Bank provides student loan lifeline for those in need

Home Business Bank provides student loan lifeline for those in need

Staff Reporter

Windhoek-As the new academic year resumes and students prepare to embark on their journey into tertiary education, many are faced with the dim realisation that it requires a lot of money which they may not have. The lucky few may have study policies in place or have been able to secure bursaries or scholarships, while the rest have to strive to raise thousands of dollars for tuition, books and accommodation.

“It goes without saying that a matriculant fresh out of high school does not readily have N$50,000 for registration and tuition for the first semester of university, let alone for the whole year or the remaining three years. Most families will try to set aside some savings but are spread too thin with all their other responsibilities. Fortunately, Standard Bank understands that everyone deserves a chance to further their studies and offers a student loan to help with that,” Standard Bank’s Head of Prestige and Student Banking, Garth Petersen, explained this week.

The Standard Bank student loan makes provisions for students who are both full-time and part-time; however there are variations in the conditions of repayment. Students need only apply at any Standard Bank branch and find out if they are eligible.

“We want to help you make your mark in the world and become all that you can be by helping you pay for your studies,” he urged.

Full-time students and minors need someone reliable to sign a surety for them, additionally students under 21 years old who are not emancipated will need a parent or guardian to co-sign for them.

“If you are a full-time student you will only need to start repaying the loan once you graduate – however during the course of your study you or your surety will need to pay the interest on a monthly basis. If you are a part-time student you will need to start repaying your loan while you are studying,” he stressed.
The loans are granted for a specific year of study and as such the students will need to reapply every year.