Absa Student Loans – powering higher education needs

Overview

Absa Student Loans – powering higher education needs
Students in South Africa who aim to further their education are often confronted with costly fees that are associated with tertiary education. Statistics show that about 80% of students in the country rely on the National Financial Aid Scheme for funding. Others prefer to obtain bank loans to finance these obligations. Absa as a leading banking institution in South Africa has identified needs of the student market and has created a solution designed to provide students with finance to enable them study further. Absa Student Loans can be used to pay for study fees, textbook bills and related costs.

This loan is open to individuals who are enrolled, or in the process of enrolling as a full-time or part-time student at a University, University of Technology, Private College or FET College. In order to qualify, students must have successfully passed matric and the courses they choose to pursue must be SAQA or SETA accredited. There is also a grace period if you are unable to pay the study loan back once you graduate.

While the student is studying, the borrower pays only the interest due on the loan, for the year in which the finance has been taken up. If finance is not taken up for the subsequent year of study, the loan must be paid back from that year onwards. Where finance is taken up for every year of study, the loan must be paid back upon completion of studies over a period not exceeding the time it took to complete the studies. Students can take over repayments after proving they are employed and can prove they are creditworthy and can afford the repayments. For application purposes, loan applicants need to bring proof of registration and a study fees quote, their I.D, previous academic results and a detailed breakdown of textbook costs. Research has shown that the average size of Absa Student Loans is R49500 and takes an average of between 6 and 8 years to repay. Easily accessible with flexible terms, Absa Student Loans are a viable and efficient. Contact Absa on: 011 350-4000.

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