Student Loans for South African Students 2024-2025
On this page we present to you a quick read on where and how to obtain a Student Loan in South Africa for 2024-2025.
Education is certainly not cheap, with the cost of registration fees, tuition, accommodation (if your tertiary institution is far from home), textbooks, a laptop and other study materials. But there is no denying that in today’s society one cannot afford to not have a tertiary qualification.
FOLLOW THE LINKS BELOW:
Nedbank South Africa Student Loan 2024-2025
Standard bank South Africa Student Loan 2024-2025
Absa South Africa Student Loan 2024-2025
EduLoan South Africa Student Loan 2024-2025
First National Bank South Africa Student Loan 2024-2025
EC Finance South Africa Student Loan 2024-2025
SA Loan Service Student Loans 2024-2025
Loan TycoonSa South Africa Student Loan 2024-2025
PicotiFin South Africa Student Loan 2024-2025
Fundi South Africa Student Loan 2024-2025
IZWE Loans South Africa Student Loan 2024-2025
There is of course the option of a bursary or scholarship award (which is the whole purpose of this website), but the truth is that there are just not enough bursary awards for all the students who need them. However, there is another option for students in financial need – a student loan.
If you would like to find out more about study loans and how they work, please see our list of FAQ’s (frequently asked questions) relating to student loans below:
1) What is a student loan?
Financial institutions will lend you the money to pay for your studies – you will then be required to service the interest while you are studying, and pay back the capital once you have graduated.
A student loan is paid directly to the financial institution where you are undertaking your studies (they will require proof that you have been accepted and registered to study).
If you are studying full-time (thus not employed), someone will be required to stand surety for you and service the interest on your loan while you study – usually a parent or guardian.
2) What loan amount can I apply for?
This depends on the financial institution and the cost of your tuition and other study expenses.
3) What expenses can a study loan cover?
The loan can be used to cover your tuition fees, as well as accommodation for full-time students, textbooks, equipment and other education related expenses. This may differ between financial institutions.
4) How do I qualify for a student loan?
You will have to provide that you have been accepted to study and that you have someone to stand surety for paying back the loan.
5) Where can I get a student loan?
We have compiled a comparison of the top financial institutions in South Africa that offer student loans:
Standard Bank Student Loan Application 2024-2025
Standard bank student loans are used to pay for tuition, books, study equipment and accommodation (this only applies to full-time students who are not residing with their parents).
The money for tuition fees will be paid directly into the institutions account and accommodation fees will be paid to the place of residence. The balance of the funds for other study expenses will be paid into the students Standard Bank transnational account
Study loans are only granted for a certain amount of time, therefore students must reapply each year.
WHAT IS A “SURETY”
This is someone who will be liable for your debt should you not be able to pay it back. This is usually a parent or guardian.
You will need a surety if:
- you are under 18 years old
- you are studying full-time
- you are studying part-time and earning less than R5000/ month
PAYING BACK THE STUDY LOAN
Full-time students: the surety must pay back the monthly interest while studying, and the student must pay back the loan on completion of studies.
Failure to complete your studies will result in immediate pay back of the loan.
Part-time student: student must pay back the loan upon starting studies. Payment must be made by monthly debit order.
ELIGIBILITY
Applicants must satisfy the following minimum entry criteria before applying:
- Have registered to study at an accredited tertiary institution in South Africa
- Studying towards a certificate/ diploma/ degree/ postgraduate degree or diploma qualification
- Passed the previous year of study (usually Matric)
- For diploma and degree studies, your surety must earn at least R3000/ month
- For certificate and other studies, your surety must earn at least R5000/ month
- If you are a part-time students earning more than R5000/ month, you do not need a surety
HOW TO APPLY
Apply online at: https://youth-applications.standardbank.co.za/mystudentloan/
Alternatively, you can apply in person at your closest branch.
You will be required to submit the following supporting documentation with your application:
| DOCUMENT | FULL-TIME STUDENT | PART-TIME STUDENT | SURETY |
|---|---|---|---|
| Identify Document | YES | YES | NO |
| Parents/ Guardians Identify Document (minors only) | YES | YES | NO |
| Proof of study expenses (tuition, accommodation, books etc) | YES | YES | NO |
| Proof of tertiary registraion or acceptance | YES | YES | NO |
| Latest academic record | YES | YES | NO |
| Proof of residence | YES | YES | YES |
| 3 months latest bank statements (non SB clients only) | NO | YES | YES |
| Latest payslip | NO | YES | YES |
If you would like to find out if you qualify for a Standard Bank student loan before applying, please visit: https://youth-applications.standardbank.co.za/mystudentloan/apply/pre-approval
ABSA Student Loan Application 2024-2025
ABSA study loans can be used to cover the cost of tuition, textbooks, study equipment and accommodation. Additionally, you will receive a max discount of 15% on your study equipment.
Please note that students must reapply for a student loan each year.
ABSA guarantees that they offer the best interest rates on student loans – if you receive a lower interest rate from another financial institution, they will better it. To find out more, download and read the following documents: Absa Bank Student Loan Claim Form (pdf),ABSA Bank Student Loan Terms-and-Conditions (pdf) and ABSA Bank Student Loan Application Guidelines (pdf).
PAYING BACK THE STUDY LOAN
There are 2 options to paying off the loan:
1) You can choose to pay back the interest as well as the capital as soon as you start studying
2) You can choose to pay back the interest only for 12 months, and the capital and remaining interest after the 12 months.
ELIGIBILITY
Applicants must satisfy the following minimum entry criteria before applying:
- Full-time or part-time student
- Studying at one of the following institutions: University, University of Technology, Technical Vocational Education Training College (TVET), Agricultural College, Sector Education and Training Authority (SETA) registered institution
- Student or their sponsor must earn at least R3000/month
HOW TO APPLY
The best way to apply is by visiting your nearest Absa branch
Alternatively, you can apply at your institution’s student bureau.
You will be required to have the following supporting documentation on hand for your application:
- Identity Document
- Parents/ Guardians Identify Document (minors only)
- Proof of tertiary registraion or acceptance
- Proof of study expenses (tuition, accommodation, books etc)
- Student or sponsors latest payslip
If you have any further questions which were not covered on this page, you can call 0860 100 372 to speak to a friendly Absa consultant.
FNB Student Loan Application 2024-2025
FNB Life Start Student Loans range from R4 000 to R80 000 (depending on the amount you need and your affordability criteria). You will also receive a personalised interest rate for your loan.
The student loan covers the cost of tuition fees, accommodation on campus and textbooks.
Students must reapply for the student loan each year, and credit is awarded based on affordability and credit assessments.
Please Note: it is mandatory that the student and sponsor have insurance cover in place in the event of permanent disability or death prior to settlement of the loan. FNB offer the Customer Protection Plan, alternatively you may use an insurance policy of your choice (to be approved by FNB).
PAYING BACK THE STUDY LOAN
Students will only be required to pay back the interest while studying and the remainder of the loan is due after graduation – there is a 6 month grace period offered before capital payments are due.
ELIGIBILITY
Applicants must satisfy the following minimum entry criteria before applying:
- South African citizen
- 18 years or older
- Registered to study at a recognised tertiary institution in SA
- Sponsor must earn at least R6000/month
HOW TO APPLY
Apply in person at your nearest FNB branch.
Alternatively, you can apply online at: https://www.fnb.co.za/Sales/salesmain.jsp (Please Note: FNB may require hard copies of your documentation after online application).
You will be required to submit the following supporting documentation:
- ID document (plus a copy)
- Parents/ sponsors ID document (plus a copy)
- Parents/ sponsors Latest payslip (1 month if FNB customer OR 3 months if not an FNB customer)
- Recent utility bill
- Proof of registration at tertiary institution
- Breakdown of fees due to tertiary institution
If you have any unanswered questions, please download the FNB-Student-Loans-FAQs
Nedbank Student Loan Application 2024-2025
The Nedbank student loan will cover tuition fees, textbooks, on campus accommodation and various other study-related equipment.
PAYING BACK THE STUDY LOAN
Nedbank offer flexible repayment terms and competitive interest rates on their study loans.
Once you start your studies, your sponsor (or yourself if you are a part-time student) will start paying the interest on your student loan.
A repayment grace period may be applicable if students partake in articles/ community service or internship programmes upon graduation.
ELIGIBILITY
Applicants must satisfy the following minimum entry criteria before applying:
- South African citizen
- Accepted to study (part-time or full-time) at a recognised tertiary institution
- Surety/ sponsor must have a Nedbank transactional bank account
- Surety/ sponsor must have a good financial standing/ credit record
HOW TO APPLY
Applications must be done at your nearest Nedbank branch. Those who are studying full-time and have a sponsor, must apply in person with their sponsor.
You will be required to submit the following supporting documentation with your application:
| DOCUMENT | FULL-TIME STUDENT | PART-TIME STUDENT | SURETY/ SPONSOR |
|---|---|---|---|
| Identify Document (plus a certified copy) | YES | YES | YES |
| Marital status declaration | YES | YES | YES |
| Latest academic record/ Matric results | YES | YES | NO |
| Proof of study expenses (tuition, accommodation, books etc) – Invoice/ Statement | YES | YES | NO |
| Proof of tertiary registraion or acceptance | YES | YES | NO |
| Proof of life insurance cover | YES | YES | NO |
| Proof of residence (FICA) | YES | YES | YES |
| Cohabitation form from Nedbank branch | YES | YES | NO |
| 3 months latest bank statements (non Nedbank clients only) | NO | YES | YES |
| Latest payslip | NO | YES | YES |
| Income and Expenses statement | NO | YES | YES |