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Student Loans
According to statistics by Stats SA, 51% of youth aged between 18 and 24 years of age are unable to afford the funding required for them to further their education. With the average cost of education on the increase, this figure is expected to rise over the next few years.
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Properties of this loan
- Online loans up to R4.000
- Term 2 - 36 days
Loan requirements
- Phone number
- ID number
About company
More information about the company Boodle (Pty) Ltd.
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 7 years
- Quick application
Loan requirements
- Have and Identity Document of the Republic of South Africa
- Be over 18 years old
About company
More information about the company DirectChoice
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Properties of this loan
- Professional financial advice and tips to improve your score
- Complimentary loan assist service of up to R150,000 cash
Loan requirements
- Be 18 years or older
- Have a valid SA ID or Drivers License
- Have a bank account
About company
More information about the company Credit Gain Services (Pty)
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 10 years
- Easy online application
Loan requirements
- Have and Identity Document of the Republic of South Africa
- Be over 18 years old
About company
More information about the company EC Loans
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Properties of this loan
- Online loans up to R150.000
- Term 12 - 60 months
Loan requirements
- Your ID documents
- Proof of residence
About company
More information about the company Transaction Capital Recoveries (Pty) Ltd
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Properties of this loan
- Online loans up to R3.000
- Term 3 - 6 months
- Easy online application
Loan requirements
- Be 18 years or older
- Have a valid SA ID or driver’s license
- Have a bank account
About company
More information about the company Low Budget Loans
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 72 months
- Fast application, instant approval.
Loan requirements
- South African Citizen
- Have a South African ID
- Be permanently employed
- Earn above R4,000 per month
- Have a valid bank account
About company
More information about the company Money-Mouse Pty Ltd.
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Properties of this loan
- Online loans up to R150.000
- Term 6 - 72 months
- Easy online application
Loan requirements
- Be 18 years or older
- Have a valid SA ID or driver’s license
- Have a bank account
About company
More information about the company Go Personal Loans
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Properties of this loan
- Online loans up to R200.000
- Term 1 - 60 months
- Fast online application
Loan requirements
- The minimum age to use our service is 18
- Must be a current resident of South Africa
- Need an active South African bank account to allow the money to be transferred to you
- Have to be a current resident of South Africa
- You must have an income every month whether it be benefits or a job
About company
More information about the company Mayday Loans
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Properties of this loan
- Online loans up to R150.000
- Term 12 - 60 months
- Multiple loan providers
Loan requirements
- South African ID
- Be over 18 years of age
- Earn an income of R3 000 p/m or more
- Have a bank account
- Have a cell phone number
About company
More information about the company Total Finance
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Properties of this loan
- Online loans up to R2.500
- Term 30 - 60 days
- Online application
Loan requirements
- Age – 18 Years or Above
- South African Citizen
- Must have a Bank Account
- Have a Permanent Employment
About company
More information about the company Fak'Imali Cash Loans Trading as Matotololo Group (Pty) Ltd
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Properties of this loan
- Online loans up to R300.000
- Term 1 - 7 years
Loan requirements
About company
More information about the company Loans Finder
The government and financial institutions are eager to provide assistance to these individuals through student loans. However, with the numerous offers for student loans, how do you know which option is the best for you? To learn how to choose a suitable student loan in South Africa, keep reading.
How Much Do You Need?
How much you need in student loans depends on a number of factors such as:
- The cost of tuition plus upkeep for your further studies
- How much you or your parents can afford to pay towards your education
In most cases, parents feel obligated to cater for your education and thus they may be willing to take up personal loans in order to facilitate your learning. However, this is not the ideal approach.
Compared to student loans, personal loans are more expensive to service in the long run. Besides, you are only expected to start repaying your student loans when you complete school. Where a personal loan repayments start after a very short period of time.
Interest rates
Though student loans have lower interest rates compared to other types of loans, the providers differ on the interest they charge on the loan. Typically, personal loans have interest rates of around 15% whereas student loans have interest rates of around 7% - 9% depending on the lender.
Ideally, you want to pay the least amount of interest on the loan. Hence, to find the best student loans, you need to conduct research on the different rates provided by lenders. You can make use of student loan calculators to compare the interest rates of different lenders.
Repayment Plan
How you are expected to repay the student loan is also an important factor. Despite student loans’ having relaxed repayment terms it is advisable to consider the most comfortable option. For instance, you should consider how much grace period a lender is willing to provide after you complete your studies before you start making repayments. The grace period is offered to the student to find a job with which to service the loan.
Additionally, the duration of repayment is essential as it determines how much you will be paying every month. The longer the repayment duration, the less you have to pay every month. However, a longer repayment duration also means that the accumulated interest will be higher. As a result, it’s essential to balance the duration of repayment with the interest accumulated so as to get a suitable deal.
Liability and Surety
Before signing the dotted line, make sure you fully understand the terms of the loan. For instance, some banks prefer the student loan to be in the name of the parent as opposed to the student. In such a case, your parents are liable for the loan since it is in their name.
However, if the student loan is in your name, then you are liable. However, as a student you will need to have a surety co-sign on the loan. This means that in case you are unable to repay the loan, the surety will also be held liable for the loan.
Lincoln Ndirangu(LinkedIn)Lincoln Ndirangu is a professional freelance web copywriter based in Nairobi, Kenya. For over 7 years, writing for the web and engaging the online audience has been primary focus and passion.More information...