NSFAS Student Loans 2020-2021- Apply Online Here

Filed in Students Loan 2020-2021 by on September 16, 2019 3 Comments

NSFAS Student Loans 2020-2021- Apply Online Here

we are pleased to keep you updated about NSFAS Student Loans 2020-2021- see How to Apply Online below

NSFAS Student Loans ā€“ Financial Aid

The NSFAS loans are available to South African students who are enrolled in one of the 25 public universities of the country. They are designed to help you cover all of your expenses including tuition fees, accommodation cost, food and travel expenses and spending on books and materials.

The granted loan amount is determined on an individual basis. The interest rate is 80% of the repo rate. This makes it considerably lower than the interest rates charged by banks.

NSFAS student loan directly online.

In order to qualify, you have to pass the NSFAS Means Test and to have good academic performance.

There are no financial or collateral requirements which parents, guardians or sponsors have to meet.

The repayment of the government student loan begins only after you graduate andĀ start earning an incomeĀ which is higher than R30,000 per year.

If your annual income is lower than R59,000, the payments will be 3% of your yearly salary. If it is higher, then they will be equal to 8%.

Student loan from one of South Africaā€™s Banks

These student loans are also intended to cover all of your expenses as a student including tuition fees, accommodation expenses and expenses on textbooks, study materials and travel.

However, they work slightly differently.

A surety has to apply on your behalf. This is typically a parent or a guardian, but it can be a sponsor who agrees to support you. The surety has to have sufficiently high income and sufficiently low debt plus clearĀ credit historyĀ in order toĀ secure the loan.

The loan amount is determined individually based on the needs of the student. The disposable income of the surety is also taken into account. The interest rates are higher than those on the NSFAS loans.

However, they vary from one lender to another so it is important for you to compare as many different offers as possible.

Rates will depend on the creditworthiness of the surety

TheĀ repayment structureĀ of the bank student loans is divided into two periods.

The first period encompasses the time while the student is in school. During this period, your surety will have to make interest payments only. When you graduate, you will have to pay back the remainder of the interest and the principal in the form of monthly instalments.

The repayment term will be fixed in advance

Grace periods are granted to graduates who have to complete an internship or do voluntary work.

It pays off to compare the different student loan options before you apply for a programme in a university in South Africa.

Remember Sharing is Caring, kindly use this IconsšŸ‘‰

Comments (3)

Trackback URL | Comments RSS Feed

  1. Bongiwe says:

    Send mi the link just wanna apply please

  2. Monecia Hanekom says:

    Please sent me the link how to apply

  3. Monecia Hanekom says:

    Please send link to do online application

Leave a Reply

Your email address will not be published.