Students – How you can get your foot on the ladder
Students studying at tertiary institutions need money to pay for fees, books, laptops and other necessary equipment. This can amount to a very large sum over the number of years required to graduate. How would a student have this money available if they have never worked or are only working part-time? They are in a catch 22 situation – they need to study in order to get a good job but they can’t earn enough money to pay for their studies without being in a fulltime job and earning a good salary first. The solution is to apply for a Student Loan.
There are certain credit providers in South Africa who cater for the needs of students. Your bank may provide you with a loan, and in addition there are other organisations that specialize in lending money to students. It is possible to borrow money for your studies without any deposit, and pay it back in fixed instalments month by month. The money you borrow is paid directly to the university or other institution so that you don’t need to have the extra bookwork each month.
In order to get this student loan approved, you could ask your family, employer or even a good friend to sponsor you and apply for you. Of course they themselves need to be able to meet the standard affordability criteria when applying for the loan.