Absa offers a study loan to students who wish to fund their tertiary education. This loan is covers a wide variety of study related expenses, and must be repaid with interest.
Who can apply?
The loan is open to all South African citizens who permanently live in South Africa and earn more than R3000 per month.
The loan can be taken out by the following individuals with proof of income: parents, sponsors or guardians, and part time students who are employed full-time.
If you are a part-time student, and you wish to apply for an Absa loan, you have to be studying at any of the following institutions:
- University, university of technology, agricultural college, technical vocational education and training college (TVET)
- Any private institution that is registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA)
- If you are an online student, you have to be studying online courses that are accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA).
- Aviation training from an approved training organisation (ATO) which has been approved by SA Civil Aviation Authority (SACAA).
What does the Absa study loan cover?
- One year’s tuition fees and associated costs for undergraduate and postgraduate qualifications (the duration of the course cannot be less than two months)
- Prescribed text books
- Tuition fees (including your registration)
- Accommodation (Only full time students not living with family)
- Computer equipment - if it is required for your studies
- The minimum loan amount is R15 000
You must reapply for the loan if you require funding for the duration of your degree.
What documents do you need to apply?
- Valid South African ID/Smart card
- Proof of residence (you can provide a municipal or rates bill)
- Your last three months’ payslips/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). This includes: tuition fees, accommodation for full-time students not living with parents or relatives, text books, study-related technological devices such as laptops or tablets
Should you require funding for your other years of study, you need to reapply for the loan and provide your academic transcript for your previous year(s) of study.
How can the loan be paid off?
You can either make arrangements with the bank to repay the full capital and interest amount, or to repay interest over a period of 12 months.
In the event that you are unable to repay the loan due to death, disability, a critical health condition or retrenchment, the Credit Protection Plan will be in effect.
The Credit Protection Plan covers individuals who have an Absa study loan between the value of R30 000 and R250 000.
Applications for this study loan are available at any Absa branch. For further queries, contact: 0860 100 372