Varsity College Full-time Brochure 41755VC_Full-time_Brochure_20172018_LR (1) | Page 27

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How does
a Student
Loan work?
Student Loans
Student loans are provided by registered financial institutions such as banks. These
loans are structured in such a way that, during the time you are studying, all that
needs to be paid on a monthly basis is the interest accrued on the amount you have
borrowed. Only once you have completed your studies and enter the working world
will the capital and interest on your loan need to be repaid.
The amount of R60,000.00 has been used for illustrative purposes only and is
not for a specific Varsity College programme. Interest rates, chosen deposits and
monthly repayments will vary in accordance with different lending institutions’
policies and repayment terms.
Months
Programme
Cash Fee Interest
Rate
R60,000.00* 17%
Bank
Monthly
Payment
Months 1-12 R 850.00
Months 13-24 R 1,750.00
Months 25-36 R 2,550.00
Months 37-96 R 4,473.46
* The amount of R60,000.00 has been used for illustrative purposes only and
is not specific for any Varsity College programme. Interest rates and monthly
repayments will vary in accordance with different lending institutions’
policies and repayment terms. For illustrative purposes we have not
accounted for fee increases.