You and your family have the primary responsibility for the payment of study fees at any of the universities in South Africa. However, if your family is not in a position to afford the costs, there are other ways of financing your studies.

But first, let’s consider the breakdown of costs involved in further study:

• tuition fees;
• accommodation, meals and/or transport costs; and;
• books, lecture notes and course handouts.

Now that you know what the major costs are, it is time to consider how and where to obtain money to finance your studies. In the event that your family cannot afford higher education, you should approach your chosen institution’s Financial Aid Office. Different universities have different names for such offices; it might, for example, be called a Financial Aid Bureau or a Student Funding Office. The staff that deal with financial aid usually know of all the funding available to students. Contact them in good time – at least a year in advance if possible – even while you are considering what to study and where to study. Many institutions have special guides to the various types of funding that they have available. A means test, which will look at your family’s and your own ability to pay for your education, will be used to decide if you qualify for one of the following:

• loan;
• scholarship;
• bursary.

Loans from the National Student Financial Aid Scheme (NSFAS)

If you qualify for financial aid, your institution could award you funds from NSFAS, the government’s National Student Financial Aid Scheme. The scheme provides loans, which you start to repay once you are employed.

NSFAS can convert up to 40% of your loan into a bursary if you perform well – so the more you excel, the less you pay.

For more information about NSFAS go to www.nsfas.org.za or call (021) 797 8161.

Loans from Edu-Loan

It is also important to know that Edu-Loan, a privately owned commercial organisation, specialises in the provision of student loans. Most students who do not qualify for a bank loan would in most instances qualify for a loan from Edu-Loan. Like commercial banks, Edu-Loan charges interest.

Remember; always consider both the interest rate and repayment period in assessing your best options.

For more information go to www.eduloan.co.za or call the Department of Education on 0860 555 544.

Student loans from banks or financial institutions

Applying for a student loan from a bank is another option. But it is important to keep in mind that most banking institutions require that:

• You are a South African citizen.
• Somebody stands surety on your behalf, which means the person will need to repay the loan if you cannot.
• You hold your bank account at the bank that grants the loan.

Student loans are, in fact, very common, and all South Africa’s major banks have a student loan department. The downside is that banks tend to charge higher interest rates than NSFAS.

Scholarships are awarded to students with outstanding academic achievement. School-leavers with exceptional exam results are considered for scholarships, and in most cases where a scholarship is awarded, it is purely on academic merit. Scholarships carry no conditions other than to achieve good results in your studies.

Amounts vary, as some will only cover tuition fees while others cover all your costs, including books, accommodation and living costs. And you do not have to pay back the money once you have completed your studies

Bursaries are also awarded for academic achievement, but consideration is often given to the applicant’s financial need. Other possible conditions include being required to work for the organization that provided you with the bursary for the same period or longer than it took you to complete your studies.

If you fail to fulfill any of the conditions, you may lose the bursary or be required to pay it back. So, make sure you are familiar with the terms and conditions before you accept the offer.

Remember that scholarships and bursaries are few and competition is intense; therefore, apply early even if your results are not yet final. Both scholarships and bursaries come with conditions attached; for example, they are course-specific. In most instances, if you change your course there is a good chance that you will also lose the scholarship or bursary. To illustrate the point, if you are awarded a scholarship or bursary to study medicine, you cannot keep it should you change your studies to pursue a teaching qualification.

Another option for financing your studies is to work part-time. Most institutions have a Student Employment Office, which assists students in finding part-time employment, either on or off campus.

As a concluding comment, it is important to remember the advantages of paying for your own studies. For example, it means that:

• there are no outstanding fees and interest to pay when you have completed your studies; and
• it will stand you in good stead to accumulate work experience while you study – in other words to “earn while you learn”.

Read the newspaper, career guidance publications and the Bursary Register. (You can buy a copy from most bookstores, or request one by writing to The Bursary Register, PO Box 178, Florida Hills, 1716.)

Contact major corporations, institutes, associations and organisations with an interest in education. Visit career centres and exhibitions. Surf the internet.