If you have ambitions to study further, it is important that you know of alternative ways to fund your education. Should you consider taking out a student loan, it’s important that you are aware of the repayment plan of that particular financial bank.
To qualify for an Absa bank student loan, you should be a South African citizen or person living in South Africa permanently and earn more than R3 000 a month.
With this student loan, in particular, the person making the repayments pays only for interest for the year of study.
You are then required to start paying on the 13th month and will be required to re-apply at the beginning of the year if you’re proceeding with your studies
Should you get a lower interest rate from another financial institution, you are then granted an opportunity to fill out a claim form.
The purpose of this is so that Absa gives you a lower interest than that of the other party, however, Terms and Conditions do apply.
The Absa student loan enables you to study either for a full-time or part-time course of your choice, as long as the duration of the course must be more than two months.
According to Absa, the study loan covers one year’s tuition fees and associated costs.
These costs may include tuition fees, prescribed textbooks, accommodation (Only available to full-time students who are not living with family), and any computer equipment required for studies.
To apply, click here.