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SHOULD YOU APPLY FOR A STUDENT LOAN OR A PERSONAL LOAN?
Struggling to find financial aid? Can’t seem to find a bursary or scholarship? Well, why not consider a loan. Financial institutions are able to provide you with two kinds of loans to help solve you tuition problem. The First is a personal loan.
A personal loan is a transaction between you and a financial institution and the first repayment is the month after you receive the funding from the bank. A loan term can be arranged that suits you best. This can be anything from 12 months to 5 years or more. For those of you who are older than 21 and have a steady income, you can apply a personal loan without the help of a parent or guardian.
Student Loans are very similar to personal loans the only difference is that student loans require proof of admittance to an education institution and takes a bit longer to process. Student loans are very convenient for those who are not working full-time yet as you only start repaying your loan when you have completed your studies. If you are applying at an institution other than a university or techinikon, you are expected to pay off the interest every month.
So the option is up to you. Remember to get as many quotations as you can of what your repayments and repayment terms from various institutions before you make a decision. You might find a better solution to your financial situation in places you never evens thought of.