Student Loan Without Guarantor/Surety FAQs
1. How did Standard Bank select the courses on the university approved course list?
The selected courses were aligned to graduate skills in demand in South Africa in collaboration with the universities invited in the pilot. Approved courses may vary across each university.
2. Does Standard Bank intend to expand the participating universities and approved courses list?
We aim to expand the offering to all institutions across the country and expanding the approved course list after successful evaluation of the pilot.
3. What happens to the interest and fees charged on my student loan before I start working?
Monthly interest and service fees apply from the loans inception and will be added to the outstanding balance.
4. Is the Student Loan Without Guarantor/Surety for full-time and part-time students?
Currently this offering is available to full-time students only.
5. Who does Standard Bank evaluate for household gross income?
All caregivers earning an income, of the students’ particular household or place of residence (whom the student is dependent on).
6. What other lending criteria is the student loan subject to?
We will perform credit and fraud checks to validate the applicant’s eligibility for the credit facility.
7. Will Standard Bank validate my academic progress with the university?
Yes, we will receive updates from the university regarding your academic progress or completion of your courses.
8. Can I consolidate other lending facilities I obtained before getting this student loan?
No. This loan will not cover any of your prior credit obligations.
9. How long do I have to pay back the loan when I start working?
The repayment period is be based on what you can afford to pay when you start making repayment on your loan. However, the maximum term is 120 months.
10. What will happen if I change universities?
This student loan offering and additional loan advancement are subject to students studying at a participating university.
11. Why do i need to provide my race information?
Your race information forms part of the special personal information and will be requested as part of the application process. Some of our student loans are backed by third-party donors and require race information on the students they fund so that specific BEE criteria can be met.
If you want to be considered for a student loan that is backed by these specific donors, you should provide your race information. This is not a mandatory field, and you may choose not to disclose the information. If this is the case, simply tick the ‘Prefer not to say’ box.