A student loan provides an alternative method to cover tertiary costs for students in need of university funding. The following reveals what a student who is looking to apply for tertiary loan funding can expect to have covered by their student loan.
In South Africa, there are a number of bank branches that offer optimal student loan options.
The ones of note include FNB, Standard Bank, Nedbank and ABSA, whilst Sanlam Insurance company, and the Fundi financial institution offer two good alternatives outside of bank loan funding.
However, each loan offer may differ, with some banks offering funding for both full-time and part-time students, whilst others may only offer funding for one or the other.
In general, the student who pursues the student loan could expect to have their study tuition, studying material, accommodation fees, travel expenses and so on, to be covered in their package.
This, however, may differ between different student loan agreements, and as such, it is important that students pursue the specific information from the different institutions that offer student loans.
The student should also note that their financial circumstances will have an important role to play in their ability to attain a student loan. A sponsor or surety is typically required to apply for a student loan that is received specifically from the bank on the student’s behalf.
This person will assume responsibility over the student’s debt if the student is unable to do so for some or other reason. Furthermore, the student should be prepared to eventually pay back the loan, with interest, depending on the loan agreement reached.
The sponsor/surety will also need to have a high enough income, good credit, and be able and willing to assume the student’s debt responsibilities, whilst a set of other requirements would have to be met before a student’s application for a bank loan to be accepted.
Despite the requirements that come with applying for a student loan, this pursuit can certainly alleviate the student’s personal stress as they would be secure in knowing that their loan will cover their studies during their period of study.
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