Repayment
Repaying Your Student Loan
A student loan is an investment in your education and a financial obligation that must be repaid.
Repayment is an essential part of the revolving model. When beneficiaries repay their loans, those resources can be used to support future students.
Repayment Plans
Upon Loan Approval, beneficiaries are required to select a repayment plan as follows:
Standard Repayment Plan
A standard repayment plan is a fixed and equal monthly installment payment over an agreed period of time. This plan allows beneficiaries of the loan to foresee their monthly payment plan and ease budgeting.
Graduated Repayment Plan
A Graduated Repayment Plan is designed for borrowers with limited or no source of income during their studies. Repayment under this plan begins after the period of study and allows for a one-year maximum grace period. This means that repayment is up to 5 years after study for four-year programmes and 8 years after study for seven-year programmes.
Income-Based Repayment (IBR) Plan
The IBR plan is an arranged monthly repayment based on the borrower's actual income and ability to pay. It provides affordable and flexible repayments throughout the loan cycle. This repayment plan is suitable for Employed students and parent-guardian-based beneficiaries.
Grace Period
Beneficiaries can receive an up-to one-year grace period after graduation before repayment begins.
This period is intended to provide graduates with time to transition from higher education into employment and establish themselves before commencing repayment.
Repayment Responsibilities
Beneficiaries are expected to:
Keep their contact information up to date.
Inform SRLS of changes in employment or contact details.
Understand their repayment obligations.
Make repayments according to the agreed schedule.
Communicate with SRLS if they experience circumstances affecting repayment.
Why Repayment Matters
Repayment is what makes the Scheme revolving.
Today's student financing becomes tomorrow's opportunity for another student.
Your repayment helps finance the next generation.