Unisa Student Loans

7 min read

What do I need to know about student loan debt?

Student loans are the debts that students incur while they are studying at university. In many cases, students need to take out student loans in order to cover the cost of their studies. Students borrow money from different lenders based upon their study costs and what type of course they want to study. Some courses require less financing than others, and some universities have higher interest rates than others. Different types of student loans have different repayment terms. Some loans may not be able to be discharged if borrowers become unemployed or lose their job; however, some loans may allow these things to occur without having to worry about losing any of their principal balance.

How do I find out how much my loan could possibly be worth?

When looking at student loans, it is important to look at the interest rate. Many people think that they can get a lower interest rate on their loans if they go into a smaller school, but this isn’t always the case. Borrowers should focus on getting the lowest possible interest rate on their loans, as well as making sure that they are eligible to receive government grants and bursaries. When calculating how much your student loan might be worth, you need to make sure you factor in the various types of interest rates and government subsidies that may be applicable. There are also calculators online that can help determine the value of your student loan.

Do I qualify for government financial support?

If you’re interested in applying for government financial assistance, you’ll need to apply early. Some forms of financial aid aren’t given out until after the fall semester begins. You’ll also need to meet eligibility requirements for each program. Depending on what kind of academic institution you attend, you may be eligible for scholarships, grants, and/or work-study positions. These programs are often advertised online, and it’s best to check them out before attending your first lecture. Not only will you be able to save money, but you can also increase your chances of being selected over other applicants.

Can I discharge my student loans?

Depending on the type of loan you have, you may be able to discharge them. If the loan is granted through a private lender, then it’s unlikely that you’ll be able to discharge it. However, if the loan was obtained through a federal agency, you can generally discharge it if you were employed full time and had no other outstanding debt. If you’ve been laid off, are divorced, or are going through bankruptcy proceedings, it’s still possible to discharge your student loan. However, you’ll need to file paperwork with the Department of Education.

Unisa Student Loans

A university education at Unisa is not cheap. So how do you go about paying for your studies? There are two ways to pay for your studies. Firstly, you may opt to apply for student loans. These loans offer financial assistance to students who have demonstrated good academic performance and financial need. However, these loans are expensive, costing over R30 000 per year. In addition, they only cover tuition fees and no accommodation costs. To add insult to injury, interest rates on uni loans are increasing each year, making them even costlier. And although many people argue that getting a degree is worth the investment, others feel that it’s just another debt trap. If you are considering applying for a loan, there are some things you should know.

The second way to pay for your studies is by using your savings or your parents’ money if you are still studying at home. If you decide to take out a loan, make sure you start saving early. Start saving R10 000 per month towards your goal, and try not to use your money for anything else apart from paying for your studies. Also, don’t borrow more than what you really need. If you have to take out a larger loan to fund your studies, consider adding extra payments to your existing loan to reduce the total amount owed. Consider taking out a personal loan instead of a student loan if you’re having trouble managing the repayments. A personal loan carries lower interest rates, and you can easily get a credit card to help with the monthly repayments.

Once you’ve paid off your loan, consider setting aside some money in a separate account specifically earmarked for your studies. Put away around 10% of your income each month. You may want to keep some money in your bank account as well, since it’s convenient and safe, but you’ll probably find yourself spending more time withdrawing than putting money back, thus negating its purpose. If you choose to use your savings to pay for your studies, set up automatic transfers to avoid any lapses in your budgeting.

Another option is to sell something you own or rent out a room in your house to earn additional cash. You can also ask family members or friends to contribute towards your study expenses. Remember though that once you’ve started charging family members, you might need to justify your decision to move forward with your studies and show them how this funding will benefit their lives as well. Even if you end up deciding to continue living with your family, you might need to start contributing financially to your household budget.

Unisa Student Loans

Unisa Student Loans

When you apply for university, you’ll be asked to provide proof of income. Your bank statements and tax returns will be checked. If you have any student loans outstanding, they will also be included. All these will be taken into consideration while calculating the amount of loan that you qualify for, which includes your total cost of study, as well as the interest rate.

Interest

Interest rates on student loans vary based on many factors, including:

Term length

Type of loan (scholarship)

Repayment period

Income level

Credit rating

Other debts owed

Loan type

You need to take into account the interest rate that applies before making your decision about whether to go ahead with the application.

However, once you’ve decided to enrol, you won’t face any penalty if you choose not to repay the loan until after graduation.

The amount of money you qualify for will depend on:

Unisa Student Loans

How much does it cost?

The cost of Unisa loans ranges greatly depending on your circumstances, whether you’re applying online or attending an interview at your local branch. Your loan amount will depend on how many years’ worth of study you plan to complete.

What does it cover?

Your loan covers all costs associated with studying at Unisa – including tuition fees, accommodation, books, equipment, travel expenses and even a monthly allowance if you live away from home. You only pay interest while you’re studying, not after you graduate.

Is it easy to get?

Yes! Apply for your Unisa student loan today. You can apply online without any paperwork and receive your first instalment within three weeks.

Unisa Student Loans

Why should I choose unisa?

Unisa is South Africa’s largest provider of higher education loans. We offer financial assistance to students pursuing studies at accredited colleges and universities within the Unisa Group. Through our loan schemes, we help students finance their tertiary study. You may apply for a student loan after submitting a completed application form, together with relevant documents.

How do I apply for an unisa student loan?

You can apply online at www.unisa.co.za/loans. You can complete the online application form, upload supporting documentation and submit payment via credit card or e-transfer. Alternatively, you can download a hard copy of the application and send it along with the relevant supporting documentation and payment to us.

What type of fees does unisa charge for its student loans?

There are no upfront registration fees or monthly installments payable as part of the application process. You only pay interest at the end of each month as per the repayment schedule.

Do I have to repay my unisa student loan?

Yes, all loans issued by unisa become payable upon graduation. Repayment starts immediately upon leaving school and ends on your 60th birthday (if you have not remortgaged or refinanced). If you take out a consolidation loan, your payments will then start once your current term ends.

Are students eligible for unisa student loans?

Yes! Students who wish to pursue tertiary studies are welcome to apply. In order to qualify for an unisa loan, applicants need to meet certain criteria. You must be a South African citizen or permanent resident, aged 30 years or older at the time of applying, enrolled full-time at an accredited university, college or technical institution and studying towards a degree or diploma. You are also eligible if you have been accepted to study at an accredited institution and you have applied for and received funding from any government agency to assist with your studies.

How much money am I expected to earn before I can borrow?

We expect you to earn a minimum of R15 000 per month while studying. However, depending on factors such as level of course and institution, some institutions allow for borrowers to borrow more than this amount.

Can I get a lower rate of interest for an unisa student loans if I am unemployed?

If you are employed, the best way to save on your interest rates is to make your first instalments direct debit. Direct debits are paid on a regular basis, rather than being paid off over a period of time. If you are currently working but would prefer to change your repayment plan, contact us today for further information. We may be able to secure a different repayment arrangement that suits your circumstances.

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