TIPS TO FUND YOUR TERTIARY EDUCATION

Finding money for studies after matric seems like a huge challenge. But it will be easier if you work hard and put your mind to it.

Studying isn’t cheap. According to figures published by Old Mutual recently, the first year at university in South Africa will cost R64 200 on average. This is expected to rise to R107 600 by 2025. A private college that isn’t subsidised by the government will set you back even more.

FINANCIAL AID
Fortunately there is help for deserving students. Your first step should be a trip to the financial aid office of the place where you’d like to enrol. If you got brilliant marks or you’re a star at sports, here are scholarships and bursaries available for which you can apply. Find out which you qualify for and make sure you apply before the closing date. It’s usually around October of the year before you start studying.

NSFAS LOANS
If you don’t qualify for a bursary or scholarship, find out if your government offers student loans. In South Africa you can go to the NSFAS. It’s a service provided by the government and the help offered will cover more than just the study fee. What’s nice is that part of the loan can be converted into a bursary that does not need to be repaid – provided you do well in your studies. For example, a 100% pass rate will result in a 40% bursary rebate on an NSFAS loan. You can apply at your university’s financial aid office. Find out how it all works at https://www.nsfas.org.za/content/

SCHOLARSHIP VS BURSARY
A scholarship is a grant given to a student who excelled in academics or sports. You don’t have to repay it by going to work for the organisation that granted it.

A bursary lets you study at a university, but usually with a requirement that you work for the sponsor for a few years after graduating.

Many big corporates and government departments in Southern Africa offer bursaries to promising students. The terms vary, but most of them offer free tuition and an allowance for books, equipment and transport.

In turn, you will need to do well academically and "pay back" the bursary after studying by working for the company. This can be a good thing, because it does guarantee you a job and valuable work experience.

A student loan is given by a bank, and has to be repaid as soon as your studies are over. The interest repayments actually start while you are still studying, but the rate is much lower than for personal loans. Most major banks in Southern Africa offer them. You need an adult to sponsor you and sign surety. You’ll also have to provide proof of registration at a university or college.

If you ask, some banks will offer you a grace period to find a job before you start paying off the main amount.

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WHERE TO LOOK
Check out ZA Bursaries (https://www.zabursaries.co.za) for a full list of bursaries available in South Africa. You’ll find similar info at Go Study (https://www.gostudy.net).

If you want to become a teacher, look at the Funza Lushaka Bursary Scheme (http://www.funzalushaka.doe.gov.za). The National Research Foundation (https://www.nrf.ac.za/funding) has funding for science studies.

FOR MORE DETAILS IN:

BOTSWANA: https://www.gov.bw/bursaries-and-scholarships/tertiary-education-students-sponsorship
LESOTHO: https://www.lesothoeducation.info
NAMIBIA: https://www.nsfaf.na
ESWATINI: http://www.gov.sz/index.php/services-sp-1938984530/76-labour-a-social-security/labour-a-social-security/410-scholarship-service