Student loans and payment schemes

For many young South Africans, access to higher education is a dream; something beyond their reach. Even with a strong desire to move on to do a degree, a diploma, a higher certificate, or a learning programme, school leavers have to navigate a new and complex world of higher education. Planning your academic future can sometimes be overwhelming.
At Boston City Campus & Business College, we have committed ourselves to supporting and assisting students to face the challenges of their academic future, especially as it relates to fees..
Our 28-year history in providing quality education has enabled us to implement a range of payment schemes designed to assist students towards the successful completion of their studies.
We have done this for two primary reasons: “One, we believe that every learner should have the opportunity to further their education and pursue their passion to develop themselves and offer more to a company,” says Kerry Damons, marketing manager. “And, two,”she continues, “we have a strong belief that paying your studies off while you are in the system has far greater benefits than graduating and being left with a hefty study loan to begin paying off.”
“We believe that private institutions needed to address the issue of fee payment and come up with creative ways of assisting students to achieve their desired education.
At this point in time, if you are in a middle- to upper-income household, you are going to have to pay for your child’s—or your own—tertiary education.
In the case of a university degree, you are looking at an average of R30 000 a year for full-time study, and that is only accounting for tuition fees—it doesn’t include transport and food which must be remembered!” says Damons.
Damons continues saying that a really huge bonus of being a Boston student is that your text books are included in your fees. “People underestimate this extra cost and the fact that Boston covers these costs in the fees is a great financial incentive, and is certainly worth factoring into your decision-making,” she says.
There are a variety of ways to raise funds for studies and Damons maintains that a student loan is the not always the best for the student. It is far better to fund studies from your current income, or your savings. Not only is a loan more expensive, but it is also onerous because of the contractual obligations that come with it.
Boston was established 28 years ago and is a forerunner in the space of higher education. With consistent good results and a high output rate, Boston graduates are sought after in the marketplace.
This is a clear indication of the quality of the academic skills gained, and of the nature of the practical work, perseverance and self-discipline that is nurtured in students in following the academic timetables of the Boston Higher Education Department, and making use of the Support Centres across the country.
What the banks offer
Absa, FNB, Nedbank and Standard Bank all offer loan packages for students. The products for full-time students are structured so that the interest charges do not compound over the entire period of study, which could be four years or more.
This means that, although the capital may be repaid only once you have completed your studies, the interest on the loan and the loan administration fees must be serviced as you study.
This is done either by you, if you are earning an income, or by a sponsor (someone who takes responsibility for the loan, alternatively referred to as the principal debtor, guarantor or surety), such as a parent.

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