A student loan is credit that pays for tuition, accommodation or study materials and must be repaid with interest. In South Africa the core student loan requirements are proof that the student has been accepted at or registered with an accredited institution, a fee quotation or statement, identity documents, and, for most bank loans, a surety or guarantor with a regular income who passes the lender’s credit and affordability checks.
Who qualifies for student loans depends on the lender. NSFAS runs a government loan scheme for students at public universities and TVET colleges whose household income is too high for its bursary. Banks and private lenders assess whoever carries the repayments, which for a full-time student usually means a parent or guardian. Meeting the minimum criteria lets you apply; approval remains at the lender’s discretion.
Eligibility Requirements at a Glance
These are the requirements for a student loan that apply across most lenders. Individual products add their own conditions, such as an approved list of institutions or courses.
- Identity and residency: a valid South African ID. NSFAS lends only to South African citizens and permanent residents; banks set their own residency rules per product.
- Institution and course: acceptance or registration at an accredited institution, for a course the lender funds.
- Proof of cost: a quotation, invoice or fee statement from the institution for the amount you want financed.
- Someone who can repay: either the student’s own income (for employed or part-time students) or a surety who pays while the student studies.
- Credit and affordability: the borrower and any surety must pass the credit check and the affordability assessment the National Credit Act requires.
- Academic record: lenders ask for your matric or latest results, and NSFAS requires an average of 60% to keep its loan funding.
Income and Affordability Requirements
Income is assessed differently depending on whether you apply to NSFAS or to a bank.
NSFAS loan scheme. Under NSFAS’s 2025 loan scheme guidelines, the loan is for the “missing middle”: students whose combined annual gross household income is above R350,000 but below R600,000. Below R350,000 you are assessed for the NSFAS bursary instead, which does not have to be repaid (the bursary threshold is R600,000 for students with disabilities). The loan covers tuition including registration, accommodation, and books or study materials, but not transport, and awards depend on NSFAS’s available budget.
Bank and private loans. Here the question is whether the person making the repayments can afford them. The National Credit Regulator’s affordability rules say a credit provider should validate gross income with the latest three payslips, or three months’ bank statements showing salary deposits, and weigh it against living expenses and existing debt. A surety who is already stretched on a home loan or vehicle finance may be offered less than you asked for, or declined.
Credit and Financial Requirements
This is how student loans work in South Africa once approved. With a typical bank loan for a full-time student, the surety pays at least the monthly interest (and any fees) while the student studies, and the student takes over the full capital repayments after completing the qualification. Part-time students with their own income usually repay capital and interest from the start. If the student defaults, the surety is liable for the balance, and missed payments affect the surety’s credit record.
The NSFAS loan works differently. According to its guidelines, it is interest-free while you study; interest starts 12 months after you leave the institution, at the prime rate on 1 April each year minus 100 basis points. You repay from your first month of employment, over a maximum of 60 months, and repayment can be delayed until you find work. A parent or legal guardian must sign as surety, and a defaulting student and surety can be listed with a credit bureau. Students who average at least 70% and finish in the minimum time can qualify for a 50% discount on the loan, once they have repaid half of it.
Before you accept any offer, compare the total cost of credit, not only the monthly instalment. Interest and service fees that are added to the balance during your studies make the loan larger by the time you graduate.
Documents and Verification Required
Expect to provide the following. Lenders may ask for more, and each checks what you submit against third-party records.
- Certified copy of the student’s ID, and the surety’s ID where there is one
- Letter of acceptance or proof of registration from the institution
- Fee quotation, invoice or statement for the costs to be funded
- Matric results or your latest academic record
- Proof of income for the person repaying: latest three payslips or three months’ bank statements
- Proof of residential address
- For NSFAS: a signed consent form so NSFAS can verify household income with third parties
NSFAS also requires qualifying students to sign a loan agreement, and treats an offer as declined if the documents are not submitted within 30 calendar days.
How to Apply and Improve Approval Readiness
How you apply for a student loan depends on which route fits your household income. Check the free options first, because a bursary does not have to be repaid.
- Apply to the NSFAS bursary, if your household income may be within its threshold, and to other bursaries in your field. See NSFAS requirements.
- If your household income falls in the R350,000 to R600,000 band and you are at a public university or TVET college, apply for the NSFAS loan on the myNSFAS portal. If you have already applied for the NSFAS bursary, NSFAS says you do not need a new application for the loan.
- For a bank or private loan, get a quotation from the institution, then apply through the lender’s own website, app or branch with the surety’s documents ready. Our study loan requirements guide covers the loan product in more detail.
- Read the pre-agreement statement and quote before signing. The National Credit Act requires the lender to give you one.
To improve your chances of approval, have the surety check their credit report before applying and fix any errors or arrears. You are entitled to one free credit report a year from each registered credit bureau. Ask only for the amount on the quotation, and make sure payslips, statements and certified copies are recent.
Frequently Asked Questions
What is a student loan?
A student loan is credit used to pay for study costs, such as tuition, registration, accommodation and books. Unlike a bursary, it must be repaid with interest, and it is governed by the National Credit Act.
Can I get a loan as a student with no income?
Yes, but usually not on your own. Most bank loans for full-time students need a surety with an income who pays the interest while you study. The NSFAS loan does not require the student to have an income, but a parent or guardian must sign as surety. Some banks offer no-surety loans to full-time students at participating universities, usually with a household-income limit and an approved course list.
Should I apply for NSFAS or a bank loan?
Apply for NSFAS and bursaries first. If your household income is R350,000 or less, you are assessed for the NSFAS bursary, which does not have to be repaid. A loan becomes the option when grant funding is not available.
Does the student or the surety repay the loan?
The student is the borrower, but the surety is liable for the full balance if the student does not pay. With most bank loans, the surety pays the interest during studies and the student repays the capital afterwards.
When do I start repaying a student loan?
For most bank loans, capital repayments start after you complete your studies, but interest is payable monthly from the start. For the NSFAS loan, repayments start from your first month of employment, and interest only begins 12 months after you leave your studies.
How much student loan is available for a PhD in actuarial science in Canada?
South African lenders’ student loans are generally for accredited South African institutions, and the NSFAS loan is only for public universities and TVET colleges in South Africa. Canada Student Loans are limited to Canadian citizens, permanent residents and protected persons. If you are going to Canada, ask the university’s graduate funding office about scholarships and funded PhD positions, and check the Government of Canada’s student aid pages.
This page is general information and not financial advice. NSFAS reviews its loan criteria every year, so confirm the current rules with NSFAS, and confirm rates, fees and surety rules directly with your lender before applying. See loan requirements and browse all finance and funding requirements.