Sometimes the only thing that stands in the way of prospective students and their dreams is the money that will help cover a number of costs.
Some of these costs include tuition fees, textbooks, equipment, and accommodation that the student will be utilising during the time of study.
Banks and other financial institutions offer student loans to fill this gap.
When submitting a student loan, the following documents will typically be needed from you:
- The guarantor's valid South African ID card or document.
- A valid passport if you are not South African citizens.
- The guarantor's latest payslip or 3 months' stamped bank statements.
- A transactional account belonging to the guarantor as their main account, if you don’t bank with the financial institution that you will submit your student loan application.
You will also be required to submit proof of enrolment/registration from the educational institution.
The guarantor is the person that agrees to be responsible for the student’s payment of debt if a default is made on the payments of the loan.
Although it's not easy to choose which financial institution offers the best deal, you can take a look at the different interest rates, how their repayments work and other terms and conditions that apply, in order to help you weigh your options before submitting your student loan application.
