Student Loan Debt Relief From Standard Bank
Standard Bank has announced measures to assist full time students who may be struggling to repay their student loans over the coming months. This could be either directly because of coronavirus or because of the damage to the economy as the result of the economic slowdown expected by the special measures taken. Many students supplement their income with restaurant or bar work and that sector is particularly hard hit with new rules requiring that they stop selling alcohol at 9pm during the week.
Standard Bank is the first of the local banks to announce measures to assist students and others who will be hurt by the expected slump that will result from the slowdown in the economy over the coming months.
To curb the spread of the very contagious Covid-19 infection the government has closed schools, colleges and universities and put stringent restrictions on businesses. This is expected to have a negative impact on the economy with many businesses having to close overnight, and many thousands of workers being laid off.
Students who have part-time work at bars or restaurants to supplement their income while studying are also expected to be hard hit. With the whole country urged to practice social distancing and stay at home where possible, many restaurants and bars have been forced to close and lay off their staff.
Standard Bank have announced a three month payment holiday for student loans. This comes at 0% interest on the balance due and no fees during this time. The payment holiday is effective from 1st April to 30th June 2020 and applies to all Standard Bank student loans.
Full time students who have loans with Standard Bank will automatically benefit from this payment holiday and don't have to take any action.
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