How to apply for a student loan
Stressing about your matric final exams is one thing, but stressing about how you will be able to finance your tertiary education is a daunting task.
THE National Senior Certificate examinations are coming to a head with just one more week to go. With that being said, matric results for the Class of 2020 will only be released on February 23. Universities and other higher education institutions have already indicated that they would be issuing acceptance letters a week after the results are released.
But what can you do in the meantime? Do you wait until you are accepted at the university of your choice before you think about finance or do you start doing your research?
Well, to help you get kickstarted with your research, here’s some information on how to apply for a student loan.
A student loan is money that you borrow from a bank, or even the government to finance your tuition. This money will be paid back with interest over a period of time.
Before you start the application process, the student together with the parents or legal guardians need to get information as well as fill in the Free Application for Federal Student Aid form. Once this form is completed, it is sent to the university of the student’s choice. The institution will then assess how much financial aid the student qualifies for and will send the student a financial aid offering letter. This letter then allows for the student to start looking for student loans.
How to apply:
You can apply for a student loan at any financial institution of your choice. You need to be aware of the interest that is charged upon the loan amount as interest differs from bank to bank. And at the end of the day, this is money you will have to pay back.
A surety is someone who will be responsible for ensuring that the loan is paid, should you be unable to repay the loan. This person will be responsible for the loan when and if you fail to repay.
You need to submit all documents required. Your loan can be approved or denied on the very day of application, or within a week at the latest..
You will need:
- South African Identity document.
- Proof of residence.
- Proof of registration at the institution.
- Proof of tuition costs.
- Payslip of your surety.
- Three-months bank statements of your surety.