2 minute read
Paying for your studies
When it comes to paying fees, there are various options open to you:
1. Self-funding
You can work before you study, to raise tuition fees. Another option is to work part-time while you study. But don’t over-extend yourself and fail your courses as a result.
2. Parents/guardian/religious groups
Your parents or guardian may be able to help you with funding, or their employers may offer student bursaries. Many church groups and other religious organisations also offer bursaries to their members. Make enquiries early, to find out what’s available to you.
3. A bank loan
Most major banks offer student loans at attractive interest rates. Bank loans usually cover the duration of study and must be repaid once you start working – or once you have graduated. Some banks offer a grace period to students who are completing internships, articles, or community service. Sometimes surety/security is required, which means that a relative, friend or sponsor must guarantee to repay the loan if you fail to do so.
Visit a few local banks to find out what products they offer to students like you.
4. National Student Financial Aid Scheme (NSFAS)
Funded by Government, the National Student Financial Aid Scheme (NSFAS) provides financial assistance in the form of a loan. Like a bank loan, an NSFAS loan is repayable once you start working; specifically, once you are employed and are earning more than R30 000 per year. The period allowed for repayments varies according to individual circumstances, but special legislation allows the NSFAS to require employers to deduct loan repayments from the wages or salaries of borrowers.
What’s great about the NSFAS is that it rewards students who succeed academically. Your academic results are used to calculate rebates (discounts), so if you pass all of your courses in any one year, 40% of your annual loan will be converted to a bursary (a part of the loan that you don’t have to pay back). Furthermore, if you graduate within the minimum number of years required, you’ll have saved 40% of your loan each year and you will owe far less than someone who takes longer to complete their degree.
http://www.nsfas.org.za https://youtu.be/hJAusAQ1ZZg
keep in mind additional costs for essentials...
Summary of Student Average Monthly Expenses
This is a graphic representation only. Rand values are subject to annual increases.
Item Amount Item Amount
Rent R5,120 Study Material (books & stationery) R975
Food R3,682 Laptop R975
Transport/Parking R1,720 Mobile R230
