How to apply for a student loan or bursary

Student loans and bursaries are vital resources that help pay for a tertiary education and the textbooks that come with each course. The application process for financial aid is not intended to be difficult, but can still be overwhelming at times. Here’s what you need to know in order to ease the stress.

STUDENT LOAN
According to Absa, you can apply for a student loan if:
- you if you have a substantial income and can prove it.
- you have a parent who has proof of income.
- you have a guardian or sponsor who has proof of income.

To qualify, you must be a South African citizen or permanent resident. You must also:
- have completed Grade 12
- have a letter of acceptance from a tertiary institution
- already be enrolled, or in the process of enrolling, as a student at a tertiary institution.
- have completed the previous year’s study successfully, if you’re in your second or third year.

When applying for a loan, be it through your bank or through your institution, take the following documents with you:
- Proof of registration
- A quote from the institution for study fees and a detailed account of all textbooks and relevant costs required.
- Your identity document.
- Your results of the previous academic year.
- Proof of current residential address.
- Proof of earnings or latest payslip (or that of your financial sponsor).
- Banking details, including six months’ bank statements.

Most loans have a standard rule that while you are studying, only the interest on your study loan is payable and you only have to repay the capital once you have completed your studies. This is not the case for all channels of financial aid, so negotiate a reasonable amount of time and an effective method in which to pay back the loan.

BURSARY
There are many different bursaries offered by many different companies in South Africa. Companies will almost always offer bursaries to students who are studying their specific field. For example, Sasol offers a range of bursaries for students who are studying Chemical Engineering. Do some research and find out what bursaries are being offered for your specific degree or diploma. Also find out what bursaries are available from tertiary institutions, or from your employer.

To be considered for a bursary, you will need to prove that:
- You haven’t received any other bursary or financial assistance for your studies.
- You are pursuing a course of study in a discipline that will benefit the industry in question.
- You are registered or about to register at a recognised tertiary institution.
- You are a Southern African citizen.

When applying for a bursary, you will have to write an application letter indicating why you deserve the bursary on offer. Applications are assessed based on the following criteria:
- Your academic ability
- Your level of education
- Your field of study
- You can’t have failed any subjects in your current academic year.
- You probably won’t be considered if you achieve an aggregate below 65% for all subjects in your current year of studying.

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