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Student Loan Scheme

1. Purpose

The IQRAA Trust will consider providing assistance to any needy student intending to pursue studies at the tertiary level at an accredited tertiary academic institution in South Africa.

2. Qualifying Students

Assistance in terms of the scheme will be available to needy and disadvantaged South Africans students.

3. Field of Study

Assistance will be granted to students intending to pursue a career in any field. 
However IQRAA Trust reserves the right to give preference to students intending to pursue studies in certain specific fields such as the scientific, engineering and medical fields.

4. Type of Assistance

    Assistance to students will be provided in the form of an interest free student loan which will be repayable to the Trust in accordance with agreed terms and conditions.

5. Period of Assistance

Applications for assistance for a student loan in terms of the Scheme will be considered on an annual basis on merit in terms of the criteria of the scheme. Assistance provided by the scheme in any one year does not in any way imply or guarantee that the Scheme will continue to provide assistance in subsequent years of study.

Students who have been granted assistance in terms of the Scheme will therefore have to reapply for assistance each year.

6. Year of Study

Assistance in terms of the scheme will be considered for any academic year of study.

7. Accredited Institution

The applicant must intend to pursue studies at an accredited institution which is registered with the Department f Higher Education and Learning. IQRAA Trust may at its   sole discretion grant assistance to a student in cases where an institution has not secured such registration or where it is not possible for an institution to obtain the abovementioned registration.

8. Details on Student Loan

8.1 Amount of Loan

The amount of the loan will be influenced by the following:

  • A)  The ability of the student to fund part of the funding requirement.
  • B) The ability of the student to secure funding from other institutions and organisations in the form of loans or grants.

8.2 Cost of the Loan

  • The student loan will be provided on a profit-free/interest free basis.

8.3 Application Fee

  • IQRAA Trust reserves the right to levy an application fee  which is intended to enable the Trust to cover the cost of administering the scheme, the current fee is R100.

8.4 Amount of Repayment

  • The student will have to repay the total amount advanced by the IQRAA Trust in monthly instalments over a period which is equivalent to the period of study for which the assistance was granted.

8.4 Commencement of Repayments

Full-time students

The commencement of repayments will be structured on the following basis:

  1. In cases where the applicant does not have the funds to pay the fees immediately (i.e when required by the institution) but the applicant or his parents are considered to have the capacity to accumulate the required funds during the year of study, the applicant (or his parents) will be required to repay the loan concurrently while studying and accordingly repayments will commence immediately after the loan has been advanced.

  2. In cases where an assessment of affordability indicates that the student or his parents may not have the funds nor do they have the capacity to accumulate the funds during the year, the student will be required to commence repayments immediately upon the completion of his studies.In such cases the Trust,at its sole discretion, may require the student to pay an amount monthly as repayment towards the loan concurrently while studying.

Part-time students

  • Part time students, if employed, will have to repay the loan concurrently while studying.

9. Qualification Criteria

9.1 Full time or Part time Studies

  • Studies can be undertaken on a full time or part time basis.

9.2 Academic Performance

  • The applicant must be able to demonstrate through his performance at school or at any other tertiary institution that he/she can excel academically and that he/she has the potential to complete his/her studies successfully.

9.3 Financial Need

  • The student must qualify for assistance in terms of the "means test" applied by the IQRAA Trust. The purpose of the means test is to determine the extent to which the student requires financial assistance for his studies.

9.4 Information

  • The applicant must complete the prescribed application form and provide all supporting information required for the processing of the application.

9.5 Qualifications for entry into the chosen field of study

  • Students must meet the minimum requirements for entry into the chosen field of study at an accredited tertiary academic institution.

9.6 Affordability

  • The applicant must demonstrate the potential and willingness to repay the loan as required in terms of the scheme. An assessment of the ability of the applicant to repay the loan will take into account any other obligations that the applicant may incur in securing the required funding to pursue his studies.

9.7 Own contribution to financing requirements

  • The applicant should preferably contribute at least 20% of the total funding required for the proposed course of study from his own resources(including any assistance from family and friends).

9.8 Personality

  • The applicant must have a stable background and a character and personality which demonstrates a sincerity and commitment to complete his studies successfully.
  • The applicant must express the willingness and desire to contribute to the socio-economic development and upliftment of the community during and after the completion of his studies.
  • The applicant must agree to participate in any personal development and orientation programs organised by the IQRAA Trust.
  • The applicant must agree to participate in any programs including mentoring programs which IQRAA Trust may implement to assist all beneficiaries of the "student loan scheme"

10. Creditworthiness

The applicant and the guarantors must comply with the normal criteria used by financial institutions to assess creditworthiness. This would include checks with credit bureaus, banks and other organisations where the applicant enjoys credit facilities.

11. The Application Process

Applying for Assistance

  • All applicants must complete an Application Form which can be obtained from Iqraa Trust’s offices or downloaded from our website.

    Download Application Form
  • Please note that the completed application form together with attachments must be hand delivered or posted to Iqraa Trust’s Offices. E-mailed or faxed application forms will not be accepted.

Students Applying for Further Assistance to IQRAA Trust

Important dates to remember:

  • Closing date for all applications to IQRAA Trust: End of February Yearly.

The above dates must be adhered to strictly

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