A student loan is a type of loan designed to help students pay for tertiary education. It usually includes tuition fees, books and supplies, and living expenses.
Student loans are loans are not the same as bursaries. They need to be paid back - and the amount includes interest. Usually, only the interest portion needs to be paid during the study period. The main amount is payable after you have qualified.
To qualify for a student loan, you need to have an employed sponsor such as a parent, guardian or relative to stand surety. This means that they will be responsible for repaying the monthly interest on the loan while you are studying. The main portion of the loan is in your (the student's) name and needs to be repaid by you after you are qualified and working.
It's important to remember that a study loan is a legal agreement that must be repaid even if you:
- don't finish the course
- don't find employment after qualifying