Everything you need to know about funding your post-matric studies

Funding at public and private institutions is very different. While public institutions like the Cape Peninsula University of Technology (CPUT) receive government funds, private institutions like Varsity College do not. This means that private institutions have far less funds available to them for bursaries and loans and if you are planning on going to one and need funding you will probably need to find it outside of the institution.

It is very important to be aware of closing dates and to get all applications in on time – late applications will not be accepted.

The main sources of funding for study at public institutions are:

Merit and needs-based bursaries:

A major way that many students get funding is through applying directly to the institution that they plan to study at. Application forms are available off your institution’s website or from their funding office. Most universities and colleges have two types of bursaries: merit and needs-based. While merit-based bursaries are given out to students with good marks, needs-based bursaries are given to students who need them because of their family’s financial situation. You can contact the university or college funding department to find out if you qualify for a merit or needs-based bursary.

NSFAS:

Many loans are given out through the National Student Financial Aid Scheme (NSFAS), by direct application to the institution you will be studying at. You only need to start repaying this loan once you start earning a salary. This loan also has much lower interest rates than most other loans, it is currently at 5.2%. This means that the total amount you need to repay will be lower than on other loans. Up to 40% of this loan can be converted into a bursary (that you don’t need to repay) dependent on your academic success. To qualify for a NSFAS loan you need to:

• Be a South African citizen registered at a public higher education institution in South Africa
• Be an undergraduate student doing your first qualification or a postgraduate student doing a degree where a postgraduate degree is a requirement for your profession
• Demonstrate academic success and financial neediness

The NSFAS also gives out some bursaries, which can also be applied for through the place you wish to study at. These are available for students wanting to study teaching, social work, accounting, economics and many other fields of study.

Contact the NSFAS Call Centre on 021 763 3232 or visit http://www.nsfas.org.za/ for more information.

Student loans:

Banks can also provide you with a student loan. These loans have lower interest rates than normal bank loans and only the interest has to be paid while you are still studying. While banks have different criteria for giving out loans, in general you need the following:

• Your parent or another sponsor will take out the loan in their name, so this person needs to be permanently or self-employed. They also need to be able afford the monthly interest repayments.
• You parent or sponsor will need proof of earnings, their ID document and bank details.
• You will need to provide proof of registration at the place you are studying, proof of fee amounts, your ID document and previous academic results.

Other company or organisation bursaries and loans:

There are also many companies and organisations offering bursaries to students studying particular things or meeting other criteria. These can be small or large amounts. It is important to visit the funding centre at your institution or their website for a copy of the funding booklet containing information on all these bursaries and loans. Apply for any that you meet the criteria of – the more the better, because small bursaries can add up!

City of Cape Town bursaries:

The City of Cape Town offers bursaries for studying many different professions. Qualifications covered include nursing, social work, statistics, civil engineering and many more. Visit http://www.capetown.gov.za/en/Pages/Externalbursariesfor2014.aspx for a full list of studies covered. Application forms are available at all libraries and on the website link given. The closing date for these bursaries for study in 2014 is 23 October 2013.

Working:

You can also work part-time while you study to help pay your fees or just to make some extra money. Many companies offer flexible working hours to students. A good way to make money is by waitering in a restaurant or working in a store as a sales assistant. Make sure that you make a neat CV with no spelling mistakes or inaccurate information. You can search for good CV writing tips as well as job interview tips on the internet.

You can also apply for work at your place of study. If you do well in your courses, you can apply to become a tutor. This pays more than working in a retail store and is a great addition to your CV. A great way to make money is through an internship or part-time work at a company doing work you are studying towards. That way, you can get experience in your field and you may even be offered a job once you graduate. It is also great work to put on your CV.

If in doubt about the funding options available to you, visit the funding office at the place you plan on studying at. They will be able to tell you everything available to you so that you have the best chance of finding funding for your studies. Finally, always remember to study hard to become eligible for all the merit-based bursaries!