Finance your Studies
Not sure how you are going to pay your tuition fees and buy all the textbooks you need? Whether you’ve just received your acceptance letter or have already started studying, a Study Loan from Absa will help you focus on succeeding in your studies, without the added worry of how to fund it all.
Provided you are enrolled, or in the process of enrolling as a full-time or part-time student at a University, University of Technology, Private College or FET College, your parent, guardian or sponsor can open a Study Loan on your behalf.
An Absa Study Loan can be used to pay your study fees, textbook bills and related costs. It can help you make the most of your resources. While the student is studying, the borrower pays only the interest due on the loan, for the year in which the finance has been taken up. If finance is not taken up for the subsequent year of study, the loan must be paid back from that year onwards. Where finance is taken up for every year of study, the loan must be paid back upon completion of studies over a period not exceeding the time it took to complete studies. When students’ studies are complete, they have the option of taking over the study loan from the parent (the borrower) once they are employed and can prove that they are creditworthy and can afford the repayments.
Not for you? Find the right loan.
A Study Loan could be the right choice if you:
- Would like a loan to cover your study fees, textbook bills and related costs
- Would only like to start paying the loan back after you have finished studying
- Are enrolled, or in the process of enrolling as a full-time or part-time student at a University, University of Technology, Private College or FET College
- Are a South African citizen or permanent resident
There are various requirements that need to be met in order for you to qualify for a Study Loan:
- The student must have successfully passed matric
- The course that the student wishes to take must be SAQA or SETA accredited – visit www.saqa.org.za to find out if your desired institution/course is accredited
- If the course is more than 12 months long, you will only pay the interest on your Study Loan until you graduate, when the full amount becomes due
- If your course is less than 12 months long, you will need to pay the loan and interest back within the 12 months
- Even if you are unable to pay the study loan back once you graduate there is a grace period while you complete community service
You can apply for a Study Loan at any of our Student Bureaus or branches. Be sure to bring the following documentation:
- Proof of registration and studies fees quote
- Identity documentation
- Previous academic results
- A detailed breakdown of textbook costs
Due to the fact that a Study Loan is taken out in the name of the sponsor, sponsors must provide:
- Proof of earnings / latest payslip
- Identity documentation
- Banking details
- Marriage / divorce documentation if sponsor is / was married