Study Loans Available in South Africa
Tertiary education is fundamental to the progression of any society in today’s fast-paced world. Many South Africans have ambitions of furthering their studies, but are often discouraged and even hindered by a lack of finance. The latter can be avoided by finding assistance through study loans which are available in South Africa.
Offering finance for all levels of tuition, EduLoan provides student loans to cover registration fees, textbooks, accommodation, laptops, tablets and other study-related equipment. The institution focuses on “helping you unlock your education potential”. Established in 1996, EduLoan is a privately-owned financial company specialising in the provision of study loans in South Africa. There are low monthly repayments, no hidden costs and fixed monthly instalments. After applying, you can expect a response within 48-72 hours.
Absa Study Loans:
Absa Study Loans are offered to individuals who require financing of SETA and SAQA courses. The loan covers textbooks, accommodation and equipment fees. An advantage offered by this loan is that it is available to individuals earning as little as R3000 per month. Interest rates are quite competitive and approval is based on affordability and individual risk profile.
National Student Financial Aid Scheme (NSFAS):
Despite the challenges and glitches faced by the Scheme lately, it continues to be quite popular among local students. NSFAS is a provider of financial aid to students from poor and working class families. It’s a government funded institution and has assisted thousands of individuals with their tertiary education needs. Government has pledged to find alternative solutions to ensure that funds are administered effectively and that deserving students get the assistance they need. Although the funds are loaned to individuals, up to 40% of the loan can be written off if the student performs well academically. According to the NSFAS website, “NSFAS identifies eligible students, provides loans and bursaries and collects student loan repayments to replenish the funds available for future generations of students”.
These study loans are granted for specific year of study and can be used to pay for tuition fees and accommodation. Courses must be SAQA, SETA or Umalusi accredited.