How to Prepare Your Student Loan Application

Standard Bank has noted a surge in student loan applications, including for post-graduate studies. The bank reported an increase in student loan disbursements in 2024, with double-digit growth in limit increases. Due to rising tuition fees, the demand for student loans continues to grow annually.

Tshiamo Molanda, Head of Youth and Mass Market Clients at Standard Bank, encourages students and parents to start the student loan application process early and gather all necessary documents in advance to avoid last-minute rushes and delays.

“Self-funding is becoming harder due to the tough economic climate and rising living costs. With limited public and private funding, more students are turning to loans,” says Molanda.

To help with the increased demand, Standard Bank has put together a list of key questions to guide students through the application process:

When is the best time to apply for a student loan?

Matriculants should apply as soon as they have their National Senior Certificate (NSC) results and acceptance letter, while returning students can apply anytime with proof of registration and academic records. “Standard Bank’s data shows peak application periods from January to March and again from June to August, so don’t delay,” adds Molanda.

What are my student loan options?

Standard Bank offers three types of student loans:

• Surety-Backed Student Loan: This loan is designed for full-time students who require a parent or guardian to co-sign as a Surety. Your Surety is responsible for servicing the interest and fees during your studies and will be liable if you are unable to repay the loan.
• Self-Assured Student Loan: This loan is for part-time students who are employed and are required to make full repayments from the inception of the loan.
• Student Loan Without Surety: This loan is specifically designed for students who do not have access to a suitable Surety and come from households with a gross household income below R600,000 per annum. It is available to students from their third year of study onwards in the fields of Science, Technology, Engineering, Mathematics, Commerce, and Health Sciences, and to students from their fifth year of study onwards in Medicine, at participating universities. Students can visit the Standard Bank student loans page to view a list of participating universities and applicable courses.

“We understand that finding a suitable Surety can be difficult for some students. That is why we offer Student Loan without Surety option,” adds Molanda.

Who qualifies to sign Surety for a student loan?

Your Surety must be an income-earning adult with a minimum monthly income of R3,000. Only one individual can act as your Surety for the student loan. During your studies, your Surety is responsible for paying the interest and fees on the loan. Upon graduation, you will have a six-month grace period before commencing loan repayments. However, your Surety will remain responsible for the interest and fees until you assume full repayment obligations.

Where can I apply for the loan?

For full-time students applying for Surety-backed loans and part-time students applying for Self-Assured loans, the application process is straightforward:

Students can get an instant online quote by completing the ‘Do I qualify?’ assessment. Following this, they have the option to either request a callback for further assistance or proceed directly to one of our branches to complete the application process.

For Student Loans without Surety, the application process differs. They must apply for these loans through the dedicated student loans page on the Standard Bank website. One of our consultants will be available to assist them with the loan application process.

What documents do I need?

Course-Related Documents

• Registration letter from the institution (or acceptance letter if registration funds are required; full funds released upon registration confirmation).
• Invoice for tuition, accommodation (if applicable), and study-related costs (textbooks/equipment).
• Latest academic results or, for matric students, final National Senior Certificate results.

Personal (FICA) Documents

• ID documents for both the student and surety.
• Proof of residence (not older than 3 months) for both student and surety.
• 3 months’ payslips for the surety.
• 3 Months bank statements (if not a Standard Bank client), for the surety

Documents for student loan without surety

• South African ID
• Proof of residence (not older than 3 months)
• Proof of household gross income
• Latest academic results
• University registration letter
• Proof of costs for books/equipment (if over R6,000 and funding is required)
• Lease agreement for accommodation costs (if funding required)
• Statement of university tuition or residence costs (if funding required)

Do I need to reapply each year?

Students are required to apply for further funding each year by following the student loan application process. Product rules, terms, and conditions apply.