Finding financial support

Most students need financial support in order to study.
There are a number of options.

DHET bursary administered by NSFAS

Since 2018, the National Student Financial Aid Scheme (NSFAS) has provided funding for poor students in South Africa. To qualify, you:

• Need to be a South African citizen
• Have to study at a public (i.e. government) university or college;
• Must be admitted to a registered course at the university or college;
• Have to come from a family with a total income of less than R350 000 per year.

The bursaries cover the following:

• Tuition fees
• Transport (up to 40km from institution)
• Accommodation
• Living allowance
• Book allowance

Visit their website (www.nsfas.org.za) to find out how much they will pay this year. The website is very helpful, with clear explanations and instructions.

The closing date for the following year is usually 30 November of the current year.

Other bursaries and scholarships

Many companies give bursaries as part of their “Skills Development” contribution under the Black Economic Empowerment (BEE) codes.

• These bursaries are usually given to good students who need financial support. Apart from people in the lowest income category (who will qualify for NSFAS), they will also help students who belong to the “missing middle” (with a family income between R350 000 and R700 000 per year).
• In some cases, you may have to work for the company after graduation.
• Some pay the full study-related costs; some cover only partial costs.

Make very sure what a bursary covers and what is expected from you in return before signing any agreements.

Scholarships

A scholarship is awarded solely on the basis of what you achieved at school. If you are a top student in your province or nationally; are a top athlete; have won provincial or national competitions in debating, drama, dance, music or anything else, ask your teachers/coaches about such possibilities.

Scholarships usually cover the full cost of studying, and you will not be required to pay back the money or work for the institution.

Be careful not to say no to a NSFAS bursary because you can get another bursary or scholarship. Rather negotiate for a top up.

Student loans

You should only take a student loan if you can find no other way to pay for your studies. It may be for a good reason, but it is still debt, which may cause serious problems in the future. Think about rather working for a year after school. Save as much as you can and go to university/college the next year. Even if you still have to borrow money, it will be less.

A student loan works like a personal loan, except that you only have to pay the interest on the loan while you are studying, not the amount you borrowed, called the capital. When you finish studying, you have to start repaying interest AND capital. If you don’t manage to make the repayments on time, it will affect your credit rating.

See page 17 on Managing money: skills for success for more information and tips on loans.