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Finding a way to finance your education can be a daunting task. Getting a loan is one way to further your education, and as long as you follow some basic guidelines, it doesn’t have to become a burden. In fact, you should think of an education loan as an investment, and investing in your education is one of the best investments you can make.
Before you apply
- Think carefully about the career you want to follow, and which educational institutions offer the best qualifications for your chosen career.
- Make sure that the institutions are legitimate and that they are properly accredited (e.g. SAQA, SETA, DHE, Umalusi, ETQA, HEQC and SACAA approved Flight Schools).
- After you’ve narrowed down your choices, research the courses that are offered, how long it will take you to qualify, and what the ultimate cost is likely to be. This is an important part of determining how much you will need to borrow.
Education Loan repayment tips
- Once you have secured a loan, aim to pay off your loan as soon as possible.
- Draw up a monthly budget and include your loan repayments as part of your monthly expenses.
- When your monthly income increases, you should increase your loan repayments accordingly.
- Never skip a payment – it could result in you incurring more debt before you’ve paid off your loan and negatively impact your credit score rating.
It might seem like a very big commitment to make, but in the long term your education loan will help you reap the rewards of having a respectable qualification behind your name..