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Aug
06
2012

How to get student loans in South Africa?

education

education

The importance of education has continued to rise over the past few years. It has now become a subject of great importance that you educate yourself well. Now, the cost of education is not the same as before. There has been a great escalation in the education costs. This certainly has made education one of the expensive investment areas that people need to think upon twice before putting their money in. If you can get a student loan, financing education may cease to be a trouble for you. Well, getting one is not as easy as it sounds. This article is going to tell you how you can sort your student loans and fund your education in South Africa.

The subject of loans brings with it the interest, which makes things look so complicated and burdensome to people. You can’t let the fear of debts rule you. The student loans have helped a lot of South African students complete their education. All you’ll need to do is a bit of preparation to make things work for you.

The following are some things that you’ll need to consider before taking out a student loan.

•    The acceptance of a South African Qualifications Authority (SAQA) accredited institution is very important here. You must have one before you apply for a student loan.
•    You’ll need to possess a valid ID.
•    It is also important that you have adequate proof of your registration at the institution.
•    You’ll need to present a set of your previous academic results. You can present your matriculation, college or university results.
•    Having a life insurance is important. The bank will make the arrangements if you don’t have one already.
•    It is important that you carry a proof of residence with you to the bank. Make sure it is not more than 3 months old.
•    Finally, you’ll need to have someone willing to stand surety for the loan. Make sure he is not blacklisted and has a full-time job. The monthly interests on the loan are to be paid by that person during your study. He is also going to stand as a guarantor for your loan.
•    Your guarantor will have to provide some documents. They include a copy of ID, salary slip not more than three months old and documents of marriage. He/she will also need to provide a proof of residence.

The whole process might seem to be a bit demanding, but then there are some ways to make it simpler and profitable.

Do proper researches on what banks and other financial institutions have to offer. You’ll cut yourself a good deal. Stay in touch with your bank. Let them know if you’re facing problems in paying back your student loan. They might be able to help you out. The point is to run a check on every option you have. This will get you better deals.

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