As the 2013 academic year rapidly draws to a close, many students and their parents should consider their financial planning for the coming year.
The bank notes that demand for student loans increased by almost 5 percent last year, due largely to increased tuition fees and families placing a much greater emphasis on post-matric qualifications. Loan values have also increased by more than 13 percent.
Student loans open the doors to a good tertiary education even when access to bursaries and funds are limited.
Student loans are a sound investment in the future and a convenient way to pay for student fees, computers, books and accommodation, explains chief executive officer of FNB Personal Loans, Pieter du Toit.
He says these loans are easily accessible provided the student’s parent or guardian earns more than R6 000 per month and the application meets NCA criteria.
A pre-requisite for an FNB Life Start Student Loan is proof of registration in an academic institution, he says.
Du Toit says the FNB student loan offers a six-month payment holiday on the capital portion of loan from the date of graduation. Interest payments must be made from the date of taking the loan.
For FNB customers, access to a Life Start Student Loan is easy and can be completed via Online Banking, a FNB branch or the Call Centre.
“We require an ID Book for the student and the guardian/parent and loan amounts start from R4 000.
“In addition, we also require documents from customers of other banks and for larger amounts – students can re-apply for additional amounts at any time after the loan has been granted,” he says.
FNB is already noting strong demand for student loans, mostly from matriculants who are starting to register at universities and technicons for 2014.
The bank notes that demand for student loans increased by almost 5 percent last year, due largely to increased tuition fees and families placing a much greater emphasis on post-matric qualifications. Loan values have also increased by more than 13 percent.
“A tertiary education is critical to your child’s future employment and career opportunities,” points out Du Toit.
This is not limited to typical academic qualifications, but includes growing numbers of students seeking diplomas in high-demand areas such as trade skills and specialist computer skills.
Very often these students and their families struggle to purchase laptop computers, specialist equipment and books. Loans can be used for any student requirements, he adds.
