How to apply for a student loan

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Through Zodidi Dano Dec 14 2020

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Focusing on your matrix final exams is one thing, but insisting on how you will be able to finance your graduate studies is a daunting task.

THE Senior National Certificate exams come to a head with just one week more. That being said, the matrix results for the 2020 class won’t be released until February 23. Universities and other higher education institutions have already indicated that they will send letters of acceptance a week after the results are published.

But what can you do in the meantime? Do you wait until you are accepted into the university of your choice before thinking about finance or are you starting your research?

Well, to help you start your research, here is some information on how to apply for a student loan.

A student loan is money that you borrow from a bank, or even the government, to fund your tuition. This money will be repaid with interest over a period of time.

Before starting the application process, the student and their parents or legal guardians should obtain information and complete the Free Federal Student Aid Application Form. Once this form is completed, it is sent to the university of the student’s choice. The institution will then assess the amount of financial aid for which the student is eligible and send them a letter of financial aid offer. This letter then allows the student to begin looking for student loans.

How to register:

You can apply for a student loan at any financial institution of your choice. You should be aware of the interest that is charged on the loan amount because the interest differs from bank to bank. And at the end of the day, that’s money you have to pay back.

Bond

A surety is a person who will be responsible for ensuring that the loan is repaid, if you are unable to repay the loan. This person will be responsible for the loan when and if you don’t repay.

To qualify

You must submit all required documents. Your loan can be approved or denied the same day you apply, or no later than the week.

You will need:

  • South African identity document.
  • Proof of address.
  • Proof of registration at the establishment.
  • Proof of tuition fees.
  • Pay slip from your surety.
  • Bank statements three months from your deposit.
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