The NSFAS loans are available to South African students who are enrolled in one of the 25 public universities of the country. They are designed to help you cover all of your expenses including tuition fees, accommodation cost, food and travel expenses and spending on books and materials.

The granted loan amount is determined on an individual basis. The interest rate is 80% of the repo rate. This makes it considerably lower than the interest rates charged by banks.

These student loans are also intended to cover all of your expenses as a student including tuition fees, accommodation expenses and expenses on textbooks, study materials and travel.

However, they work slightly differently.

A surety has to apply on your behalf. This is typically a parent or a guardian, but it can be a sponsor who agrees to support you. The surety has to have sufficiently high income and sufficiently low debt plus clear credit history in order to secure the loan.

The loan amount is determined individually based on the needs of the student. The disposable income of the surety is also taken into account. The interest rates are higher than those on the NSFAS loans.

However, they vary from one lender to another so it is important for you to compare as many different offers as possible.

FNB Life Start Student Loans range from R4 000 to R80 000 (depending on the amount you need and your affordability criteria). You will also receive a personalised interest rate for your loan.

The student loan covers the cost of tuition fees, accommodation on campus and textbooks.
 

Students must reapply for the student loan each year, and credit is awarded based on affordability and credit assessments.

Please Note: it is mandatory that the student and sponsor have insurance cover in place in the event of permanent disability or death prior to settlement of the loan. FNB offer the Customer Protection Plan, alternatively you may use an insurance policy of your choice (to be approved by FNB).

Applicants must satisfy the following minimum entry criteria before applying:

• South African citizen
• 18 years or older
• Registered to study at a recognised tertiary institution in SA
• Sponsor must earn at least R6000/month

ABSA study loans can be used to cover the cost of tuition, textbooks, study equipment and accommodation. Additionally, you will receive a max discount of 15% on your study equipment.

Please note that students must reapply for a student loan each year.

ABSA guarantees that they offer the best interest rates on student loans – if you receive a lower interest rate from another financial institution, they will better it. To find out more, download and read the following documents: How it works (pdf),Terms and Conditions (pdf) and Claim form (pdf).
 

Applicants must satisfy the following minimum entry criteria before applying:

• Full-time or part-time student
• Studying at one of the following institutions: University, University of Technology, Technical Vocational Education Training College (TVET), Agricultural College, Sector Education and Training Authority (SETA) registered institution
• Student or their sponsor must earn at least R3000/month

The Nedbank student loan will cover tuition fees, textbooks, on campus accommodation and various other study-related equipment.
 

Applicants must satisfy the following minimum entry criteria before applying:

• South African citizen
• Accepted to study (part-time or full-time) at a recognised tertiary institution
• Surety/ sponsor must have a Nedbank transactional bank account
• Surety/ sponsor must have a good financial standing/ credit record

SB student loans are used to pay for tuition, books, study equipment and accommodation (this only applies to full-time students who are not residing with their parents).

The money for tuition fees will be paid directly into the institutions account and accommodation fees will be paid to the place of residence. The balance of the funds for other study expenses will be paid into the students Standard Bank transnational account

Study loans are only granted for a certain amount of time, therefore students must reapply each year.
 

Full-time students: the surety must pay back the monthly interest while studying, and the student must pay back the loan on completion of studies.
Failure to complete your studies will result in immediate pay back of the loan.

Part-time student: student must pay back the loan upon starting studies. Payment must be made by monthly debit order.

• Study loans (school and tuition fees, registration fees, exam and outstanding fees)
• Study tools (textbooks, technology, study equipment)
• Accommodation (covered during studies)

1. You must be over 18 years of age.

2.  Principal debtor must earn R6 000+ per month.

3.The student must be registered with an SA tertiary institution. 

What you need to apply:

A copy of the applicant’s SA green bar-coded ID or Smart Card ID

Latest payslip

Proof of residence not older than three months

Proof of enrollment from the educational institution

If you do not bank with FNB, your latest three months bank stamped statements reflecting three months salary deposits.

If you are self-employed, the latest six months bank stamped statements, Personal Tax assessment (ITA34) and your latest business financials.

What you need to apply:

A valid South African ID document or Smart card. 

Proof of residential address such as a municipal or rates bill.

Your last three months’ payslips or bank statements.

Proof that student or sponsor earns a minimum of R3 000 a month.

Student or sponsor’s approval based on affordability and risk profile.

Proof of income from the person taking out the study loan.

Proof of study in the form of a final letter of acceptance or proof of registration from the institution. 

Proof of course costs for the year of study (invoices/statements); for tuition fees.

Accommodation for full-time students not living with parents or relatives.

A proof of cost for text books.

Proof of cost or need for any study-related technological devices.

For second and subsequent years of study, proof of the previous years’ academic results to ensure student is permitted to continue studies.

What you need:

South African ID (or valid passport is a non-resident).

Matric results/Last academic results

Proof of earnings or latest payslip (parent/guardian)

Proof of current residential address (FICA)

Three months’ bank statements (non-Nedbank clients)

Income and expenditure statement

Invoice/Statement of fees owed from tertiary institution

Invoice of other study-related costs (if applicable)

Cohabitation form obtained from a branch (FICA)

Proof of life insurance cover in case of death or disability (can be arranged through Nedbank or clients can provide their own)

Marital status declaration

Proof of registration