The Process Department assists students with student loan origination. We have various banks on board and we will apply for a student loan at all these banks simultaneously. The sponsor can then decide which bank offers him/her the best deal to cover the learner’s course fee for the year.

The following are a few reasons why it is better to pay the course fees with a student loan:

1.     The campus will operate cash free – this will ensure the safety of the student on campus.

2.     Affordability – the parent/sponsor will only pay the interest of the loan while the learner is studying (which means that he or she will have more money in his/her pocket while the learner is studying). The learner and/or the sponsor will start to pay back the capital of the loan after the studies are completed.

3.     The learner knows that he/she has to pay (or help to pay) the loan. This will provide the learner with a sense of responsibility with regard to his/her studies.

4.     Security while the student is studying – the student and sponsor will not have to worry about any other payments during the year except for the affordable monthly payment to the bank.

One of the account executives from the Process Department will contact you soon to facilitate the student loan process. Below is a list of the documents that will need to be faxed to the account executive:

1.     Proof of registration letter from a student advisor (the learner must be registered with MGI).

2.     A copy of the learner’s ID.

3.     A copy of the sponsor’s ID.

4.     The sponsor’s latest payslip.

5.     Utility bill.

6.     Three month’s bank statements if permanently employed; six month’s bank statements if working under contract or self employed.

7.     Matric certificate/statement (only required at the end of the year).

Please note the following:

• Students MUST have registered with MGI to get assistance from the process office.
• The process office deals with the following financial institutions: FNB, ABSA and Real People.