Student Loan from Banks

[Fern9do]

I was wondering if any of you have used or are making use of a student loan from a bank.
I studied for 3 years and made use of a NFSA loan and basically they give you the money for your course and you only have to pay them back once you are earning x amount of money per year(Think it's R60 000). So your loan just builds up interest the whole time until you get a decent job which is when you start paying them back.

Anyways due to certain circumstances I wont be able to get another loan from them so the banks are my only other option. How does a Bank Student loan work in terms of paying them back?

Thanks in advance

 

[Elfreako]

You start paying them back when you start working. Usually prime minus 3.

 

[slayerza]

yeah you only start paying them back once you start working but the interest is collected monthly from the sponsor / guardian / parents / you. Good luck with the application the NCA doesn't make things easy

 

[JK8]

One of the biggest problems we have in our country is this student loans offered. If you take out a loan you HAVE finish your degree, otherwise you blacklisted. Alot of people get blacklisted even before they enter the job market.

 

[PsyWulf]

Interest now. Payback when done studying

 

[iDenTiTy]

^^

Yip.

Absa wanted an audit, before they considred a loan from me...
FNB had my application granted within 2 hours...

Paid it off. Like the peeps say, MAKE SURE YOU PAY IT OFF.

If you mess this up, it may become VERY difficult to go on from here...

 

[Fern9do]

Thanks for all the info/advice.
Sounds like it will be a viable option.