Asked by Anonymous
Asked on 25 Aug 2019
If I have a total tuition fee of let's say 32k and I take the 90% loan, do I receive the full amount loaned in cash? Or does the bank just pay off the tuition fee anually for me? I've read that you can pay off the loan using your PSEA but in the event that your PSEA doesn't have enough can you also use your siblings PSEA balance to pay, just like if you had paid your tuition fees without a loan?
The bank will liaise with the school directly. What happens is that the school will issue you with the school bill, which would reflect that the bank will pay for 90% of your school fees - the remainder would most likely be covered by the bursary. Yes, PSEA can be used to pay off your school fees, and indeed you can tap on your siblings' PSEA. I would advocate for PSEA to be used for the last semester as it would earn a 2.5% interest annually, whereas the Tuition Fee Loan is 0%.
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28 Aug 2019