Every university student is faced with the issue of having to cover their tertiary pursuits. As much as there are personal loans that can be taken out for a number of reasons, including to cover some of these university costs, there are only a few banks that have personalised, specific student loan options.
These banks include the following:
- ABSA - Offers cover of tuition fees, accommodation and learning materials. This student loan is renewable for each year of study (through yearly reapplication) and is compiled with interest payable over the 12 months on loan, while the actual repayment only begins from the 13th month.
- Capitec Bank - Offers a Credit for Education option which is only available for students going to Capitec partner schools.
- FNB - Offers students loans of up to R300 000, with personalised interest rates. This loan covers tuition fees, accommodation, as well as learning materials and equipment for students.
- Nedbank - Offers customised loan packages with customised repayment options for both part-time and fulltime students. This loan option also covers tuition, accommodation and learning materials and equipment.
- Standard Bank - Offers a loan package without a maximum tuition limit and an accommodation limit of R60 000 per annum, with R20 000 dedicated to textbooks and equipment.
Students looking to take out one of these loan options should take note that each bank has their own sets of conditions and requirements to be met for students to be considered for funding.