A student loan is credit that pays for study costs and must be repaid with interest. In South Africa there are two main routes. The NSFAS loan is for students at public universities and TVET colleges whose combined annual gross household income is above R350,000 and below R600,000. A bank loan, such as Standard Bank’s, is open to South African citizens accepted at or studying at an accredited institution, and usually needs a surety.
Meeting the minimum requirements lets you apply. Approval remains the lender’s decision, and the NSFAS rules below are from its 2024 and 2025 academic-year guidelines, the latest we found, so confirm the current year’s terms before you apply.
Eligibility Requirements at a Glance
These are the student loan requirements in South Africa for the two routes.
NSFAS loan
- A South African citizen or permanent resident with a valid South African ID number.
- Intending to register, or registered, at a public university or public TVET college, on an approved qualification.
- Household income above R350,000 and below R600,000. Applicants turned down for the NSFAS bursary because household income exceeds R350,000 pre-qualify for the loan if family income is below R600,000.
- Not already fully funded by another source, and willing to sign the loan agreement. NSFAS does not lend to students at other types of institution.
- To keep the loan, you must maintain an average of 60% academic performance.
Bank loan (Standard Bank example)
- A South African citizen who has been accepted at, or is studying at, an accredited institution.
- A surety who guarantees repayment.
Details come from the NSFAS loan scheme guidelines (PDF) and the Standard Bank student loan page. Other banks set their own conditions, so check each lender directly.
Income and Affordability Requirements
NSFAS. The loan targets the “missing middle”: students whose household income is too high for the bursary but who still cannot easily pay. The R350,000 to R600,000 test applies to all students except those with disabilities, who are assessed under separate criteria, so confirm your position with NSFAS. The loan covers tuition (including registration), accommodation and study materials, but not transport. It is not guaranteed: funding depends on you continuing to meet the criteria and on NSFAS’s available budget.
Banks. The lender tests whether the person repaying can afford it. At Standard Bank, a full-time student needs a surety with a monthly income of at least R3,000, who pays the monthly interest and fees while the student studies. A part-time student needs their own monthly income of at least R5,000 and repays while studying. The National Credit Regulator says credit providers should request the latest three payslips, or bank statements showing the latest three salary deposits, and should average gross income over at least three pay periods where income varies materially.
Credit and Financial Requirements
How an NSFAS loan works. The loan is interest-free while you study. Interest starts 12 months after your exit date, at the prime lending rate on 1 April each year minus 100 basis points. You repay over a maximum of 60 months, from your first month of employment, and repayment can be delayed until you find work. You must tell NSFAS within 90 days of getting a job. A parent or legal guardian signs as surety, and a student and surety who default can be listed with a credit bureau after notice letters and a 14-day period.
Students who average at least 70% across all registered modules and finish in the minimum time can get a 50% discount on the total loan, after first repaying 50% of it.
How a bank student loan works. With Standard Bank, the surety covers the monthly interest and fees while a full-time student studies, and the student starts repaying the capital once they have finished studying, within six months of completion. Rates and fees vary by lender, so compare the total cost of credit and not only the monthly instalment.
Documents and Verification Required
NSFAS
- A valid South African ID.
- A completed, signed NSFAS consent form, so NSFAS can verify household income with third-party sources.
- A signed pre-agreement statement and quotation, and the Loan Agreement Form, under the National Credit Act.
If you do not accept the offer and provide all required supporting documents within 30 calendar days, NSFAS treats the offer as declined.
Standard Bank
- Your ID document.
- The latest three months’ payslips.
- An acceptance letter or proof of registration from the institution.
Which payslips and IDs are needed for the surety, and any further documents, depend on the lender, so confirm when you apply.
How to Apply and Improve Approval Readiness
Here is how to apply for a student loan, and how to get a student loan without losing time on the wrong route.
- Apply for the NSFAS bursary first if your household income may be within its limit. See NSFAS requirements.
- If your household income is between R350,000 and R600,000 and you are at a public university or TVET college, apply for the NSFAS loan on the myNSFAS portal. Students who already applied for the bursary do not need a new application for the loan. NSFAS’s own page is the NSFAS student loan page.
- For a bank loan, get a quotation from your institution. At Standard Bank you get an instant online quote and then complete the application at a branch. Our study loan requirements guide covers the product in more detail.
- Read the pre-agreement statement and quotation before you sign.
Check the myNSFAS portal for the current NSFAS loan application window and closing date.
To improve your chances, make sure the surety’s payslips and bank statements are recent, and borrow only the amount on the institution’s quotation. You are entitled to a free credit report each year, and checking it for errors before you apply helps; ask a registered credit bureau for details.
Frequently Asked Questions
What is a student loan?
A student loan is credit used to pay study costs, such as tuition, accommodation and books. Unlike a bursary, it must be repaid. NSFAS describes its loan as financial aid for missing-middle students covering tuition, accommodation and learning materials.
Are there government student loans in South Africa?
Yes. The government-funded option is the NSFAS loan for students at public universities and TVET colleges whose household income is above R350,000 and below R600,000.
How do student loans work in South Africa?
The NSFAS loan is interest-free while you study, with interest starting 12 months after you leave and repayment over up to 60 months from your first month of employment. With a Standard Bank loan, the surety pays interest and fees during full-time study and you repay the capital after finishing.
Can I get a student loan if I have no income?
Usually only with a surety. At Standard Bank, a full-time student’s surety needs a monthly income of at least R3,000. The NSFAS loan does not require you to earn an income, but a parent or legal guardian signs as surety.
Can I get a student loan without surety?
Not from the sources we could verify. The Standard Bank loan for students without surety is closed to applications, as shown on its student loan without surety page, and the NSFAS loan requires a surety. We did not check other banks, so ask them directly.
How do I apply for a student loan without my parents?
The NSFAS guideline says parents or legal guardians sign the surety, although unmarried applicants who are independent of their parents are exempt from the declaration form. Whether someone else can stand surety in your situation should be confirmed with NSFAS before you apply. For a bank loan, the surety must be someone the lender accepts.
Should I apply for NSFAS or a bank loan?
Start with NSFAS and bursaries, because a bursary does not have to be repaid. If your household income is above R350,000 and below R600,000, the NSFAS loan is interest-free during your studies, which a bank loan may not be.
What is the minimum payment on a student loan?
It depends on the lender. NSFAS sets instalments on a repayment schedule, and higher income gives higher instalments. Ask your lender for the amount before signing.
Confirm current NSFAS rules and your lender’s rates, fees and surety conditions with NSFAS and the lender before applying. See loan requirements and browse all finance and funding requirements.