IF A student cannot afford to pay for his or her education, they can try the following options.
The National Student Financial Aid Scheme is a statutory body funded by the Department of Education. It provides study loans to academically able but financially needy students. The size of the initial loan ranges from R2000 to R30000.
The scheme funds students at higher education institutions and training colleges. Students who receive NSFAS loans only start paying it back when they get employed, earn from at least R30000 a year and the requisite repayments are pegged at between 3% and 8% of a beneficiary's salary.
NSFAS outreach officer Bonny Feldman said: "NSFAS has put in place measures to encourage students to work hard and pass their studies. If they do well they could have up to 40% of the loan amount converted into a non-repayable bursary."
Many companies offer bursaries to students and require them to "pay back" by working at the company after completion of study. The bursary register, available at universities' financial aid offices, provides full lists of bursaries available in the different fields of study.
All major banks offer student loans. When applying for a bank loan you will have to show proof of registration at an educational institution. You'll also need a parent or guardian to sign for you.
Another reliable student funding source. The chief executive of Eduloan, Totsie Memela-Khambule, says with their loans, students do not have any debt when they finish studying.
"Instead of paying off the loan after completing and dealing with a lot of interest, we take the money monthly as a debit order.
"We have agreements with government and some companies to deduct the loan from the salaries of parents or guardians."
The loans are charged at interest rates of prime +1%. Permanent employees can apply for a study loan, as long as the instalments do not exceed more than 25% (based on a one-year loan) of their monthly gross salary and they must earn a minimum of R2000 after the Eduloan deduction and before any other deductions.
No study money, do not despair
IF A student cannot afford to pay for his or her education, they can try the following options.
The National Student Financial Aid Scheme is a statutory body funded by the Department of Education. It provides study loans to academically able but financially needy students. The size of the initial loan ranges from R2000 to R30000.
The scheme funds students at higher education institutions and training colleges. Students who receive NSFAS loans only start paying it back when they get employed, earn from at least R30000 a year and the requisite repayments are pegged at between 3% and 8% of a beneficiary's salary.
NSFAS outreach officer Bonny Feldman said: "NSFAS has put in place measures to encourage students to work hard and pass their studies. If they do well they could have up to 40% of the loan amount converted into a non-repayable bursary."
Bursaries
Many companies offer bursaries to students and require them to "pay back" by working at the company after completion of study. The bursary register, available at universities' financial aid offices, provides full lists of bursaries available in the different fields of study.
Student loans
All major banks offer student loans. When applying for a bank loan you will have to show proof of registration at an educational institution. You'll also need a parent or guardian to sign for you.
Eduloan
Another reliable student funding source. The chief executive of Eduloan, Totsie Memela-Khambule, says with their loans, students do not have any debt when they finish studying.
"Instead of paying off the loan after completing and dealing with a lot of interest, we take the money monthly as a debit order.
"We have agreements with government and some companies to deduct the loan from the salaries of parents or guardians."
The loans are charged at interest rates of prime +1%. Permanent employees can apply for a study loan, as long as the instalments do not exceed more than 25% (based on a one-year loan) of their monthly gross salary and they must earn a minimum of R2000 after the Eduloan deduction and before any other deductions.
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