Standard Bank Student Loan 2020-2021-All you need to know

Filed in Student Loan 2020-2021 by on September 17, 2019 0 Comments

Ongoing Standard Bank Student Loan 2020-2021-See Application Procedures

we are pleased as we keep you updated about Ongoing Standard Bank Student Loan 2020-2021-See Application Procedures

on this Page people are searching for:

ABOUT THE STANDARD BANK STUDY LOAN

SB student loans are used to pay for tuition, books, study equipment and accommodation (this only applies to full-time students who are not residing with their parents).

The money for tuition fees will be paid directly into the institutions account and accommodation fees will be paid to the place of residence. The balance of the funds for other study expenses will be paid into the students Standard Bank transnational account

Study loans are only granted for a certain amount of time, therefore students must reapply each year.

WHAT IS A “SURETY”

This is someone who will be liable for your debt should you not be able to pay it back. This is usually a parent or guardian.

You will need a surety if:

  • you are under 18 years old
  • you are studying full-time
  • you are studying part-time and earning less than R5000/ month

PAYING BACK THE STUDY LOAN

Full-time students: the surety must pay back the monthly interest while studying, and the student must pay back the loan on completion of studies.
Failure to complete your studies will result in immediate pay back of the loan.

Part-time student: student must pay back the loan upon starting studies. Payment must be made by monthly debit order.

ELIGIBILITY

Applicants must satisfy the following minimum entry criteria before applying:

  • Have registered to study at an accredited tertiary institution in South Africa
  • Studying towards a certificate/ diploma/ degree/ postgraduate degree or diploma qualification
  • Passed the previous year of study (usually Matric)
  • For diploma and degree studies, your surety must earn at least R3000/ month
  • For certificate and other studies, your surety must earn at least R5000/ month
  • If you are a part-time students earning more than R5000/ month, you do not need a surety

How it Work

    • Tuition and accommodation are paid to the institution or residence
    • Loans are granted for one year of study at a time
    • You submit your marks and proof of registration on fulfilment of the loan
    • A once-off initiation and monthly service fee are charged on your student loan
    • Courses must be accredited by the Department of Higher Education, SAQA, SETA or Umalusi
    • WHILE YOU STUDY
    • You’ll need someone to sign surety on your loan*
    • While you’re studying, your surety pays the monthly interest and service fees
    • You start repaying the loan once you’ve finished studying
    • If it takes you a while to find a job, you can ask for a grace period
    • Grace periods can be extended for articles, internships or community service
    • Your loan can be insured, so that any amount owed can be settled in the event of disability, dread disease or death

    *Your surety will need to earn at least R 3 000 a month

HOW TO APPLY

Apply online at: https://youth-applications.standardbank.co.za/mystudentloan/
Alternatively, you can apply in person at your closest branch.
You will be required to submit the following supporting documentation with your application:

DOCUMENT FULL-TIME STUDENT PART-TIME STUDENT SURETY
Identify Document YES YES NO
Parents/ Guardians Identify Document (minors only) YES YES NO
Proof of study expenses (tuition, accommodation, books etc) YES YES NO
Proof of tertiary registraion or acceptance YES YES NO
Latest academic record YES YES NO
Proof of residence YES YES YES
3 months latest bank statements (non SB clients only) NO YES YES
Latest payslip NO YES YES

 

If you would like to find out if you qualify for a Standard Bank student loan before applying, please visit: https://youth-applications.standardbank.co.za/mystudentloan/apply/pre-approval

  • standard bank student loan calculator
  • standard bank student loan application form pdf
  • standard bank student loans telephone number
  • standard bank student loan reviews
  • standard bank student loan track application
  • standard bank student loan application form download

If you have any question regarding this post kindly ask below

About the Author ()

Leave a Reply

Your email address will not be published. Required fields are marked *