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It is important that a student is first accepted into a tertiary institution as this is what financial institutions require when you approach them for a student loan.
Student loans aid in catering for the student’s needs that will require money such as registration, tuition, stationery, and accommodation during the time of the study.
Depending on the flexibility of the financial institution, the student is either required to pay back the loan and its interest during the time of study or after completing the qualification.
The loan payment is made directly to the financial institution.
Should you not be in the position to pay for your fees, a parent or guardian can be your guarantor as you might be a full-time student – to make repayments while you complete your studies.
Prior to applying for a student loan, it’s important to do your thorough research on all financial institutions – consider things such as repayment plans and interest rates.
Whether you fail and/or not complete your studies, you’re liable to pay the financial institution its money back.
Fine-combing the contract before putting ink on paper is important as you need to protect yourself, as much as financial institutions want to cover their own bases.