The Standard Bank student loan gives students the opportunity to fund their tertiary studies, with no maximum tuition fee amount. Standard Bank and non-Standard Bank account holders can apply for the loan. It is open to part-time students and full-time students who have parents or guardians who can sign surety.
Who can apply?
- Students who are doing a course with a minimum duration of 3 months
- Students who are studying at, or have been accepted into any of the following accredited institutions: SAQA; SETA; DHE; Umalusi and SACAA approved Flight Schools
- Part-time students must earn a minimum income of R5 000 per month in order to qualify
- Full time students must have a parent/guardian to sign surety for the student loan. The surety must earn a minimum of R3000 per month, as they will be responsible for paying the loan for the duration of the student's studies.
The surety of the student does not have to be a Standard Bank account holder.
What does the Standard Bank student loan cover?
- Registration & tuition fees (Minimum tuition fees of R5 000)
- Accommodation (maximum amount of R60 000 per year — must provide a lease agreement)
- Textbooks and equipment (up to R20 000 (with proof of costs) or Up to R6 000 (with no proof of costs)
How is the money distributed?
- Tuition fees will be paid directly to the institution
- Accommodation fees will be paid directly into the landlord’s account
- Textbooks and equipment will be paid directly into the surety’s transactional account or into the account of the student if they are self-assured
The student loan will not be granted for accommodation, equipment, and textbooks only. The loan must cover a portion of the tuition fees.
What documents do you need to apply?
In order to apply for the loan, you can visit a Standard Bank branch near you with the following documents:
- 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, textbooks, study-related technological devices such as laptops or tablets
- Proof of your latest academic results
- Valid ID documents (of the student & parent/guardian responsible for the loan)
- Proof of residence (of the student & parent/guardian responsible for the loan)
- For Standard Bank customers: 3 months’ payslips
- For non-Standard Bank customers: 3 months' bank statements (of the parent/guardian responsible for the loan)
How can the loan be paid off?
Once the student has completed their studies, there is a grace period of 6 months before they are required to take over the loan repayments.
You can get the loan at an interest rate of 7.75%.
In addition to this, Standard Bank has a Personal Protection Plan available in order to help you insure your student loan. This Personal Protection Plan assists you in making sure that your debt is settled in the event of disability, critical illness or death.
For more information, visit a Standard Bank branch near you or:
call 0860 123 000 or email [email protected]