Study Loan

As we have already indicated, one of the most important aspects of planning your studies is making sure you have the necessary funds. Have you given this any thought? Well, if you have, your options might be one of the following:

Personal Loan

• Taking out a personal loan means that the bank gives you a certain amount of money once you qualify and you then start paying back that amount over a fixed term on a monthly basis.

Advantages: As you receive the full amount upfront, you can pay your tuition fees in advance and possibly receive a discount depending on the College’s policy.
Disadvantages: You won’t qualify unless you are older than 18 years, currently employed and receive a monthly income.

You would have to pay off a certain amount of interest, so you end up paying more money than you initially received.

The first instalment is usually due shortly after receiving the money. This is why the bank needs to see proof of a monthly income, as you start paying back almost immediately.

So, if you are still at school and planning on being a full-time student, you are most probably too young to qualify for a personal or student loan. You would therefore need someone who can stand surety for you, which means that a parent, family member or friend who meets these criteria could apply on your behalf. African Bank would be able to assist you in this regard. Please click on the following link to read more about them.

Looking for a loan to fund your distance learning studies? Look no further than Study Loan SA !

Student Loan

• A student loan involves the same process as a personal loan, only with a slight difference. Payment usually only starts once your studies are completed, which means that you would be able to repay the money after you have qualified and hopefully found employment.

Advantages: As you receive the full amount upfront, you can pay your tuition fees in advance and possibly receive a discount depending on the College’s policy.

The first instalment is usually only due once you have completed your studies.

Disadvantages: You won’t qualify unless you are older than 18 years, currently employed and receive a monthly income.

You would have to pay off a certain amount of interest, so you end up paying more money than you initially received.

So, if you are still at school and planning on being a full-time student, you would need someone who can stand surety for you, which means that a parent, family member or friend who meets these criteria could apply on your behalf. African Bank would be able to assist you in this regard. Please click on the following link to read more about them.

Also keep in mind that some colleges, such as College SA, offer flexible payment options where you can choose to pay your study fees on a monthly basis instead of making a lump sum payment. The advantage with this option is that you do not have to sign a student loan agreement, but you also do not have to make a large upfront payment. 

Bursaries

• Many institutions offer student bursaries according to academic or sporting achievements, which means that they pay for your studies, either partially or in full. Some employers also offer bursaries to those employees who would like to further their education.

Advantages: Someone else pays for your studies, so you don’t have to make a loan to fund your education.

Disadvantages: Some institutions offer bursaries on the condition that once you’ve obtained your qualification, you work for them for a certain period of time. If you don’t adhere to this provision, you would have to repay the full amount as soon as your studies are completed.

If you’re a good student, you might therefore be rewarded for you hard work by qualifying for a bursary at an academic institution. If you are currently employed, it is possible that your employer would provide you with a bursary to further your studies, so you could find out what the criteria are and how you can apply for it.