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.
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