Standard bank offers students looks for both full-time and part-time students. The repayment plan varies according to how you plan on completing your studies and whether or not you have a surety.
A surety is when a third party promises to pay back the loan even if the student is unable to do so.
Having a repayment plan can make repaying a student loan simple and stress-free. At Standard bank they have flexible and affordable repayment options available.
It is advisable to start planning a budget on how you are going to make repayments on your loan as soon as you start earning an income. The longer you take to pay back your student loan the more interest you will pay.
Here is how the repayment plans work:
Full-time student with surety:
- Although you have applied with surety the loan will still be in your name and you are required to pay it back with monthly installments.
- For the duration of your studies, your surety will pay the monthly interest and bank fees.
- You will only start paying back the loan once you have completed your studies.
- You will be given a grace period of up to six months on completion of your studies before you have to make full repayments towards your loan.
- You or your surety will need to start repaying your loan immediately if you fail to complete your studies.
Full-time Students with no surety:
- For the duration of your studies you will not required to make any repayments on your student loan.
- The bank will charge your loan account with interest and bank fees on a monthly basis from inception of your loan.
- You will be given a grace period of up to six months on completion of your studies or if you drop out before you are required to start full repayments on your loan.
Part-time Students:
- Part-time students are required to start paying back their loan from inception of the loan.
To read more about what the requirements for a Stand Bank Student loan are click here.
