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Are you managing your student loan?

Student loans were developed to help poor or previously disadvantaged
students access higher education, but is this a sustainable system for
administering funds to young people?

Over R 15 billion in loans and bursaries has been made available through the
National Student Financial Aid Scheme (NSFAS).

It seems that South African students are heading down the same debt
ridden road as their UK and US counterparts. This is particularly worrying in light
of the high unemployment rate.

Unfortunately for many students the only way into a higher education
institution is through a student loan contract.

John Marsden, National Sales Director of PPS, a financial services provider for
graduate professionals says some graduates stop paying the loan as they try to
find employment. If you are one of these people make sure you practice
responsible lending.

Marsden suggests that graduates draw up a budget as soon as they
graduate, including a payment schedule that would result in the loan being paid
off within four years.

He also warns students not to terminate repayments while they are looking
for employment.

“…It is better to arrange a repayment solution and not stop making
payments completely," Marsden said.


Supporting Articles

Click Here to SA Student Loans and Bursaries

Click Here to Repaying your Student Loan

What do you think?
Are you managing your student loan?



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