Apply for the National Student Financial Aid Scheme (NSFAS). This option is available for people whose household income does not exceed R350 000 per annum, or if you are a social grant beneficiary. It covers tuition, accommodation, meals and stationery.
If your household falls into the middle class category and doesn’t qualify for NSFAS, apply for a student loan with a financial institution. The banks structure the financing differently, however the most common practice is for the sponsor, usually the parent, to pay monthly instalments towards interest and administration fees immediately after the loan is granted, and for the student to pay the capital loaned once they finish their studies.
Secure a part time job – whether you become a waiter or school holidays teller, the income you make out of the job may help your sponsor to pay the monthly instalments towards your student loan, or cover other expenses you may have during your student years. The best way to ensure your part time income takes care of important expenses is to draw up a budget, avoid debt such as clothing accounts and live within your means.
How to pay off your student debt:
The reality of job shortages for graduates cannot be ignored, so if you are struggling to find employment, let your creditors know. It is important to keep them informed of your employment status so that you can explore repayment options available to you should you not have an income.