Student loans requirements depend on the lender. 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 student loan, such as Standard Bank’s, is open to South African citizens accepted at or studying at an accredited institution, and a full-time student needs a surety. Both are credit that must be repaid, and the lender decides on approval.
Before borrowing, check the free options first: NSFAS and other bursaries do not have to be repaid. The NSFAS loan terms below come from its 2024 and 2025 academic-year guidelines, the latest this page uses, so confirm the current year’s terms.
Eligibility Requirements at a Glance
What student loans generally require, by route.
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. The test applies to all students except those with disabilities, who are assessed under separate criteria, so confirm with NSFAS.
- Not already fully funded by another source, and willing to sign the loan agreement.
- An average of 60% academic performance to keep the loan funding.
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 that the loan will be repaid.
See 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
The income tested is usually the surety’s. Most full-time students have no income, so the person who signs surety is assessed. At Standard Bank, a full-time student’s surety needs a monthly income of at least R3,000 and covers 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. A surety is liable if the student does not repay, so understand what the signature means before giving it.
NSFAS. The loan covers tuition (including registration), accommodation and study materials, but not transport. It is not guaranteed: funding depends on continuing to meet the criteria and on NSFAS’s available budget.
Credit and Financial Requirements
Does interest run while I study? It depends on the loan. The NSFAS loan is interest-free during the study period, and interest starts 12 months after your exit date, at the prime lending rate on 1 April each year minus 100 basis points. With a Standard Bank loan for a full-time student, the surety pays the monthly interest and fees during study and the student starts repaying the capital once finished, within six months of completion.
NSFAS repayments run over a maximum of 60 months, from your first month of employment, and can be delayed until you find work. A parent or legal guardian signs as surety, and a student and surety who default can be listed with a credit bureau. 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.
Compare lenders on the total cost of credit, not only the monthly instalment. Rates and fees vary, so we do not quote a bank rate here.
Documents and Verification Required
NSFAS: a valid South African ID, a completed and signed NSFAS consent form so NSFAS can verify household income with third parties, and a signed pre-agreement statement and quotation and Loan Agreement Form. If you do not accept the offer and provide all required 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.
Other lenders and the surety’s documents may differ, so confirm the list when you apply.
How to Apply and Improve Approval Readiness
- Look at NSFAS and bursaries first. 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. See also 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.
- Read the pre-agreement statement and quotation before you sign.
Check the myNSFAS portal for the current NSFAS loan application dates. Make sure the surety’s payslips and bank statements are recent, and borrow only the amount on the institution’s quotation.
Frequently Asked Questions
What are student loans?
Student loans are credit used to pay study costs, and they must be repaid, unlike a bursary. The NSFAS loan covers tuition, accommodation and learning materials for missing-middle students. A bank loan is repaid by the student, with a surety guaranteeing it.
Should I apply for NSFAS or a loan?
NSFAS also runs a loan scheme, so the choice is not bursary or nothing. Apply for the NSFAS bursary and other bursaries first, because they do not have to be repaid. If your household income is above R350,000 and below R600,000, the NSFAS loan is an interest-free-while-studying option at public institutions.
Do I need someone to sign surety?
Usually yes. NSFAS requires a parent or legal guardian to sign, and Standard Bank requires a surety for full-time students. Standard Bank’s loan for students without surety is closed to applications, as shown on its student loan without surety page. We did not check other banks.
Does interest run while I study?
On the NSFAS loan, no: it is interest-free during study. On a Standard Bank loan, the surety pays the monthly interest and fees while a full-time student studies.
I cannot repay. What are my options?
Contact the lender before you default. A defaulting NSFAS student and surety can be listed with a credit bureau. NSFAS repayment can be delayed until you find work, so ask NSFAS about your options.
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.