How to fund your studies in South Africa
Many people would like to continue their education but are unable to do so owing to financial constraints. However, the government is making progress in expanding access to funds for qualified students who want to continue their education.
The National Student Financial Aid Scheme (NSFAS) is a student loan and bursary program run by the South African government. It was established to assist South African students who wanted to continue their studies at public TVET colleges and universities. It establishes a long-term financial aid system for loans and bursaries, allowing deserving students to reach their full potential and realize their dreams for the future. This help could come in the form of a bursary or a loan. NSFAS Bursaries are available for specific disciplines of study such as accounting, actuarial science, and other scarce skills fields. Because there aren’t enough bursaries for all students in South Africa, you may be given a loan that you must repay once you start working.
An NSFAS Loan is given to a learner to cover the costs associated with their tertiary studies. The learner starts paying back the loan when they start earning a salary. The advantages of the NSFAS loan are:
It attracts a very low interest rate
It is granted without need for guarantees or sureties
Depending on the learner’s academic results, portions of the loan can be converted into a bursary
It offers a very reasonable repayment plan, based on the learner’s earnings once they start earning a salary.
All repaid loans are used to fund other deserving learners. It is important to note that NSFAS does not allocate funds directly to learners. You will need to apply for financial assistance at the institution you intend to register with and you will then be assessed on the extent of your financial need. You can apply for both the NSFAS -administered loan and bursary programmes at the University’s Financial Aid Office, or at the Student Support Centre (SCC) at the TVET college or university.
Additional Funding Sources
Bursaries are available from a variety of government agencies, including Basic Education (Funza Lushaka), Social Development, Labor, and Science and Technology, to name a few. These are bursaries with a work-back requirement, which means you’ll have to work for the number of years for which you obtained the award (or longer). There are also a number of organizations and enterprises that grant bursaries to high-achieving and worthy learners, such as the Rural Education Access Programme (REAP), mining companies, legal firms, accountancy firms, and entities like Telkom, Eskom, and the CSIR, to name a few. They may need you to “pay back” the bursary by working for them once you finish your studies, but this is a bonus because you acquire work experience and have a guaranteed employment after you finish your studies.
Inquire about these and other available scholarships, bursaries, and loans at the university’s FAO or the SSC at the TVET college. When applying for a bursary, you could be requested to prepare a motivation letter. Your letter’s introduction should make a positive first impression. The letter should be well-written and concise, emphasizing your abilities and outlining your long-term objectives. Ensure that the letter is respectful and mature in tone, that it captures the attention of the potential funder, and that it prompts them to take action, such as offering you a bursary.