Here Are The Student Loan Requirements At Standard Bank

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As Standard Bank has two separate student loan options, the qualifying criteria for both differ. It is important that a prospective loan applicant understand the distinctions between these two loan options and their requirements.

Standard Bank offers both a student loan with and without surety. A surety is someone who has agreed to take up the responsibility for the applicant’s loan repayments in the case that the loanee is unable to do so.

Student loan with surety

The loan with surety finances both fulltime and part-time studies, and has no tuition limit, whilst also allocating a maximum accommodation cover of R60 000 and a maximum learning materials cover of R20 000 per annum. 

The following are the requirements to be met to qualify for this loan option:

  • The applicant must have chosen a course with a minimum duration of 3 months
  • The applicant must be studying at any accredited institution 
  • Only South African citizens are to apply
  • Neither the student nor the surety have to be banking with Standard Bank in order to apply (however, in the case that the applicant wants to study overseas, the surety will have to be banking with Standard Bank)

The necessary documents required for application are as follows:

  • Both the applicant and the surety’s ID documents
  • Both the applicant and surety’s proof of residence no older than 3 months
  • Surety’s last 3 months’ payslips
  • 3 months’ banks statements from non-Standard Bank applicants

Student loan without surety

The student loan without surety offers a maximum loan tuition cover of R120 000 and covers tuition and learning materials as well. This loan option does not require that the student repay their loan during their studies, but expects that the student begin making payments after they graduate or find employment.

The qualifying criteria are as follows:

  • Applicant must be a South African student
  • Applicant must already be studying, or intend to study at the following partner universities: University of Limpopo, University of the Free State, North West University, Sefako Makgatho Health Sciences University, and Stellenbosch university
  • Applicant must be studying approved courses at these institutions. Those course lists can be accessed by clicking here .
  • Applicant’s annual gross household income should be less than R600 000 in total 
  • Applicant will need a Standard Bank transactional account

The necessary documents required for application are as follows:

  • Applicant’s South African ID
  • Applicant’s proof of residence no older than 3 months
  • Proof of household gross income
  • Proof of applicant’s latest academic results
  • Applicant's university registration letter
  • Proof of applicant’s learning materials costs
  • Applicant’s lease agreement revealing the cost of accommodation
  • A statement of university tuition or residence costs

For more information about the conditions surrounding these Standard Bank loans, click here.

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