Different ways to fund your studies
Tertiary education can be very expensive, and the average student will need to apply for some type of funding to afford university. If you are looking to start or further your studies, here is some information about 4 different ways to fund your studies next year.
Bursary
A bursary is a monetary award from any educational institution, company or funding authority to qualified students who have met certain criteria. The requirements or criteria usually include elements such as location, age, academic achievement, socio-economic background and university acceptance.
Bursary recipients will not have to pay the money back after graduation, however, some companies may insist that the recipient work for the company as an intern during holidays or upon completion of studies. They may also have academic requirements that the student needs to maintain while they study, and they may lose the bursary if they don't pass all their courses.
It’s not always easy to get a bursary as there are many young people across the country who need funding, and you will need to prove why you are more deserving or qualified to receive that funding. Additionally, some bursaries may only cover tuition, and students have to make a plan for accommodation, transport and meals.
NSFAS
The National Student Financial Aid Scheme (NSFAS) is a government loan and bursary fund for students through NSFAS funding. NSFAS application and registration open in the latter part of the year for students, with the NSFAS closing date usually being in the next calendar year. NSFAS gives bursaries to students from poor and working-class backgrounds (combined household income should not be more than R350 000 per year), which goes beyond just paying for your fees. They’ll also pay for your registration, accommodation, transport and books through NSFAS allowances.
Students funded by NSFAS do not need to make any repayment of student debt during their studies. The application process is simple and can be done on the NSFAS website.
Student loan
Student loans are offered by most banks, and once approved, you get access to cover for tertiary education costs, textbooks, study equipment and accommodation. It is important to compare different lenders and choose a loan option that suits your specific needs.
Student loans have various pros, such as lower interest rates, more favourable terms and affordable repayments. Some lenders may also grant you a grace period after you’ve completed your studies to complete internships or articles before you have to make full repayments towards your loan.
Applications can be done online, and you can also request an online quote to see how much you, or your surety, qualify for.
Personal loan
Whether you’re pursuing non-accredited courses and programmes or accredited courses, at accredited institutions, you have the option to apply for a personal loan to fund your studies. Most banks and microlenders offer personal loans, and you will need to do your research and compare different quotes to find the one that is most suitable for you. Most banks allow you to apply online or request a quote to see how much you qualify for.
While it can be stressful to think about funding your studies, the right amount of research to find the best option for you will help you get one step closer to achieving your dreams.