It might be confusing to consider all of the options for financing your studies in South Africa. To find out if you're eligible for particular financing choices, there are several options and rules to follow.
Finding a way to pay for your education might be one of the most difficult elements of attending college, but there are numerous choices available to students who cannot afford to pay for each course individually.
In South Africa, there are several options to pay for your university education. Student loans, which can be secured from banks, financial institutions, or the government, is the most popular method.
The majority of South African colleges also provide some financial help. A variety of scholarships and bursaries are also offered, which can assist in paying for living costs and tuition. Additionally, a lot of students have part-time jobs to support themselves while they are in school.
Few people have the financial means to pay for a certificate or degree out of their own pockets.
According to Abigail Moyo, a spokesperson for the United Association of South Africa (UASA), there are still options available for people who need to get a scholarship, loan, or grant for more education:
National Student Financial Aid Scheme (NSFAS)
Every year, thousands of students from South African TVET institutions and universities apply for NSFAS's government-funded bursaries.
The NSFAS website normally opens up applications for the following academic year at the conclusion of the current year. The scholarship pays for books, meals, lodging, tuition, and transportation costs.
A student who obtains an NSFAS loan must begin repaying the debt at the beginning of the next year after finding a job or starting their own business (irrespective of whether the student has completed his or her studies).
The good news is that payments don't start until after a student earns R26 300 or more annually, and the payback rate is reasonable — 3% of earnings when you start working, rising to a maximum of 8% when you make R59 300 or more annually.
On a salary of R30 000 per year, this translates to R84 a month or R900 annually. Not a terrible offer, especially when you take into account that the loan's interest rate is subsidised at 80% of what a bank would charge for commercial loans.
Corporate bursaries
Companies in particular areas and industries give scholarships to meritorious students pursuing degrees in their disciplines every year.
These students are eventually anticipated to complete their work-integrated learning (WIL) at the businesses and are anticipated to remain employed by them for a number of years following graduation.
Companies that specialise in hard-to-find or in-demand fields like computer science and IT, accounting and commerce, engineering, law, medical, mathematics, and science are just a few well-known bursary providers.
Universities and government agencies both offer scholarships. Students can learn more by visiting the official websites of organisations, governmental agencies, and educational institutions. Such information is also available in newspapers or official publications.
Student loans
Like any other loan, student loans include terms and restrictions. A student loan, however, can only be paid back once you've finished your course of study.
Parents are frequently required to make monthly interest payments on the loan balance.
Like many banks, well-known organisations like Fundi and Eduloan provide student loans.
Work and study
You can support yourself while studying by taking a job with flexible hours or working part-time. Another choice is an internship. As an alternative, you may have full-time work and think about enrolling in a university or institution that offers remote learning.
To assist paying for their studies, many students hold down part-time employment. This might be a fantastic method to get some additional cash to pay for living expenses and school. To ensure that your academic performance is not harmed, it is crucial to strike a balance between employment and study.
Consider finding a student job if working full-time makes it impossible to study part-time. By giving your parents money to cover living expenses, this can help relieve some of their stress.
Many people maintain full-time employment, provide for their families, pay for their education, and graduate from their studies with above-average grades!
Financing by your parents' employer
Some businesses have financial structures that provide money or loans to parents for their children's post-secondary education. Parents might inquire about financial options for college or university study through the human resources department of their employer.
If a parent and the firm can agree on a repayment schedule, this can occasionally be given out as a student loan, bursary, scholarship, study grant, or bursary.
Don't give up if one of your options doesn't work for you because there are many more methods to pay for your education in South Africa.
Asking as many questions as you can is always the best course of action. There are several options on how to pay for your study. If you are unclear about which route to choose, ask the fees department at your preferred school for guidance on what choices to take into consideration.
Discuss finances, employment prospects, bursaries, and scholarships with your university. They could be able to assist you with financing the most significant choice of your life!