how to fund further education developement

As per our vision and mission we would like all young South Africans to be aware of the opportunities available to them. There are many different opportunities available for all young South Africans to study. Financially disadvantaged South Africans might not look at the option of getting further education as they feel that their financial status or the financial status of their parents will not cater for this option. Alternative measures can be taken to fund further educational development and some of these opportunities will be discussed underneath.

This option allows you to borrow money from an institution in order to pay for your tertiary education. This will need to be paid back once you have finished studying.

Interest will be accrued during the term and repayments can usually be a burden once you have started working, however a qualification should be seen as an asset and paying off an asset is never a bad thing.

Financial Institutions will provide financial services to their clients. In South Africa there are a lot of Institutions that will be able to assist you in requiring the funds in order to pay for your tertiary education. The most common of all are the major Banks in South Africa:

  • ABSA
  • FNB
  • Nedbank
  • Standard Bank

In order for these banks to assist you with a Student Loan, you will need to have proof of registration. A guardian would need to sign surety and the interest needs to be paid throughout the loan term so an extra job on the side might help with this.

Bursaries can be seen as Financial Aid when completing your tertiary education. Institutions providing bursaries will fund your studies with the condition that you will work for them once you have completed your studies. This is not necessarily a bad thing as it is very hard to find a job after completing your studies. This will ensure you have work once you have finished studying.

Bursaries are offered by Private South African Companies as well as Government Departments. You will first need to know what you are going to study before applying for a bursary in that field. The terms and conditions for a bursary will be different for each one offered. You might get a bursary for the full amount needed for your studies or a certain percentage.

Part-time studies require you to work full-time and study at night and over weekends. You would need to have discipline in order to do this. Part-time studies are much less expensive than studying full-time as you do not need to pay for all the classes.

Most part-time students prefer to do their part-time studies through the University of South Africa, better known as UNISA. Most of the other Universities discussed under institutions also allow part time studies for certain degrees. Part-time studies is not an option for all students as some degrees have practical hours that do not correspond with part time studying and working. More clarity regarding the degrees can be found under the section opportunities.

Most Universities will offer Financial Aid if, for example, you are an exceptional academic and have excelled in previous education, as well as students who have direct family members who have also studied at the same University (known as alumni)

The University will usually not pay 100% of your studies, but would rather give you discount on the studies you are going to pursue.

This option should always be taken into account, even if a loan is considered. The more you can save on studies the better. Remember, the less you borrow, the less interest you’ll pay back to the financial institution at the end of the day.

Also known as the National Student Financial Aid Scheme. This is a Financial Aid offered to only South African Residents and is a government institution funded by the department of higher education and training.

This can be seen as a loan that needs to be paid off once you have completed your studies, but can also be a bursary, therefore you may get a certain percentage back on the loan approved for if certain conditions are met.

National Financial Aid will be considered for students who do not have the financial means to pay for tertiary education. You will need to apply for this option at you University of choice in the financial Aid department.

For more information regarding National Financial Aid please visit their website.