Student funding options at Potchefstroom Academy and SAAHST
At Potchefstroom Academy and SAAHST we understand that paying fees towards a qualification can be difficult for many students who have come straight out of high school or have not yet started working. Therefore, we offer programmes and have sources to financial institutions who are often able to assist students struggling to raise tuition fees on their own.
We encourage all prospective students to explore the financial assistance that each of the institutions offer. Make an informed choice related to what would suit you best, based on your circumstances and the requirements of each financial institution.
Students who require funding can visit their local bank branch and enquire within the branch, or visit the websites of the banks that are listed below. A summary of the funding that the financial institutions offer for students and the incentives they offer will be available.
Funding options via major banks in South Africa
Another option for students who require funding is to visit their local bank branch and enquire within the branch, or to visit the websites of the banks that are listed below. A summary of the funding that the financial institutions offer for students and the incentives they offer will be available.
While most financial institutions can assist students, this is only done after a risk assessment and availability check is done, based on the loans required.
To apply for a student loan with ABSA bank, students will need to have a valid ID, three months’ bank statements, the latest payslip, proof of registration at the academic institution / final letter of acceptance, and proof of academic qualification costs for the duration of study.
FNB Student Loans come with a flexible payment option and personalised interest rates. Loans are offered between R4000 to R80000 per year, which can be used for tuition, housing, and any equipment or other study material and devices.
Nedbank offers loans for full-time and part-time students, along with credit life cover and interest rates linked to the students’ performance. A Nedbank transactional account is required for the guarantor, or three months’ worth of bank statements if they do not bank with Nedbank.
Standard Bank offers students a quote within minutes once a survey has been filled out online. The variety of benefits they list include covering a laptop under student equipment required, and their interest rates are noted at starting at 7%. They state they do easy pay-outs with funds paid directly to the relevant persons, and at present, have no maximum listed for tuition fees.
The benefits of a Student Loan
Student loans are a helping aid to students who need financial support and who would otherwise miss out on the opportunity to study further. The finances that student loans provide give students a head start in the vocation they choose, and usually consider requirements other than tuition for each student in areas such as accommodation and specific equipment, such as laptops.
Financial institutions will share the repayment plans for the loan, along with the timeframe required to pay the loan back, upfront to students in the quotes provided. Some, though not all, institutions offer a repayment programme tailored to each student – many of which will only start six months after students have finished their qualification / have graduated, to allow students time to find work.