With the likes of NSFAS already involving tedious processes and sometimes not accepting all students, it only makes achieving tertiary funding that much harder for students who are not able to qualify.
Furthermore, bursaries also have their limitations, with there often being a limited number of bursaries to be offered, as well as there being a set of high expectations from bursars for the students that they intend to fund.
Student Loan Requirements
A student loan provides an alternative to these funding hurdles. Nonetheless, student loan applications could also have a set of requirements of their own, which may include the following:
- The applicant needs to be a South African citizen, or someone permanently residing in South Africa and earning at least R3 000 per/month.
- The types of people that can apply include: A parent, who has proof of income, a sponsor or guardian, who has proof of income, or a part-time student, who is full-time employed and has proof of income.
Documents Required
Apart from these requirements, the following documents may also be needed:
- The student’s latest exam results
- The student’s proof of registration at a tertiary institution accredited by South African Qualifications Authority (SAQA)
- A statement of university fees
- Certified IDs
- Proof of Residence
- Three month’s bank statements
The above information refers to general information that a student loan provider may require from an applicant, but it is imperative that the applicant do their own research when looking into specific loan schemes as it should be noted that not all lenders will require the exact same documentation.
