Are you Looking for ways to fund your studies can be extremely stressful and overwhelming? The majority of students in South Africa rely on government funding to pay their tuition. Find out below what alternate financial aid options there are to fund your studies.
Although there are a number of ways to finance your university studies in South Africa., it can be challenging to find the ideal funding that is right for you.
Let’s look at some of the options for Financial Aid for students in South Africa.
The National Student Financial Aid Scheme (NSFAS)
The most common way is through government funding, which can be obtained through funding organizations like The National Student Financial Aid Scheme (NSFAS). Nsfas provides funding to students in need and who meet the required criteria.
Government Funding Alternatives
Additionally, the government offers funding through its various departments. For instance, the department of health offers bursaries to students interested in a career in medicine, and the department of finance offers funding to students enrolled in accounting or other programs with a financial focus.
The government also provides funding in the form of Sector Education And Training (SETA) bursaries.
University Financial Aid
Most universities and institutions offer financial aid. If your application for Nsfas or other government funding methods turns out unsuccessful, you have the option of approaching your university for a bursary.
Each university has its own criteria and rules when it comes to applying for financial aid and who qualifies. Students can visit their university financial aid office to find out more about the funding that is available.
Student Loans
Another common funding option is student loans, which can be obtained from banks, financial service providers, and even the government.
There are several banks in South Africa can offer student loans. However, it is important to note that, unlike other funding options, student loans have to be paid back with interest.
Crowdfunding For Students
Crowdfunding for financial support has become popular in recent years. Although it might not be as sophisticated in South Africa as it is in other countries, there are a number of platforms that students can use to raise money for their studies.
External Bursaries
Students can find external bursaries through various companies or organizations. There are many private and state-owned companies that offer bursaries to students in various specialist fields.
For example, Transnet annually provides Full-time bursaries to students according to the employment needs of the company. All their full-time students are viewed as potential employees – depending on vacancies being available after successfully completing their qualifications.
Grants & Scholarships
If you’re not interested in taking out a loan and have a good academic record, you should consider looking for a scholarship or grant to fund your studies. Scholarships are usually awarded to students on academic merit.
There are many funding options available for prospective students, it is advisable that students plan ahead in terms of looking for financial aid because there are many guidelines to follow in order to determine if they qualify for certain funding options.
