There are different ways to finance your studies. This article will explain the different methods that can be used to fund your tertiary studies in South Africa. The different ways you can finance your tertiary studies are:
- Bursary
- Student loan
- Work while you study
- Family support
- Crowdfunding
Bursary
A bursary is an amount of money that is awarded to a student who is academically strong or needs financial assistance. There are many institutions in South Africa that offer bursaries for students in need. Bursaries also do not have to be paid back to the organisation rewarding it.
Usually, companies that offer bursaries require you to study in a certain field for you to be able to qualify for a bursary. This is done because the company want students to study towards positions that the company has. For example, Sanlam would award bursaries to students who want to study for a financial qualification.
Who Qualifies For A Bursary?
There are certain requirements which need to be met before a student can apply for a bursary. Here is a list of the general requirements which need to be met before attempting to look for a bursary.
- You must be a South African citizen
- Must have a Grade 9 Certificate or above
- Have a strong academic record
- Must have already applied for tertiary education
- Proof of needing financial assistance
Student Loan
This is a type of loan which is designed to help students in financial need. Student loans are mainly provided by banks with interest rates. Student loans also need to be paid back in full.
Student loans also have many benefits, such as you can pay back the loans after you have completed your studies, and you can spend the loan as you wish during your studies. You can also often study any qualification you want with a study loan.
Are Student Loans Worth It?
The answer can be “yes” or “no”. Yes, it can be worth it if you do not have the finances to study for a tertiary qualification and did not qualify or applied too late for a bursary.
The downside of a student loan is that a student loan must be paid back to the donor with interest. This, however, can be overcome with detailed financial planning of how it will be paid back. If you are comfortable paying a fixed amount of funds for a fixed amount of years, then applying for a student loan will be worth it when you receive a good job with a good salary.
Work While You Study
While you are studying, you can pay for your own studies. This is done by studying and working at the same time. The most effective way to do this is by studying part-time and working full-time, or studying full-time and working part-time. It would not be advised to study full-time and work full-time.
Part-Time
When you decide to study and work at the same time, you should consider finding a part-time job to help fund your studies. Here are a few ideas of part-time jobs you can apply for:
- Pet sitting
- Babysitter
- Waiter/Waitress
- Dog Walker
- Tutoring
- Lifeguard
- Cleaner
- Tour Guide
- Blogging
First Work Then Study
There is also a possibility that you can first work for a year or two and save up some money before you start your studies.
You will have to often work in a career field you do not want to, but it will be worth it after you get that satisfaction of paying for your own studies and then entering the career of your dreams.
Alternatively, you can study through distance learning. This study method is great for students who wish to do both (working and studying). You do not have to attend any physical classes, which allows you to spend more time on your studies.
Matric College offers a range of courses that you can complete through distance learning. Here are all of your options:
Family Support
Many students receive the financial aid that they need for their studies from their parents or other family members. Or the parents of the student work and pay for the student’s education while the student studies.
Families which are financially stable or have saved up through financial planning for their children’s studies usually choose this route. Students then do not have to worry about paying back their student loans or struggle to find a bursary.
Crowdfunding
In short, Crowdfunding is receiving money from generous people on the internet to help financially assist a specific cause. There are many sites to use for this, and many students use this to finance their studies. The goal is to state why you need financial assistance and convince people why you are in need. It is ultimately about marketing yourself online.
Crowdfunding also requires you to set a goal point you want to achieve for a certain amount of time. For example, R 100 000 in 24 days. Some sites require you to pay back these funds to the donors if your goals were not met. However, this is still a method worth trying to fund your tertiary education.
Will I Regret Spending So Many Funds On My Studies?
No, the answer will always be no.
It will always be a great investment in yourself to broaden your knowledge or skills. It will make your CV look attractive, open up new doors to new job opportunities, and you will be confident in your abilities.
Your chances of receiving higher earnings will also be bigger. If you decide to apply for a bursary, student loan or any other method, you will not regret making the decision.
Author: Esmari Pool
Editor: Sive Ncanywa
Date: August 15, 2022