Ways to fund your studies

MICHELLE LORBER

EDUCATION comes with a hefty price tag. If you didn’t apply for National Student Financial Aid Scheme (NSFAS) funding there are other options.

Student loans

You can apply to a financial institution for a loan to pay for your studies. You will need to pay interest while you study and pay back the capital when you have graduated.

A student loan is paid directly to the institution where you are studying. The financial institution will need proof that you have been accepted and registered to study at the institution.

If you are not employed because you are studying full time, you will need someone to stand as surety and pay the interest on your loan while you study. This person is usually a parent or guardian.

The loan amount will depend on the financial institution and how much your tuition and other expenses are (if you make allowance for textbooks, accommodation and more). Banks that offer student loans include Standard Bank, Absa, Nedbank and FNB.

Bursaries

To be considered for a bursary, you must be studying or intending to study within a specific area relevant to the bursary programme.

You need a good academic history and to have obtained good results in the required subject.

Bursaries can differ in what they cover – it may be the entire course or a fee percentage. Some bursaries incorporate accommodation, study material and groceries. Each provider will have its criteria, for example, you may need to work for them afterwards. You’ll need to check the requirements and include a motivational letter.

Here are some bursary opportunities: http://www. zabursaries.co.za

You can also have a look here: https://allbursaries.co.za/

Nedbank also has a bursary programme that funds students with academic merit who can’t afford to study full time for firsttime undergraduate degrees or diplomas. These bursaries are oriented towards scarce and future skill requirements in the country, particularly the financial sector.

Students who have performed well may qualify for bursaries from their provincial department. These would be relevant to their scope of work.

Details about funding your studies through a private company or government bursaries or scholarships can be found here: https:// wwwcareerhelp.org.za/funding

Apply for a learnership

This is a structured learning process. It will equip you with theoretical knowledge, as well as practical workplace skills. When you complete the process, you will have a qualification registered with the National Qualification Framework (NQF).

You will need to attend classes at a college centre for the classroom-based learning component. Learners also attend on-site training at a workplace.

The practical experience needs to be relevant to the qualification. Depending on the programme, entry requirements can vary from none to Grade 12. You will be paid a stipend during this period. ◆ SA Learnership has a list of learnerships and contact details. ◆ StudentRoom has compiled a list of learning and internship programmes. ◆ Puff and Pass also list bursaries and internships available to undergraduates.

◆ The government also offers bursaries, learnerships and internships.

Seta learnerships

To get a Sector Education and Training Authority (Seta) learnership, you need to have passed matric. You need to be able to speak, read and write English. You should be computer literate and not have permanent employment. You cannot be registered with any other institute in a learnership capacity or be studying at an institute of higher learning. You must be between 18 and 30 and a permanent resident or citizen.

You will need to provide a CV with contact details and references, a copy of all relevant certificates and your ID, and proof of address dated within the past three months.

For information on Setas and associated contact details visit http://www.economic.gov.za/entitiesexternal-links/list-of-setas