Despite the endless discourse around student loan debt over the years, there is no doubt that student loans have come in handy for students who wish to pay for their tertiary studies, but do not immediately have the means to do so.
Banks such as FNB, Absa, Standard Bank, Capitec Bank and Nedbank have all developed their own student loan systems to accommodate students in need.
Although each bank offers a similar service, the requirements, rates, and manner of application for the student loan differs.
Student Loan Or Part-Time Job?
Although it would be preferable to complete your studies without incurring any student debt for most people it is very difficult to do this. Many students will have a part-time job while studying - and something a bit more full-time during the longer vacations.
This income during the vacations and weekends can help pay for things like accommodation and living expenses during the term.
Others might think that it would be better to spend more time on their studies so that they can get better marks in their degree or diploma. If you don't want to be distracted from your studies by a part-time job then a student loan might be an option.
These are the different ways that first-time applicants can apply online for each of the above-mentioned banks, with the addition of the Fundi student loan. Fundi student loans are usually given to family members of government employees, or staff at certain large employers who have an arrangement with Fundi.
FNB - First National Bank Student Loans
The FNB student loan will provide students with cover up to R300 000. To apply for the loan, students will need to present the following:
FNB Customers
- Proof of enrollment
- Student ID
Non-FNB customers
- A valid South African ID
- Last 3 months’ payslip/bank statements, or latest 6 months and an ITA34 for self-employed students
- Proof of the student's residence (not older than 3 months)
- Proof of enrolment
- Student ID
The online application process for the loan is as follows:
- Navigate to the FNB Student Loans page.
- Click ‘Apply now’
- You will then need to fill in your ID and cell phone number
- From there, you will have to follow the prompts that include accepting a bank agreement and building your loan profile.
Other ways to receive the loan include:
- Using the FNB banking app
- Contacting your private advisor
- Contacting the helpdesk at 087 730 5596
- Contacting the call centre at 087 736 4800
The bank will usually want you to take out a credit life insurance policy so the student loan repayment will be made in the unlikely case of your death.
What Are The FNB Student Loan Requirements?
Absa Bank Student Loans
The Absa student loan and interest rates are decided based on the amount that the student wishes to borrow for their studies. To apply for this loan, students will need to present the following:
- A valid SA ID
- Proof of residence
- Last 3 months’ payslip/bank statements
- Proof of study
- Proof of tuition costs
Although there are no online application options, there are a number of ways that students can apply for this loan, which include:
- Visiting any Absa branch
- Visiting any Absa Student bureau
- Calling them at 0860 100 372
Whichever method the applicant decides to choose will result in them receiving assistance for their application by an Absa bank representative.
Standard Bank Student Loans
The Standard Bank student loan option works a bit differently, offering loans for students with, and without a surety who can take over their loan repayments if the original loanee were to somehow be unable to do so.
Without surety, students can receive a loan of up to R120 000 which will cover existing tuition debt and other living and course costs. To receive a loan without surety, you will need the following documents:
- A valid SA ID
- Proof of residence
- Proof of gross household income
- Proof of latest academic results
- Proof of registration
- Proof of cost of study
- Lease agreement for accommodation
The student loan with surety has no maximum loan cover. However, the maximum accommodation cover would be R60 000 and the maximum textbooks and equipment cover would be R20 000.
To apply for this loan, students will need to present the following:
- A valid SA ID (of student and surety)
- Proof of both the student's and the surety's residence
- Proof of latest academic results
- Proof of registration
- Proof of cost of study
- 3 months’ payslips (of surety)
- 3 months’ bank account statements for non-Standard Bank clients (of surety)
- The bank will usually want you to take out a credit life insurance policy so the student loan repayment will be made in the unlikely case of your death.
To apply for the loan without surety online, applicants should:
- Navigate to the Standard Bank Student Loans page
- Click ‘Apply Now’
- You will then be navigated to a page that will reveal the necessary documents and qualifying criteria for the loan
- Click the ‘Next’ button on the page
- Thereafter, you will have to follow the prompts that require you to fill in necessary information for the loan application.
With surety, the application process is as follows:
- Navigate to the Standard Bank Student Loans page
- Click ‘Do I Qualify?’ to receive a new prompt that will help you get an instant quote
- Fill in the required information to get an instant quote, and you shall be guided from there
Capitec Bank Student Loans
The Capitec student loan option is called ‘Credit for Education’, which gives students who are looking to study at one of the institutions in partnership with the bank up to R500 000 credit for their education needs.
To apply, students will need:
- A valid SA ID
- 3 months’ payslip
- 3 months’ bank account statement
- An invoice from the service provider that is no older than a month
Students can apply for the loan online by:
- Applying directly through the Capitec partner institutions, which can be found here
- The bank will usually want you to take out a credit life insurance policy so the student loan repayment will be made in the unlikely case of your death.
Nedbank Student Loans
The Nedbank student loan will only be given to qualifying students who have a guarantor for the loan. Applying for this loan would require that the student attach the following documents:
- A valid SA ID or passport (of loanee and guarantor)
- Guarantor’s latest payslip or 3 months’ bank statement
- A Nedbank transactional account belonging to the guarantor as their main account
Students can apply using the following online method:
- Visit the Nedbank student loans apply page
- Click ‘Ask for a Callback’
- Fill in your information
- Then follow the steps that the bank lays out.
Fundi Student Loans
Although Fundi is not a bank, they are designed specifically with the intent to offer students education funding through loans.
To apply for the study loan online, students should do the following:
- Visit the Fundi page
- Next to ‘Get A Study Loan’, fill in your person information and contact details
- Click the ‘Call Me’ button, after which you will be guided through your application
For the latest bursaries and scholarships, have a look at our bursary directory.
