While it is easy for some families to put their children through university, funding poses a challenge to the
majority of families in South Africa.
While it is easy for some families to put their children through university, funding poses a challenge to the
majority of families in South Africa.
There are two main ways to obtain funding for tertiary education. One is to apply for a loan, which is the temporary provision of money that needs to be paid back over a certain period of time. The second is a bursary, which is a non-repayable monetary grant.
This means that a company will provide funding for a promising student without the student having to pay it back. However, some companies do stipulate that the student must work for them for a certain period of time in order to repay the company.
According to Luyanda Bagyile, financial aid administrator for Rhodes University, “The funding is not so much of an issue as academic performance is.”
Financial aid is linked to academic performance. The National Student Funding Scheme of South Africa (NFSAS) has got more than enough funds to provide for students who are in need but these students need to perform academically, says Bagyile.
To apply for a NSFAS loan you need to indicate on the university’s application form that you need funding or you could apply directly to the NSFAS office requesting financial aid. You will then be notified of the acceptance of your request.
According to the NSFAS website, the funding scheme was set up to ensure that students who have the potential, but cannot afford to fund their own studies, are able to complete tertiary education.
Up to 40% of a NSFAS loan can be converted into a bursary based on academic performance. When applying for a NSFAS loan the following documents are needed:
Certified identity documents of the student as well as all the people who are supported by the family’s income, complete details relating to the household income of the student’s family (payslips) or, in the case of parents being unemployed, a completed affidavit stating this.
External bursaries are another alternative to getting yourself funded. All universities have an external bursaries booklet detailing bursaries they are offering.
A company can also be contacted directly, either by post or telephone. These numbers can be obtained from the national directory or by calling 1023. Remember that bursary applications have deadlines.
