Thinking of applying for a student loan? Maya Fisher-French looks at the things you need to consider before and while applying.
Understand the full cost of the loan, not just the monthly instalment.Plan for the full course: By taking out a loan over one year and repaying it during the year, you can ensure you are able to afford a new loan for the next year of study.So, although the interest rate may seem reasonable, the all-in cost is much higher. Most banks issue student loans at the prime interest rate.
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.Student loans are issued for each year of study, so you need to reapply for a loan each year. With a student loan, most banks offer a six-month grace period to find work, but this can be extended to up to 12 months as long as interest on the loan is serviced.
According to Absa, the average annual loan requested is R55 000 and the average duration of study is 35 months, with an average payback (post-study) time of between 40 and 45 months.
Read more: City Press
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