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How to Apply for a Student Loan

Student loans are loans that are designed to help students pay for tertiary education expenses.

Higher education in South Africa is quite expensive, and student loans are a viable option for students from low-income households and cannot afford to pay for their university or college tuition.


How do student loans work?

A student and a parent apply for a loan. The loan is approved upon an agreement that the parent will be paying the interest amount of the loan on a month-to-month basis while the student is studying. Once the student graduates and begins to work, they will then be required to pay the loan’s remaining capital amount.

Student loans in South Africa

There are three main types of student loans that you can apply for in South Africa.

     ● Bank sector student loans

These are student loans that you can apply for through a bank. Most major banks in South Africa offer student loans. However, the interest rates in bank sector student loans are usually higher.

You can apply for these loans by filling in the online application forms on the respective banks’ websites. 

Absa student loans 

standard bank student loans

Student Loan – FNB Loans – FNB

Nedbank Student Loan

     ● Private student loan providers [FUNDI]

Private institutions like Fundi provide a solution to access higher education at an affordable cost for students who may not have qualified for loans from funding institutions or traditional banks.

Fundi loans provide funding for the following:


-Educational tools and devices (e-books)

-MBA funding

-Short courses

How to apply for a Fundi loan?

Go to the official Fundi website www. Fundi.co.za and fill in an online application form with all the required documentation.

Here is a list of requirements that need to be adhered to qualify for a Fundi student loan:

– The student/parent must have a permanent job

– Clear credit score

– Copy of certified South African ID

– A letter of employment

– Latest payslip and three months bank statement

     ● Student loans through government funding institution [NSFAS]

Nsfas provides financial assistance in the form of a bursary to qualifying students at TVET colleges and public universities.

The Nsfas bursary covers:

– Registration

– Tuition

and allowances for:

– Accommodation

– Learning material

– Personal care

How to apply for a Nsfas bursary

Step 1: Go to www.nsfsa.org.za and click on the “myNSFAS” tab

Step 2: Create a myNSFAS account

Step 3: Click on the “APPLY” tab and fill in the application form Step 4: Upload the required documentation, then click on “submit” Required documentation:

– Certified copy of your ID or birth certificate

– ID copies of parent/guardian

– Proof of income [combined household income needs to be less than 350 000 per year]. If you are a SASSA grant recipient, no proof of income will be required.

A reference number will be sent to you via SMS after you submit your application; you can use this reference number to check your application status at any time.