Top five tertiary funding options to consider

POLOKWANE – Tertiary funding can be a nightmare, especially for those who do not qualify to be financed by the National Students Financial Aids Scheme (NSFAS).

For those who have not prepared adequately, during the December holidays, there are still a number of options available to finance your higher education studies in South Africa.

The most common way is through student loans, which can be obtained from banks, financial service providers or the government.

Here are the top five options to consider:

NSFAS – The National Student Financial Aid Scheme (NSFAS) is an option that works in conjunction with your university of choice by providing funding to students who have little to no familial income. NSFAS is a government organisation which aims to provide an efficient and sustainable financial aid system for poor yet academically eligible students. NSFAS also enables students to obtain loans and bursaries at public higher education institutions and Technical Vocational Education and Training (TVET).

Student loans – This is a type of financial aid that helps students pay for their tuition as well as student accommodation, transportation, textbooks, food and other student expenses. The loans are typically provided by banks, financial service providers or the government, which will have to be repaid with interest.

Students can often get student loans even if they have bad credit, but they may have to pay a higher interest rate. It is important to consider what taking out a student loan from a bank means. It requires the student to start paying back the loan after they graduate .Student loans from local banks usually tend to have a huge interest mark-ups and require students to start paying between 3-6 months after graduating. It is also important to note, that you will need a parent or guardian to sign surety and pay the interest until you graduate.

Bursaries/scholarships – If you’re not interested in taking out a loan and have a good academic record, you should consider looking for a bursary or scholarship. Bursaries and scholarships are another forms of financial aid that can help students pay for their education. Scholarships are typically awarded based on merit, while bursaries are typically awarded based on financial need. Both scholarships and bursaries can cover the cost of tuition fees and living expenses. Scholarships, bursaries, and grants are not required to be paid back, which makes them different from student loans. While many universities will know of bursaries that are available to students, you can also benefit from looking for your own bursary or scholarship.

University Financial Aid – Most bigger universities in South Africa offer financial aid to students who are unable to fund their studies and/or have achieved excellent academic results (even more reason to hit the books in Gr 12!).

Each university has its own criteria and rules when it comes to applying for financial aid and for those who qualifies, it’s important that you contact the university’s financial aid office to enquire about their financial aid requirements.

Work part-time – If all else fails, students have the option of working and studying part-time. Many students work part-time jobs to help finance their studies. This can be a great way to earn some extra money to cover the cost of tuition fees and living expenses, however, it is important to balance your work and studies so that your academic performance does not suffer.

If you are working full-time and studying part-time is not an option, consider getting a student job. This can help take the pressure off your parents by providing money for living expenses. Many people work full-time, support themselves financially, pay for their tuition fees and pass their studies with above-average marks.