Standard Bank Student Loan – Studying further to ensure a secure and bright future needs a lot of money. However this does not mean that people who cannot afford tertiary fees cannot study further. While a tertiary education prepares one’s life and introduces one to a world full of endless possibilities, money should not come in the way of it. Standard Bank offers student loans for both students studying part time and full time.
Student loans are granted for a specific year of study; therefore students are required to apply every year. The Standard Bank student loan covers tuition fees, books, accommodation and study-related equipment such as laptops. Once approved the money will be paid directly to the tertiary institution and the balance remains in the student loan account or transferred to the student’s transactional account.
Fulltime students will repay the loan upon completion of their studies and are also granted a grace period for completion of internships and articles. They will however need to pay monthly interest charged to their surety’s account. Part-time students will pay both capital and interest as soon as they start studying. Students failing to complete their studies must repay the loan immediately.
Accommodation loan is only granted to fulltime students who are not living with their parents. Standard Bank also recommends that a personal loan protection plan should be taken out in death, dread disease or disability. People applying will need to submit ID documents, latest results, proof or registration, costs, residence and income, two month’s bank statement as well as an income and expenditure statement.
Application forms can be filled in at a Standard Bank branch or on www.standardbank.co.za.