Regenesys Business School Student Loan
All your dreams of a great education and a sparkling career are potentially dashed.
All is not lost. The good folk at Regenesys Business School want to assist you. Here is some help on how to successfully apply for a student loan, so that you can get on with your life. We don’t like seeing good talent go to waste.
We want you to succeed and fulfil your dreams.
What is a student loan?
A student loan is money you receive from a bank or financial institution for your studies. You, with your guarantor, agree to pay back the full amount along with the interest on the amount.
What is interest and how does it affect me?
Interest is the cost of borrowing the money for your student loan. You pay a fee to the institution for the student loan. The interest rate can change over the period of the student loan. You will have to pay interest on the outstanding amount until all the money has been paid back.
How to apply
You can apply to any bank or financial institution. If you are planning to study at Regenesys Business School, Regenesys will provide you with a favourable solution.
How big should your student loan be?
Remember you have to pay back your student loan, so it is best to keep the amount as small as possible. On the other hand, you don’t want to have to go back at a later date and ask for an increase, as this takes time and involves additional costs.
Your educational institution will let you know how much you need for tuition fees, textbooks and study equipment such as a tablet or laptop if you require this. The institution will negotiate the final amount with you.
Information you must have
Your institution will require specific information in order to grant your student loan. It’s best to have the information and documents at hand before you make your application. You will need the following:
- Your ID book or card
- Proof of your bank account
- Acceptance letter or proof of registration from the educational institution
- Proof of costs for tuition, accommodation and textbooks and/or equipment
- Proof of latest academic results
Your guarantor must earn more than R3 000 per month. A payslip or proof of earnings will be required and 3months’ worth of bank statements.
Dress smartly when you go to the institution as you will want to make a good impression.
Guarantee
A guarantor is someone who undertakes to pay back the money if you are unable to. It is usually a parent or a family member who provides the guarantee at the time of application.
This is a serious undertaking, and must not be considered lightly. Your guarantor must understand this. Both you and your guarantor must be present at the institution to sign for the student loan.
Insurance
It is recommended that you have insurance to cover your student loan in the case of your death or disability. This will be discussed with you at the time of application.
How do they decide to grant your loan?
The institution will look at your academic record, the course of study you wish to undertake and the creditworthiness and affordability of your guarantor. If all of these meet their criteria, the student loan will be made.
When can I expect the money?
The bad news is that you will not get the money. Payments will be made directly to the institution at which you are studying and to other service providers, such as accommodation providers.
Repayments
If you qualified for a student loan through a commercial bank, your guarantor will begin to pay back the interest on your student loan while you are studying. Should you qualify for a student loan through Regenesys, you will pay for interest and capital while you are studying.
If you are unable to make a payment, your guarantor will have to make the payments.
What if I don’t graduate?
This is a most unfortunate situation. You must inform the institution immediately. Your guarantor will be liable for the outstanding amount and the interest. You will have to get employment as quickly as possible to contribute to the payback of the student loan. The better solution is to work hard at your studies, pass well and secure your future.
In Conclusion
Applying for a student loan is a scary undertaking. It is most likely the biggest financial commitment you will have undertaken at this point in your life. It helps to focus on what the education will do for you – your personal goal in life and your future career. This will encourage you to do well and meet your commitment.
Come and talk to the Student Loan team at Regenesys. They have lots of experience in student loans and they will come up with a workable and sympathetic solution. If you have a passion for learning, Regenesys will find a way to put you in the classroom.
We don’t like seeing good talent go to waste.
Step up and claim your place in the world.
You can achieve your dreams.
We want to awaken your potential.
Contact details:
John Booyens
studentloans@regenesys.net
Regenesys Management (Pty) Ltd is a registered credit provider with NCR number, NCRCP7940.
Terms and conditions apply to all student loan applications.
