If you have a parent, guardian or sponsor with a steady job and a monthly salary of more than 2000 R, you can ask for a student loan to pay for your tuition fees and even books and accommodation.
The loans are provident by banks, universities and other institutions. Your parent or sponsor acts as a “guarantor” for the loan. The money borrowed must only be paid back at the end of your studies. But, from the start, your family/sponsor will have to pay each month an “interest” on the loan.
This company helps parents (employed by the government or companies which have signed an agreement with Edu loan) to spread the payment for tuition fees and study materials over 10 months. It offers also study loans to part time students, who are working during the day. The interest rate is better than for bank loans.
Edu loan : 0860555544 - www.eduloan.co.za - SMS 'edu' to 32150
Our advise :
-Do not take a bank loan if you/your family will not be able to pay it back !
- First approach a bank where your family has already have an account. It is often easier to get a loan if your family has a saving account
- You can negotiate the interest rate…so it is important to compare options from various banks
- Check the conditions of the loan very carefully. For instance, some loans demand
that if the student fails his/her exams at any stage, the full amount of the loan must be
-Be suspicious of private organisations. Never agree to purchase an application form. Never offer
- Do not borrow too much. Try rather to find a sponsor for your studies through your parent’s employer ..
- Try to find a part-time job or work full-time and attend evening classes. It is easier to get a loan !
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