More about who we are

Student Hero does not fly solo. Finance, funding and career choices are complex matters. Therefore, Student Hero employs a league of professionals, each being a specialist in its field. What this means to you are that - not only do you gain access to multiple options to fund education, from a single point of contact, but you also gain access to experts from multiple professions, from a single point of contact.

Student Hero’s professional league consists of qualified attorneys, registered financial service providers, and experienced credit counselors. This means our advice is holistic, our solutions are creative and our value is unmatched!

 

Our Process

What must I do?

Simply provide us with your contact details and we will contact you, or you can go ahead and register a profile on our online platform and follow the step by step instructions to apply for funding.

What does it cost me?

Nothing is cheaper than free. Student Hero has no hidden costs. We will never bill you for anything, our funding facilitation service is completely free of any charge to you.

What are my obligations?

To be friendly, honest and provide & sign the necessary documentation to enable us to facilitate your funding. Once this process has been completed successfully you have no further obligation towards us.

LET STUDENT HERO ASSIST WITH MAKING YOUR DREAMS COME TRUE

As impressive as this sounds, the true Hero here is you. Whether you are a student, parent or just curious. Your presence here is an indication that you are serious about education, take finance seriously and is taking ownership of the responsibility that accompanies it.

frequently asked questions

There exist multiple options to fund higher and further education. Some options are more beneficial than others and availability depends on specific personal and financial factors.

Here are your options in order of our preference:

Full Bursary, Partial Bursary, Savings, Non-interest bearing study loan, interest-bearing study loan, and as a very last resort you can finance your studies with a personal loan. It is also possible to combine the various options to provide for the required amount.

Financing your studies should - like any other investments (only be done after consulting a professional)
Every student should hope to have its education paid for by means of a full bursary. Bursaries are available from the public- and private institutions. Bursary providers prescribe the qualifying criteria for its specific bursary program. The qualifying criteria are normally based on academic performance and for a specific academic program.

Bursaries can be for full or partial payment of your fees, and some even provide for spending money. An institution granting a bursary can require the student to work for it for a number of years after graduation, but this is not always the case. Having to work for your bursary provider is not a bad thing, because this means you get to secure funding and valuable experience at the same time. Bursaries are very limited and we encourage you to explore and pursue bursary options as early as possible.

Follow the link below for a list of bursaries available in South Africa: https://bursaries-southafrica.co.za

Bursaries differ from loans in that a loan has to be repaid to the lender, and a bursary is like a gift from the bursary provider.
Most loans are fairly self-explanatory. Usually, what it helps you finance is right in the name e.g: a home loan is to finance a property, vehicle finance is to purchase a car, and a student loan is to finance education. Student loans are structured specifically for the needs of a student. Although a study loan is applied for in the name of the student, it is the surety’s affordability and credibility which is used to determine whether the loan will be approved or not. A student can thus select any suitable surety as security for the loan, it does not necessarily have to be the student’s parents. The surety will be responsible to settle the loan if the student is unable to.

If a student is already employed and earn sufficient income, the loan can be applied for without a surety. It does not matter at which stage of your life you choose to invest in further education, a student loan is available whether you further your education directly after school or enroll for an MBA later in your career, and is available to a full- or part-time student.

Financing your studies - like with any investment - should be done only after consulting a professional.

The two most important factors when considering a loan for your education are the interest rate, and how the repayment term is structured.
Interest is a fee paid for the use of another party's money. To the borrower, it is the cost of renting money, to the lender, it is the income from lending it to you. Student loan interest rates are determined by factors such as the particular year of study which the loan is for, the education you are trying to attain and the credit history of the individual applying for the loan.

The rate of interest is expressed as an annual percentage of the principal and paid monthly. Let's look at an example: If you borrow R50 000.00 at 10.25% interest, your annual (yearly) interest would amount to 10.25% of R50 000.00, which is R50 000.00 x 10.25% = R5 150.00. The R5 150.00 is your annual interest and the R50 000.00 is the capital/principal debt. The R5 150.00 annual interest is paid in 12 monthly installments, which in this example will be R427.00 interest per month (R5 125.00 divided by 12 months). Interest rates on study loans start at 0% and can be as high as 32%. The majority of student loans bear prime to prime +5% interest (prime is currently 10.25%).

To put it in perspective, at 32% the annual interest on R50 000 is R16 000.00 vs R5 250 at prime (10.25%). The logical conclusion to draw from this information is that; it is incredibly important to get the lowest possible interest rate for your study loan… and any other loan for that matter!

Although you should take the above factors into account, don't let it deter you from fulfilling your potential. The best investment you will ever make is in your personal development. A student’s future earning potential will almost always outweigh the cost of obtaining an education.

Now let's look at time-frame or term within which you must repay your student loan.
Repayment of your study loan starts the following month after pay-out of the loan. While you are studying, you will pay only the interest, banking fees and service charges on your loan. If you opt to take insurance for your loan, you will service the monthly insurance premium as well.

This means that, if we use the same example as above, you will only pay the R427.00 interest per month on your R50 000.00 student loan, together with the banking fees and service charges.

The reason for this unique interest-only arrangement is because the student loan providers appreciate that the student does not necessarily earn an income yet with which to service the principal debt. It is only after the student completes its studies, that it will start paying the capital/principal together with the interest, fees, and charges.

When topping up an existing study loan, you may repay only interest for a further 12 months, but on the full loan amount.

Upon completion of the studies, the student (or the principal debtor) will usually have a six to 12 months grace period before having to pay monthly capital repayments as well. Depending on the particular credit provider, your student loan would then need to be paid within three to five years after the grace period. This is different from any other loan (personal loan, credit card, overdraft, vehicle finance or home loan), for which you always have to pay interest AND the principal the following month after pay-out.

To enjoy the benefit of only paying interest, fees, and charges while the student is completing their studies, proof that the student is still studying is submitted to the credit provider.If your personal financial circumstances allow for it, you can choose to make capital and interest repayments from the get-go with no penalty.

You’ll pay interest on the outstanding capital for as long as it is outstanding, in other words, you’ll pay less interest overall if you settle your loan quicker. Our pro tip is to go for the longest term possible because you can always settle your loan ahead of schedule if additional funds are available, but you can find yourself under financial pressure from the resulting higher installments if you choose a too short term for settlement.

It is always better to act proactively when your financial situation takes a turn for the worse. Student Hero needs to always be kept informed in the event of a change in circumstance so that we can advise you about the best action plan.
It’s difficult to say whether funding your studies through a student loan is a good or bad idea because it largely depends on the circumstances. The bottom line: If not taking the loan would mean not studying, take the loan! Otherwise, avoid it wherever possible. It’s never a good idea to start life off with debt, but if you can get a leg up by doing so (ie: you gain a tertiary education), then it probably is a good idea.

It is a matter of weighing up your future earning potential against the cost of obtaining the relevant qualification. Just make sure you consider all the factors, and properly consult with your Student Hero in order to make an informed decision.
South African bursaries and loans are only to obtain a qualification from one of the following institutions:

- University, University of technology, agricultural college, technical vocational education, and training college (TVET)

- Any private study institution registered at a Sector Education and Training Authority (SETA) and accredited by the South African Qualifications Authority (SAQA)

- Online study courses accredited by the United States Department of Education or the UK Government of Higher Education Quality Assurance Agency (QAA). The borrower is required to be based in South Africa

- Aviation training from an approved training organization (ATO) which has been approved by SA Civil Aviation Authority (SACAA)

A study loan is taken out for a particular year of study and the costs associated therewith. If you continue with your studies for a second- or further year, you’ll have to re-apply for a loan every year. The applicant of the loan has to provide proof of the funds needed in order to confirm that the loan is indeed for study. And the credit provider will loan you only as much as you can prove you need and/or as much as you can afford to repay. The Educational institutions will usually indicate on the registration letter if any additional funds are needed to cover the costs for books and/or special equipment. Below is a list of everything you can apply for a student loan for:

- Tuition fees

- Prescribed Books

- Equipment that will be used for study purposes, such as a laptop, special uniform or stethoscope

- Full-time students not living with their parents can also utilize the student loan for Accommodation which is affiliated with the academic institution

The majority of undergraduates will use a sponsor or surety to apply for the student loan on their behalf. A sponsor can be anyone with proof of income and who is willing and able to apply for the loan on the student’s behalf and sign as surety for the repayment. It can be one of the parents, a guardian, a grandparent, aunt or uncle, a sibling or even a friend. If the prospective student already has full- or part-time employment, it can apply for a loan in its own name, as long as you have proof of the income.

To qualify for a loan, you must be a South African citizen or person living in South Africa permanently and earn more than R3 000 a month. If your combined annual household income does not exceed R350 000 per annum and the loan is for study at a public higher education institution, you can also approach the NSFAS (National Student Financial Aid Scheme) www.nsfas.org.za
If you fail to complete your studies, you will need to start repaying your loan immediately. If the student is unable to pay the installments on the loan, the credit provider will hold the sponsor/surety responsible for payment thereof.

It doesn't really matter to the credit provider where the money to settle the loan payments eventually come from, as long as it is paid on time. Please, if you are uncertain, feel free to consult your Student Hero about your options.
Before you sign up for your student loan, make sure you understand all the terms and conditions around liability. These rules are not the same for all the credit providers.

For example, student loans through Nedbank and Standard Bank need to be in the name of the student applying for the loan while Absa and FNB allow parents or sponsors to sign for the loans, thereby taking on the responsibility for the repayments, they are then considered the 'principal debtor'.
You will still be expected to pay back your loan. You can, however, take insurance to mitigate the risk of death, disability, critical illness, or retrenchment.

Inquire from you Student Hero about the type of insurance products available specifically for the needs and risks associated with students and student loans or read more about it in the section about insurance.
You can use our Affordability calculator to get an estimate of how much you’ll qualify for, or you can request a Student Hero to pre-qualify you based on your actual income and expenses. Student Hero is developing an online platform where to can load your information and supporting documents, and from where we process and forward it on to the funding provider best suited for your circumstances. Once you’ve registered your profile, keep your login details safe and handy so that you can go back at a later stage to complete any outstanding information. You can also request us to forward you the application form in PDF via email at hello@studenthero.co.za

Remember to have the following documents ready for when Student Hero request it from you:

- Identity document for Student
- Sponsor/Surety’s identity document
- Latest academic results
- Proof of registration at a tertiary institution
- Proof of costs; for example, fees and accommodation
- Proof of street address (FICA)
- Proof of income; for example, a salary slip
- Three months' bank statements

Contact us

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  • Unit 5, Balfour Office Park, C/O Rodgers & Edmar Streets, Tygervalley, Earth
  • +27 61 585 3490
  • hello@studenthero.co.za