So you’ve decided that you want to study further. Now, the only obstacle standing in your way is actually getting the money that will make it possible for you to do so.
Below, we answer some of your most frequently asked questions regarding student funding – and how best to find it!
What Are My Options When It Comes to Student Funding?
You’ll be relieved to hear that there are many options available to you when it comes to student funding. They include applying for:
- A student loan at a bank
- A student loan via the National Student Financial Aid Scheme
- Financial aid at the university of your choice
- A scholarship or bursary
- Or, finding a part time job
Do I Qualify to Apply for a Bursary or Scholarship?
There will be differing criteria for bursaries and scholarships depending on where you apply. However, in general, in order to apply for one, you will need to have achieved impeccable marks in matric.
More often than not, you will also need to be a South African citizen with a valid ID number.
Which Bank in SA Offers the Best Student Loans?
All of our banks differ when it comes to interest rates and the amounts that they are willing to grant prospective students. For example, Nedbank offers up to R60 000 per year. ABSA has been known to grant upwards of R100 000 per year, depending on the qualification that you’ll be studying towards.
In terms of interest rates, FNB, offers an interest rate in line with your personal credit profile (usually from 9%). Nedbank offers an interest rate of 9% for the first year, 8% for the second year and 7% for the third year of your studies.
According to wheretobank.co.za, Nedbank has been voted the best possible bank at which to apply for student loans, with FNB coming in as a close second.
How Do I Find a Part Time Job?
If you have your heart set on paying your own way through your studies, good for you! It won’t be easy, but you can certainly rest assured that, in the long run, it will be worth it.
If possible, try to apply for a part time job that is related to the field in which you would like to get involved once you have completed your studies. That way, you’ll kill two birds with one stone – pay for your tertiary education and rack up some valuable experience that will look great on your CV.
You can find a part time job by:
- Going online and making use of job portals such as Pnet
- Asking around on social media and within your own social circle
- Approaching businesses and establishments directly
- Enlisting the assistance of an agency
If you have any further questions about obtaining student funding, please do not hesitate to get in touch with the Student Digz team via our Facebook page. We’re always happy to help out wherever we can.
Also be sure to check out our previous blog, entitled “The Top 3 Reasons Why A College Degree Is Still Worth The Financial Burden“.