If you are considering college in South Africa you may need a student loan for some financial aid while you are studying. They can be used to cover all your expenses from accommodation, books, travel and tuition fees. Student loans carry low interest rates that are especially designed for students to ensure more people can get the qualifications they need for their future. The amount that you can borrow will depend on your individual situation. You can compare student loans to find the right cover for all your student expenses in the area below, weighing up all the features, advantages and disadvantages of each loan provider. Read the terms and conditions of these student loans carefully to ensure that you understand your financial obligations clearly.
Compare Student Loans
South Africa is home to some of the best universities and colleges but how are you going to pay for your studies?
What is a Student Loan?
Unfortunately, studying can be very expensive so what are your options if you do not have the financing available?
One of the options you can consider is a student loan. A good education can be the greatest asset you can have and so if all that stands between you and the education you want is funding a student loan can be a great help.
What can you use a Student Loan for?
Student loans can be used for a variety of expenses. This could be tuition fees, accommodation, textbooks, computers, printers, equipment and travel. They can also be used just to help you pay your own way and for general living expenses.
Be sure to consider your options before deciding how to pay for your studies, and apply for any award or bursary for which you're eligible.
Is a Student Loan the right option for you?
Student loans come with terms and conditions that are especially designed with students in mind. Lenders understand that students are unlikely to have a credit rating and so you will still be able to find competitive loan conditions.
The interest rates on student loans can vary but you will be able to find reasonable rates. Most student loans offer flexible repayment plans and you donít have to start repaying the loan until you have completed your studies. In some cases you do not have to start paying back the loan until you have started earning.
What do you need to know about Student Loans?
When applying for a student loan you should calculate how much you need to loan to meet your needs at university or college.
You should always bear in mind that you will have to pay back the loan once you have completed your education. Even if you fail to complete your studies you will still have to repay the loan. In some cases the interest rate may rise the longer you leave to pay it back so it is worth shopping around to find the right loan for you. Although with many loans you will only need to start repaying your bank loan once you have completed your studies, you will need to keep up the interest payments throughout the term of the loan.
Is there a best Student Loan?
It is important that you take the time to find the right loan for you.
Use the comparison table above to compare some of the leading student loans. Not only should you look at the interest rates but you should weigh up all the features of different loans and see whether there are any additional benefits.
Above all always make sure you read the terms and conditions thoroughly before you sign.
You should also seek independent financial advice if you are in any doubt. Remember that if you do not make your monthly repayments it will have an adverse effect on your credit history.
20 December 2013
Which Way To Pay
There has been a large increase in the number of students applying for student loan finance as young people commit to further education