9 WAYS TO FUND YOUR FUTURE

Options abound on how to fund your studies

Life is about choices and when it comes to finding the funds for your studies, there are choices aplenty. And that’s great news because covering tuition fees and other essential expenses such as travelling and food (and let’s not forget making all those photocopies of all that interesting learning material) is probably one of the first hurdles you’ll come up against when planning your tertiary education. The options listed here are by no means the only ones. As with all things worthwhile, to get the full picture and cover all your bases will take a bit of work and good old research.

If, however, you find the path to future success right here, well then, all the better. With the money issue off your back, you can hunker down and focus on your studies.

OPTION #1: NSFAS FUNDING

NSFAS is a bursary scheme funded by the Department of Higher Education and Training for those who do not have the financial means to fund their studies and cannot access bank funding, study loans or bursaries. Take note: The new physical address for the NSFAS Student Centre is 4 Christiaan Barnard Street, Cape Town City Centre.

Here’s how it works:

If you come from a family with an income of R350 000 or less, you qualify for a government bursary offered via the National Student Financial Aid Scheme (NSFAS).

What does the bursary cover? For University

• Accommodation as per the actual costs charged by the university (costs for private accommodation must not exceed costs for university residence) • Transport (up to 40km from institution) R7 500 per annum • Living allowance R15 000 per annum • Book allowances R5 200 per annum • Incidental/personal care allowance R2900 per annum for students in catered residences.

For TVET

• Accommodation in an urban area R24 000 per annum • Accommodation in a peri-urban area R18 900 per annum • Accommodation in a rural area R15 750 per annum • Transport (up to 40km from institution) R7 350 per annum • Transport R7 000 per annum • Incidental/personal care allowance R2 900 per annum.

In addition to your family income being below R350 000, you qualify if: • You are a SASSA grant recipient • You have a disability and your family’s combined household income is not more than R600 000 per annum • You started studying before 2018 and your family’s household income is not more than R122 000 per annum.

Here’s what you need to do:

• First, secure a place at your university or college of choice • You will still have to meet the academic requirements or criteria for a particular public university or TVET college • Each university will still set its own fees for its various programmes of study, which will be covered by the government bursary if you qualify • Once you have been offered a place, apply for your university or college bursary online through NSFAS • NSFAS reserves the right to verify your household income, to ensure that you are eligible for free tertiary education • If your funding application is successful, NSFAS will pay your fees directly to the institution where you are enrolled • If you fail to secure a place in an institution, register on the Department of Higher Education’s Central Applications Clearing House (CACH) system once you’ve received your matric results. This online application portal will then share your information with all the universities, colleges, private institutions and SETAs that still have space available.

For more info, contact:

• National Student Financial Aid Scheme on 086 006 7327, info@nsfas.org.za or www.nsfas.org.za • Career Centre on 086 999 0123 or www.careerhelp.org.za • Department of Higher Education and Training on 0800 087 2222 or www.dhet.gov.za • National Career Advice Portal on http://ncap.careerhelp.org.za/ • For lists of bursaries available, check out www.bursaries-southafrica.co.za or www.zabursaries.co.za

OPTION #2: PROJECT MAKING A DIFFERENCE

The National Student Financial Aid Scheme (NSFAS) provides South Africans from underprivileged backgrounds with funding for tertiary education. However, if a student fails – and considering the myriad of daily challenges they face, which is often a reality – they no longer receive NSFAS support. Professor Venicia McGhie, an academic development practitioner in the Faculty of Economics and Management Sciences at the University of the Western Cape (UWC), saw and responded to the needs of these students by founding Project Making a Difference. To date, the project has financially supported more than 500 undergraduate students in the Economic and Management Sciences Faculty at UWC. By 2019, 181 of the 230 students who were supported were promoted to the next year of study. All students who approach the project for assistance undergo an interview process, which continues throughout their studies to monitor their progress and the level of support needed. The project also adopts a ‘pay-itforward’ approach, where the academically strong students in the project are called in to assist those who are struggling. Because every student’s needs are different, the project has four categories of financial assistance which could work as a once-off, or ongoing support, with some students requiring more than one category. These are divided into: Category 1: Course readers and study materials Category 2: Monthly or weekly travelling allowance Category 3: Printing and photocopying Category 4: Food and living expenses To apply, visit projectmakingadifference. weebly.com

OPTION #3: A BURSARY

This is funding from an academic institution, company or government entity that enables you to start or continue with your tertiary education studies. A bursary is awarded based on an excellent academic record and/or proven financial need. It usually covers registration and tuition fees, and often includes accommodation and meals, as well as textbooks and stationery. To keep receiving the bursary, you will need to maintain a certain level of academic performance while studying. In some cases, this might mean simply passing.

In others, you may have to maintain an average of 60% or more. Some bursaries give preference to previously disadvantaged groups.

OPTION #4: A SCHOLARSHIP

A scholarship is similar to a bursary in that it is money for tertiary education that doesn’t need to be repaid. But it is based more on merit – such as artistic, academic or sporting ability – than on financial need. Scholarships can be awarded by universities, government institutions, companies or non-profit organisations. The Rhodes scholarship, which enables exceptional students to study at England’s Oxford University, is a good example.

OPTION #5: THE SKILLS DEVELOPMENT FUND

If you’re already working, why not try to get your employer to pay for your studies? Companies with an annual payroll of more than R500 000 have to pay the South African Revenue Service a skills development levy (1% of their total monthly salary bill) to develop and improve employees’ skills. Companies can claim back a portion of the levy to train their own employees through the relevant Sector Education and Training Authority (SETA).

OPTION #6: COMPANIES

• Many companies – especially those in the scarce and critical skills sectors, such as mining and engineering – award contract bursaries for studies in a particular field.

You will have to pass your subjects (or risk having to repay the grant), and sometimes you’ll have to work for the company for a few years after you graduate. • Companies that award bursaries include: Spoornet, Transnet, Sasol, Absa, Anglo

American, Gold Fields, Anglo Platinum,

Eskom, Sasol, Iscor, De Beers, Edgars,

SA Breweries, Harmony, Mintek, AECI, Engen, Group 5, Murray & Roberts, PPC, the SA Institute of Race Relations, the SA Weather Service, Vodacom and

Old Mutual. • Fundi (previously known as Eduloan) is a private credit provider that gives study loans to students whose parents are permanently employed.

Visit www.fundi.co.za

OPTION #7: GOVERNMENT INSTITUTIONS

• Approach your local municipality, or the provincial or national government department relevant to your studies. • The Funza Lushaka bursary scheme, for example, is open to teaching students who intend working at a government school.

Visit www.funzalushaka.doe.gov.za/ for more details.

OPTION #8: ARRANGE PAYMENT TERMS

If getting hold of the ‘90% of your fees’ is not possible, then another option is to secure a payment agreement with the educational institution that you're studying with. Typically, this could require that you pay a small upfront deposit, and then pay the rest of your fees in monthly instalments over a certain amount of time. These monthly fees might include extra costs compared to paying upfront for your studies, but these monthly amounts could be manageable.

OPTION #9: SUPPORT FROM FAMILY, FRIENDS

And last, but not least, is to approach a friend or family member for a loan. There is always the possibility that family members or friends will offer you a lower ‘interest rate’ or even no interest. The trick is to approach the right person and explain to them how badly you want an education and that you’ll work really hard if they support you. PM