THINGS TO KEEP IN MIND

It’s vital that you understand when you have to start paying back the loan. It depends on the loan provider, but it could be on completion of your course, after graduation or when you find a job.

The time between starting your studies and graduating or finding a job is different for each person so it’s up to you to keep track. Many students who’ve completed their studies discover only when they want to buy a car, for example, that they have a bad credit rating because they didn’t pay back their study loans on time.

Some financiers don’t guarantee the loan for the duration of your studies, so be sure to check. A new application for finance might be needed every year.

If you drop out of your studies, you might have to pay back the interest and capital immediately.

Most student loans come with a protection plan or credit life insurance. It’s generally a small amount that’s paid monthly. Typically these policies pay the outstanding loan amount should the student or the sponsor die, become disabled or lose their income.