The Absa Student Loan is a financing model designed to help individuals with financing their tertiary education costs. Higher education is an aspirational goal of many individuals in South Africa. While many people are willing to work hard to gain acceptance into tertiary institutions, not everyone can afford to pay for fees.
In light of the recent #FeesMustFall student protests, it has become more evident that fees are highly expensive.
Absa has become known to be reliable and affordable, leading it to be recognised as the number one bank in the country. The bank is a financial institution that is in tune with the needs of its customers.
Tell me more about the Absa Student Loan?
The study loan is also offered as part of a student package which includes a student credit card and a cheque account.
When you qualify for an Absa Student Loan, you are required to pay the prime interest rate on the study loan. In addition, customers are also offered a 15% discount on study equipment.
The student is expected to pay only the loan interest until graduation if the course is longer than 12 months. If the course is less than 12 months, the student will have to pay back the loan and interest in 12 months.
Absa Student Loans requirements
- The student must have passed matric
- The student must be enrolled or in the process of enrolling at a university or recognised college
- The sponsor or applying student need to earn a minimum monthly income of R3000 per month
- Proof of registration and quotation of study fees must be provided
- The course of study must be SETA or SAQA accredited
- A valid South African ID for the student must be provided
- The sponsor’s ID, banking details and proof of income must be provided
Absa will provide the customer with access to a Credit Protection Plan to cover the outstanding amount of the study loan in the unfortunate event of disability, retrenchment, dread disease or loss of life.
To contact Absa, call: 0860 100 372
Visit their website here: www.absa.co.za