed and also meet the criteria indicated on their website). You can always get more information on their official website.

Here is Fundi’s phone number – 0860 55 55 44

2. First National Bank

Their offerings include: 

– Your Tuition fees

– Funds for your Books

– Your Campus Accommodation

If you are getting a student loan from First National Bank, you should know that they operate a personalized interest rate structure. As a student, you can only get loans from R4,000 to R80,000. Also, during your course of study in your institution, you have to pay interest on your loan, but you can pay the rest after you are out of school.

You can always get more information on their website. You can also give them a call via 0861 40 40 40

3. National Student Financial Aid Scheme (NSFAS)

NSFAS is a big name in South Africa, and is even the biggest loan issuer in the country. They are not the typical loan issuer but will provide as much help as you need. The organization was created to help folks in the country with small household incomes. Indeed, this is the best place to go get help for your education.

One significant thing here is, even if a student doesn’t have a parent with an income that can be their surety, they can still be helped at NSFAS. This is not something you will easily see elsewhere. 

You can give them a call via 0860 067 327 for more information, or send a mail to info@nsfas.org.za

4. Standard Bank

Students in South Africa in need of a student loan can easily get one at Standard Bank. They send the funds once it is approved, and the student can use the money to settle their tuition fees as well as accommodation.

Please note that Standard Bank will send the fees for your tuition and accommodation straight to your institution and where you would be staying. Money for books will however be sent to the transactional account. You should also realize that as far as the structure for students loans at Standard Bank is concerned, they are actually granted for a specific year of study, and one will have to reapply for each year of registration (there is also a maximum amount of money given for each year of study, which is understandable).

You can always get more information on their website, or simply call them via 0860 123 000

5. ABSA

Absa is another student loan issuer in South Africa. They cover the following:

– SETA and SAQA courses

– Your textbooks

– Your accommodation 

Please note that they won’t just give a loan to just anyone, but are interested in those earning a monthly income of at least R3000. Also, you are to settle the prime interest rate on your study loans.

You can get more information on this on their website. You can also call through 0860 100 372

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Conclusion

As stated earlier, there are several places you can get a student loan in South Africa. But you shouldn’t just jump at just any offer. If you must take a student loan, seek relevant advice. Also, ensure you simply get an amount you need – don’t ask for something huge and more. It is not too cool to be in great debt after graduating and to now start your life in deep debt. Ensure you see your loan issuer’s specific documentation requirements, and be really familiar with it, hence they might not approve your application