Alongside their search for an appropriate institution, students need to think about what kind of funding is most appropriate to their needs. For most students, bursaries are likely to be the most appropriate funding modality. However, for those that excel academically, scholarships may be more suitable. For those with more financial resources, loans or direct payment may be options.
Direct Payment: This is where the applicant to a tertiary education program covers the costs for study themselves
Loan: Loans are awarded to applicants based on their need. Loans are also always linked to interest rates. If you receive a loan you would be required to repay the loan in full as well as the accumulated interest.
Bursary: Bursaries vary in amounts and professions and are given to students to further their studies. In return for funding your studies, the company or provider may require you to repay them by signing a work contract with them. Another type of bursary is a donor bursary (a bursary awarded to a deserving candidate in a specific field of study or in recognition for his/her work in a specific field of study).
Scholarship: A scholarship is a financial award usually given to students based on their outstanding academic achievements. Recipients are not always expected to repay or work back the money they receive
Many students in South Africa successfully apply for bursaries from the National Student Financial Aid Scheme (NSFAS) which is funded by the Department of Higher Education and Training (DHET). Students whose families earn R350 000 or less a year, and who want to study at a public university or TVET college, are eligible for this fund. The NSFAS funds registration fees, tuition fees, subsidised accommodation, subsidised meal allowances, subsidised book allowances, subsidised transport allowances, subsidised accommodation.
NSFAS contact information:
Phone: 08000 67327
Email: info@nsfas.org.za
Website: https://www.nsfas.org.za/content/
Not all students who require financial assistance come from families who earn R350 000 or below a year. Some families may earn more than this, yet still require financial assistance. The resources below provide further information about hundreds of public and private funders: