Furthering your studies can offer a great way of enhancing your job prospects and can be a way of gaining valuable skills. The unfortunate reality for many people all over the world is that tertiary education fees have sky-rocketed in recent years.
In South Africa, the cost of tertiary education has outstripped inflation, making it even harder for many people to be able to afford to pay.
For many people who want to further their studies, tuition loans may offer simple solutions. These loans are available for both part-time and full-time students. They are also offered by various financial institutions, including banks.
Tuition loan options in South Africa:
Nedbank student loans are granted for a specific year of study and are also offered with a grace period for internships that must be completed. Individuals can apply in-branch, following a credit assessment.
Standard Bank student loans require surety for applicants who are full-time students. To apply online you need to be at least 18 years old.
First National Bank (FNB) offers student loans of between R4000 and R50 000, which are granted annually. To qualify for this tuition loan, the applicant’s parent/guardian must earn more than R6000 per month and must meet the National Credit Act criteria.
Absa Bank requires that the actual loan be paid back only once a student has completed their studies.
National Student Financial Aid Scheme (NSFAS) offers tuition loan options that only require students to pay the loan back once they are earning an income. It offers an affordable way to study. To apply, you first need to register to create your personal online account. Then you can proceed to fill and submit the application form online.
NSFAS seeks to provide financial aid to students from poorer working class families in a sustainable manner that promotes access and success in higher and further education and training.