Can I Get A Loan With Student Debt?


Debts have a negative reflection on any ones credit record whether you are a student or not. In order to get a loan, your credit record must be showing signs of accountability and a sense of responsibility for your finances. Can you really get a loan with student debt? Find your answer below.


The debt experience while you are a student can sometimes be taken lightly as you are still working your way up to build your financial stability.

Students study using different financial sources depending on their personal background. Many financing institutions are well aware that while you are still a student, you are most likely dependent or you don't have financial stability like an employed person with a salary. 

The answer to your question is twofold. Some institutions can be lenient and give you a loan while you are a student with debt. This also depends on the amount of money you owe and how much money you are borrowing. 

On the other hand, other institutions would view your situation as a risk, and would not take a chance to grant you a loan. 

However it is not common for a student to apply for a personal, but under certain circumstances beyond the student's ability to cope with responsibilities that require finances, they might take the route of applying for a personal loan.

Financial institutions like banks and other financing institutions require your employment details in order to consider you for a loan. However, each financial institution has its own evaluation standards depending on whether they see you as a risk or potential future client. 

Should you find yourself in a situation where you will need a loan as a student but still having debt hanging over your head, visit a financial institution and find how they will approach your situation. Another option is to use the credit score sites that will rate your financial eligibility. 




Other Articles

Applications for the 2023 academic year are now open at Northlink College. Northlink College is a TVET College situated in the Northern Suburbs of Cape Town and offers various courses.

Applications are open for Second Semester Business Studies at Gonnafela Letlole Academy, Mmametlhake Campus.


Latest SASSA Articles

The Sassa Social Relief of Distress grant is being paid to all qualifying beneficiaries. If you are among those that have been meaning to apply for an appeal to your reject application status, Here is the procedure on how to lodge an appeal for your declined R350 grant application.

Does your R350 SRD grant application status say 'Self Exclusionary Response Found'? Here's what this means and what you can do about it. 


Careers Advice

Cyber security professionals do not have an easy job, which is one of the reasons why they are highly sought after by companies in all industries. As the importance of data security increases, companies find it increasingly difficult to protect their data. 

When you hear about your friend’s fabulous job in tech, the perks and the pay, it all sounds pretty awesome. While it might feel like grass is always greener on the other side, making a career switch isn’t always what it’s cracked up to be.