Funding options to explore for tertiary education

Universities, other educational institutions, banks offer bursaries, loans

Students walk passed the Great Hall at the University Witwatersrand, 23 August 2022, at the University Witwatersrand in Braamfontein, Johannesburg.
Students walk passed the Great Hall at the University Witwatersrand, 23 August 2022, at the University Witwatersrand in Braamfontein, Johannesburg.
Image: Alaister Russell

As the 2025 academic year for tertiary institutions is set to kick off next month, some parents will be faced with the reality of not knowing how to fund their children's tuition fees. 

With only a few weeks are left, there might be some funding options that parents can explore which might bring some sort of relief to their already tight pockets.

Besides the National Student Financial Aid Scheme (NSFAS), whose applications for 2025 funding have been extended to January 24, Mzwakhe Matukane, director of financial governance and revenue at the University of Johannesburg (UJ), encouraged parents to explore all avenues for funding including approaching universities and colleges for bursaries.

He said universities offered a range of internal and external bursaries to assist financially disadvantaged students who have good grade 12 results. “Internal bursaries are self-generated by the institution where we source and invest money while external bursaries are from donors and companies that we partner with. One of our popular merit bursaries is the Missing Middle Fund which benefits about 5,000 students a year and we have invested R20m towards it,” said Matukane. 

This fund covers registration and accommodation fees and students do not apply for it. 

According to Matukane, the university usually assesses the grade 12 results from first-time applicants at the beginning of the year and awards the bursary according to the applicant's pass marks at high school. Some of their merit bursaries offer discounts from R50,000 to R100,000 which is automatically allocated to the student's account.

When it comes to external funding, some companies advertise their bursary offerings on their social media platforms or partner with educational institutions. They grant bursaries to students studying courses linked to what the companies specialise in. 

In most instances, you are required to “pay back” the bursary by working at the company once you've completed your degree – giving you a job and work experience immediately after your graduation. The bursary register, available at most high schools and university financial aid offices, can provide parents with a full list of bursaries available in the child's particular field such as science, accounting, engineering, law and medicine. 

Matukane said some of the popular institutions offering bursaries for accounting are the Thuthukani Fund and Finance and Accounting Services Sector Education and Training Authority, while Eskom and Mining Qualification Authority are known to assist students interested in engineering. The Sasol Foundation Bursary Programme helps students wanting to study science, technology, engineering and mathematics fields such as electrical engineering, electronic engineering, geology, industrial engineering, mechanical engineering, mining engineering and mine surveying among others. 

“Internal bursaries are self-generated by the institution where we source and invest money while external bursaries are from donors and companies that we partner with
Mzwakhe Matukane, director of financial governance and revenue at the University of Johannesburg

Similar to UJ, Wits University also has its range of merit bursaries, such as the vice-chancellor's scholarship worth R50,000, which is given to the 10 most outstanding matriculants in English, mathematics and physical science.

The scholarship is renewable for each year of the first undergraduate degree provided that academic performance is of a high standard. The award is automatically offered after registration. No application is required.

Parents also have an option of approaching banking institutions for study loans, which often come with competitive interest rates and other benefits, especially if you bank with the same institution.  For example, with Standard Bank, the loan covers up to R60,000 for accommodation and R20,000 for textbooks per annum. The money is often paid directly to the university.

Their tuition coverage has no maximum and no surety is required, and this year they are funding 59 students.

Capitec Bank offers education loans for up to R500,000 which you will have up to 80 months to pay off. 

The requirements for such loans are similar across most banks. The applicants must be an SA citizens with good matric marks and be a full-time registered students.

There are also government funding programmes such as the Funza Lushaka for those who want to study teaching.

The programme covers full-cost bursaries to eligible students to complete a full teaching qualification in an area of national priority. Recipients of these bursaries will be required to teach at a public school for the same number of years that they receive the bursary. Further details about this programme are available on the basic education department website.

SowetanLIVE 

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