Finance package to power up students' lifestyles

While international research has shown a high correlation between PC users and the income level, local research indicates that the penetration of PCs into higher education in South Africa is still below 4%, due mainly to high interest rates that impact the affordability of a PC.

As a result, many students lack the requisite IT skills to empower themselves while at university or effectively enter the job market.

"Owning a laptop gives students the opportunity to exponentially increase their learning potential - it gives them mobility and access to global knowledge, and literally opens up the world for them," says Shannon Timothy, Head of Student Banking Solution at Absa.

'Power Up Your Lifestyle' a new offer from Absa, provides a customised financing option as part of its student loan programme. The initiative aims to effectively address the digital divide that exists in South Africa by providing an affordable solution to PC or notebook ownership among students, enabling them to skill up for the future and provide the country with critical and marketable talent.

"Too often, though, the cost of a new laptop is just too high - particularly for students from disadvantaged backgrounds. We want to give students a head start by giving them the option to buy a new Dell laptop as part of an existing Absa Student Loan, or by enabling them to take out a new student loan to finance their purchase," said Timothy.

"The initiative is part of Microsoft's 'deep commitment' to improving technology access and fostering innovative teaching and learning methods," said Microsoft SA Managing Director Pfungwa Serima.

"Because information technology and education are so critical to creating economic opportunities, we believe in equipping students with the practical skills they need to thrive in today's knowledge economy," said Serima.

The financing and repayment option of the laptop will be exactly like that of a generic Student Loan. Students will be able to finance the computer equipment as part of an existing loan or by taking out a new one, solely to purchase a laptop.

DELL, HP and Mustek have been identified as the hardware suppliers on this programme.