Absa is one of four major banks in South Africa that offer student loans to students who are considering a bank loan as an option to fund their tertiary studies. Here are the requirements students have to meet in order to qualify for a student loan from Absa.
Absa student loans fund both undergraduate and postgraduate qualifications, granted that the duration of the course is more than two months. Students can apply for a minimum amount of R15 000.
The study loan only covers one year’s tuition fees and associated costs. Students will need to re-apply the following year if they continue with their studies. The study loan is awarded based on each customer’s risk and affordability.
To qualify for the loan, a student must be a South African citizen or person living in South Africa permanently and earn more than R3 000 a month. The loan can be in the name of:
- A parent, who has proof of income
- A sponsor or guardian, who has proof of income
- A part-time student, who is full-time employed and has proof of income
Required Documents For Applying:
- A valid South African ID document or Smart card
- Proof of residential address such as a municipal or rates bill
- Your last three months’ payslips or bank statements
- Proof of study in the form of a final letter of acceptance or proof of registration
- Proof of course costs for the year of study (invoices/statements); for
- Tuition fees
- Accommodation for full-time students not living with parents or relatives
- Study-related technological devices
The student loan also may include the following:
- Prescribed textbooks
- Tuition fees including your registration
- Accommodation (Only full-time students who are not living with family)
- Computer equipment required for your studies
For second and subsequent years of study, proof of the previous years’ academic results will be needed to ensure the student is permitted to continue studies.
To repay the study loan students choose to either make capital and interest repayments or only repay the interest for a period of 12 months.
The study loan can be taken out by students studying full-time or part-time at any of the following institutions:
University, University of technology, agricultural college, technical vocational education and training college (TVET), any private study institution registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA).
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