With the price of education in this day and age being quite expensive, it has become necessary in South Africa for a number of student funding options to be made available. Scholarships, and bursary options have proven extremely helpful to students, and when that is not an option, student loans have also provided a form of financial aid.
For students to be eligible for student loan options, there are a number of requirements that one would typically have to meet. For students to be seriously considered for a loan option, they would have to ensure that they attach to their application every document required by the bank with which they will be applying.
Here is some of the documentation that would typically be required with a student’s loan application:
- Student’s ID document
- Proof of enrolment
- Proof of tuition, book, accommodation and learning material fees that would need to be covered
- Proof of financial need
- Salary slip and three months’ bank statement from whomever will be in charge of repaying the loan
- Proof of residence
- Proof of academic results
The student should, however, take into account the fact that each loan is different and, therefore, may require different things. This list encompasses the generally expected documents, but some banks may expect more, or less documentation, depending on the establishment.