Do you need a study loan?
The best banks to approach when looking for a student loan are not necessarily one of the major banks but a specialist bank that offers loans to students for their studies as a specialized product. The reason is that there is a good chance that the lending institutions are being subsidised to some degree by the government.
Best Student loans – your options
If you are employed and want to study further, a personal loan is often the easiest and best way to finance your studies but is dependent on your earnings and you do not get a payment holiday like student loans, where you only start paying the loan back once you have finished studying.
Student Loan from a Bank
A student loan from a bank is more suited to full time students going to University or other tertiary education institution where a surety like a parent, grand-parent or family member is required. This provides the bank with security they need and is an incentive for the surety to encourage the student to pass.
Government Student Financial Aid
The Government has a plan that requires a much larger number of the population to be qualified in various disciplines to achieve the development goals laid out in the National development plan(NDP). In order to achieve these goals they have laid out what skills and qualifications are required and will look very favourably on students wishing to study these degrees. Funds made avaialble by the National student financial aid scheme (NSFAS) are typically unsecured and repayment once you are working is looked upon more as an investment back into the country by those who have benefitted, allowing those who wish to study the opportunity to receive financing.
Bursary or Scholarship
Many companies, particularly accounting and engineering firms which are skills necessary to achieve the development goals of the country have made money available through bursary/scholarship programs to develop talent in the field. The Tutuka fund is probably the best know program for aspiring accountants and auditors.
Selecting the student loan that is best for you may not be a bank but an alternative form of financing. What you need to do is take into account whether or not there is someone who is able to stand as a surety or not, whether using a personal loan from a bank is the best option or if you are focussed and know exactly where you want to be and what your career path is going to be, to approach the companies that you would love to be employed by.