More efficient student education loans on the cards

Given that qualification verification has become easily obtainable and accessible in South Africa, for the very first time university and college students have the opportunity to instantaneously confirm and verify the simple fact that they have already registered.

“The actual significance and ramifications associated with this will most certainly be far reaching and significant,” Qualifications Verification Services (QVS) managing director Danie Strydom expressed in a report. ” It indicates, amongst other things, that student education loans could in fact be approved more speedily which would mean that individuals can pay with regard to university tuition and purchase textbooks sooner compared to before,” he explained.

Previously, university students were required to get hold of a letter coming from the college or university to confirm and verify that they previously had registered. This in turn would have to be provided to the bank or financial institution where the student had applied for a student loan. The process in most cases had taken a number of days to make it possible for the financial institution the opportunity to ensure the authenticity of the letter prior to funds becoming readily obtainable.

” Through process of replicating the computer database of the higher education institutions, the entire procedure can now take place online and in real time thereby allowing student registrations verification in seconds as opposed to the days which it took previously,” Strydom pointed out.

QVS’s statement has brought up considerable interest and curiosity, bringing about the gathering of all the major banks where they were fully briefed on the new service. Seven universities have at this time subscribed to the brand new QVS products and services and in addition would most likely implement them soon.

University student registrations and qualification verifications at the present time existing on the QVS database are the University of Johannesburg, Tshwane University of Technology, and the University of the Free State. Various other universities in implementation phases are the University of Stellenbosch, Durban University of Technology, and Nelson Mandela Metropolitan University.

The brand new online service would undoubtedly at the same time help save the banking institutions millions in lost revenue simply by informing them in the event that students had terminated or completed their studies, as a consequence becoming ineligible for the more affordable interest rate student loans. Students would also be responsible to instantly commence the repayment of their student loans.

Banking and financial institution face the risk of losing millions of rand every year by students absconding and never paying back their student loans. The new QVS product and system will provide banking institutions together with other role players, which include trustees of bursary funds, updated regarding the status of each and every student on a day-to-day basis according to Strydom.

Students would also be obligated to grant authorization to have their details and particulars made known on the database and in turn would have complete access to the database to ensure and guarantee that the correct information and facts ended up being viewable.

The system and database is secure and fully automated in the sense that computers, as opposed to individual human beings, performed and managed the data processing. The system may additionally be audited to make certain that absolutely no mistakes or errors slipped in, he explained.

Source: Sapa, studentloanshelp.org, onlineloans4all.com, eduinreview.com, collegecareerlife.net

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