A student loan to take you from goal to graduation
Higher education is an investment in your future and a step towards the career and life you want, but it’s also a big financial commitment. Fortunately, a student loan can help make it affordable and manageable for you to follow your passion and realise your goals.
From having access to more job opportunities to preparing you for a specialised career, earning a tertiary education is an empowering tool that could give you an advantage in a highly competitive job market. So, don’t let the fear of how you’re going to pay for it keep you from pursuing your dreams.
A Standard Bank Student Loan can pave the pathway to your ambition by making more possible. Here’s what you need to know about using a student loan to realise your dreams.
How a student loan works
A student loan lets you pay for your studies by giving you access to funds with a low monthly repayment. These funds can help you cover your tuition and registration fees, as well as associated costs, such as accommodation, textbooks, or a laptop you’ll need for your studies.
How does repaying a student loan work?
The amount granted is based on what you can afford and your ability to repay it.
If you’re a full-time student, you’ll need someone to sign surety for you to guarantee that the loan will be repaid. This person will be responsible for paying the interest and fees while you study until you can start making the loan repayments yourself. They’ll also be responsible for the repayment of the loan should you, the student, be unable to make the repayments. You’ll start repaying the loan amount once you’ve finished studying (within at least six months after completion).
If you’re a part-time student, you’re required to make the loan repayments while studying.
Where does the money go?
Your tuition and registration fees will be paid directly to the institution where you’ll be studying, and your landlord will be paid directly for your accommodation.
Since you’ll certainly be needing to go online to attend lectures, access notes, do research and submit work, our student loan also provides up to R20 000 for equipment, such as laptops, computers, or tablets. The funds for equipment and textbooks will be paid directly into your surety’s transactional account, or your account if you’re self-assured.
How do I get a student loan?
Four simple steps can set you up for academic success:
- You need to be a South African citizen who has been accepted or is currently studying at an accredited institution.
- See if you qualify and get an instant quote by clicking on ‘DO I QUALIFY?’.
- If you’re planning on studying full-time, you’ll need someone (with a minimum income of R3 000pm) to sign surety and cover the monthly interest and fees. If you’re a part-time student, you’re required to earn a minimum income of R5 000 per month to qualify.
- If you qualify, gather all the personal and course-related documents (for both student and surety) required for the application and visit your nearest branch to complete your application.
*Terms and conditions apply.