Student loans offer financial support that helps cover tuition, textbooks, living fees, travel expenses and other supplies that the student will need during the relevant academic year.
“This makes it different from personal loans, as they are catered to cover your unique needs, with lower interest rates and longer repayment periods,” indicated RCS Group in a statement.
However, it is advisable that students do their research in terms of how each student loan differs from one financial institution to the next.
If you’ll pursuing your studies at Boston City Campus, then here are the types of student loans that you can look into:
Different types of student loans
- Bank-issued student loans
Banks that are popularly known for providing student loans for Boston students include Capitec, First National Bank, Standard Bank, Nedbank, and Absa.
It is important to note that each of these financial institutions have their own terms and conditions that the student and/or guarantor need to stick to. It is for this research that students have been advised to do their research and necessary comparison.
- Independent credit providers
Alternatively, students may also opt for independent credit providers such as the RCS Group, or Fundi to receive student loans. Learn more about each offer before you make your final decision.
According to Old Mutual, it is important that students understand the red tape around liability before signing up for a student loan because these rules depend on each bank's rules.
For instance, some student loans need to be in the name of the student applying for the loan while others allow parents or sponsors to sign for the loans.
The principal debtor or the person who has signed will be responsible for making the student loan repayments to the credit provider.
Although it may be difficult for university and college students and/or guarantors to manage student loan repayments, there are strategies that will be beneficial to them, also making the repayment process easier and stress-free.
Does National Student Financial Aid Scheme (NSFAS) Still Offer Student Loans?
Pre 2018, NSFAS was the most popular student loan provider, the Scheme also benefited students who did not have a parent to help with loan payments.
It was in 2018 that the Scheme transitioned from student loan to a government bursary scheme for financially deserving students pursuing their studies in one of South Africa’s public universities or colleges.
