Study Loans and special Bursaries

The year starts and you are hoping to go to university. And yet again funds are no where to be found. You applied for several bursaries but still the result is a total letdown. You have worked hard in your Grade 12 and you have good grades, but still bursary institutions show no interest in you- as if your results are not good enough.

When a situation gets to the above you should stop thinking about “bad luck” and start finding a solution for the problem at hand. What are the options at hand?

Study Loan

This is one of the options which can help you with funding your studies, and ultimately an option which will help you get that educational qualification- be it a degree, diploma or certificate.

Where can one find a study loan and how? Major Banks in South Africa provide study loans to students wishing to pursue their careers by first getting an educational qualification through an ACCREDITTED and REGISTERED university, technikon, or college. Approach your bank for further details on how to apply for these kinds of loans.

You may also get a loan through dedicated student loan institutions such as EduLoan or the government-operated National Financial Aid Scheme (NSFAS).

University Merit Bursary

Some government/ public universities in South Africa offer top performing students and prospective students grants which come in a form of “Merit Bursaries”. A Merit Bursary is an amount of money paid by the institution into your student account in order to settle your outstanding fees.

This bursary is not given to any student though- if you are an average student you can forget about earning a merit bursary unless you are willing to pull up your socks and perform at your peak. For illustration purposes a university will require that you get an average mark of 70 % over all you courses or subjects in order for them to give you a bursary equivalent to the registration fee, and a 75 % mark for them to pay your tuitions. Enquire about this particular bursary at your university’s Financial Aid Bureau.

Employer Funding

In this day and age most employers engaged in what is termed “employee development”- in other words they fund employees’ studies as part of their quest for a better skilled workforce. Most employers also fund employee’s children’s studies. Speak to your Human Resource department for more information on this option.