There are a number of ways to fund your studies.
Bursaries/Scholarships:
Many private companies and government departments offer bursaries or scholarships to cover all or part of your studies. There are generally conditions attached to the bursaries, e.g. awarding the bursary for a specific area of study (e.g. mechanical engineering) or to a specific group (e.g. black women). There could also be ‘work-back’ conditions requiring recipients to work for the company for a period after graduating, and conditions relating to the required level of achievement.
DHET TVET Colleges Bursary Scheme (Administered by NSFAS):
The government established the National Student Financial Aid Scheme (NSFAS) specifically to assist students with academic ability from low-income families. NSFAS provides loans and bursaries to students attending public universities and public Technical and Vocational Education and Training (TVET) colleges. Two criteria are applied in awarding bursaries: prospective students have to undergo a ‘means test’ to determine their need for financial assistance, and students must have a good academic record.
Loans must be repaid to NSFAS after completion of the studies, but some loans may be converted into bursaries that do not have to be repaid. (http://www.nsfas.org.za/NSFAS/STUDENTS)
Bursaries available for specific TVET courses:
Most TVET colleges have information on bursaries that are available for courses they offer. Prospective students should enquire about bursaries at the colleges where they plan to enrol. Click here for an example of a Financial Aid brochure from the False Bay TVET College, with information on how to apply, who qualifies, what is covered by the NSFAS bursary, and other bursaries/loans: http://www.falsebaycollege.co.za/images/file-downloads/FBC_Financial_Aid_Brochure_Low_Res.pdf
Loans from financial institutions:
You could apply to banks and other financial institutions for student loans. You could also apply to Eduloan, a private company that works closely with the banks. Eduloan offers funding for tuition and other costs associated with studying at a university or other training institution. (http://www.eduloan.co.za/loan/am-a-student)
Grants from SETAs:
The Sector Education and Training Authorities (SETAs) make grants available for a variety of education and training priorities. The grants are generally paid to the employers who should apply for the grants from the SETA. The grants are available for the training of employees and for unemployed persons whose studies are funded by an employer. For example, FASSET, the SETA for financial, accounting and related services has a NSFAS Loan Repayment Grant (NLRG) to assist students to repay their NFSAS loans.
Private funds:
If you are unable to access funding through any of the above-mentioned ways, you will need to fund your own studies. Hopefully, your parents or family members will be able to assist in paying for your studies.
The South African Qualifications Authority (SAQA) has a comprehensive Bursaries and study loans information pack, http://www.saqa.org.za/docs/misc/2014/Bursary_Pack_27_February_2014.pdf. It provides detailed information on different types and sources of funding for post-school studies, the conditions, requirements and study fields funded, as well as where and how to apply. It includes a comprehensive list of bursaries available from private companies, with details on applications.
The Careers Portal (http://www.careersportal.co.za/bursaries.html) provides information on bursaries, scholarships, student loans and other opportunities available to fund university and other studies, together with the fields of study funded, requirements and details on how to apply.
Other institutions offer bursaries for specific study fields, for example, the South African Institute of Electrical Engineers provides information under ‘Bursaries and scholarships’ on its website: http://www.saiee.org.za/DirectoryDisplay/DirectoryCMSPages.aspx?name=Education%20and%20Training
