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Pros and Cons: Student Loans


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Student loans are one of the options for student funding that you may be investigating. In this mini series of articles named Pros and Cons, Bursaries Portal outlines the advantages and disadvantages of scholarships, bursaries and student loans. 

Pros 

The interest rate on student loans may be and lower than other loans. 

You'll need to have a bank account at some point since banks are important so it's good to build a relationship early on. 

Banks like people who have varsity/college experience and so are normally flexible with payback. 

 

Cons 

It is a loan and so you will need to pay it back with interest. 

Since you need to pay it back, start your career with debt

You need to have a parent, guardian or adult with a good financial stand to sing surety (this means since you don't have assets, an adult with assets take joint responsibility with you for the loan to pay it back if you can't). 

 

Finally, research shows that people with a degree will earn more money than people who don't. If your career that you are studying for is high paying it makes sense to take a loan because you will be able to pay it back easily. If you aren't guaranteed a high paying job you may want to reconsider taking a loan. 

 

To read about the pros and cons of scholarships, click here. To read about the pros and cons of bursaries, click here.

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Latest Bursaries

Flywire aims to award a total of seven scholarships of $5,000 USD each. These scholarships will be awarded across different themes. 

These are the themes:

  1. Social justice
  2. Global citizenship
  3. Global health

Closing date: 21 June 2021

Sanlam is offering bursaries to scholars who have enrolled to study actuarial science.

If you are a whiz at maths, enjoy a good challenge by solving difficult problems and are willing to remain focused and disciplined through years of studying and training, then you are just who Sanlam is looking for.

Closing Date: 31 July 2021

Jakes Gerwel Fellowship is a full university scholarship that provides extensive mentoring and leadership development for graduate students with a passion for teaching and education.

The Old Mutual Education Trust (OMET) applications are open to all participating union members and their dependents. The funding from this scholarship will allow for the pursuit of any tertiary qualification at one of South Africa’s public higher education institutions.

The Oppenheimer Memorial Trust (OMT) awards a limited number of scholarships annually. These scholarships are for postgraduate study at public Higher Education Institutions in South Africa at Master’s, Doctoral and Postdoctoral level.

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