How should I choose a student loan?

I am thinking of applying for a student loan. What are the things I need to consider before and while applying?The best student loan is one where you are only borrowing for a year at a time. In other words, you pay off the loan each year.

There is no point taking out a loan for one year of study that you do not repay, only to discover that you cannot afford to borrow for the following year. Both Absa and FNB enter into agreements with the parent or sponsor directly, and the loan is issued in terms of the principal debtor’s name. In the case of a student loan, only interest must be paid during the course of study and the repayments of the capital/principle debt must begin within six to 12 months of when you’e no longer studying. The loan must be fully paid within four to five years.

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