The Best Ways For Students To Finance Their Studies
There are several opportunities that can help students finance their studies. From NSFAS funding at universities to finding a part-time job, here are some tips from Oxbridge Academy on financing your studies.
Getting a tertiary education can be an expensive endeavor that must be well-planned. That is why enrolling at Oxbridge is such a good option, as we already provide quality education at an affordable cost.
Several funding opportunities are available for students who cannot pay for their studies out of pocket. From NSFAS funding at universities to finding a part-time job, we provide you with a helpful list of funding options:
University Bursary/Scholarships
This should be the first place you start looking, as universities often make funds available to help their students in financial need. A scholarship is a monetary award given to a student based on academic success, whereas a bursary is awarded based on financial need.
Did you know that scholarships are not loans; therefore, you don’t need to pay them back? Contact the financial aid office at your chosen institution.
The National Student Financial Aid Scheme (NSFAS)
NSFAS is a good alternative for those who do not qualify for university grants. The government, foreign donors, and the corporate sector contribute money to these funds.
The successful candidate receives financial aid as a bursary. NSFAS provides bursaries to students at 26 public higher
education institutions and 50 technical and vocational education training colleges. NSFAS usually has an office that you can visit on campus.
Student Loans
The next option you will have would be to get a student loan. All the leading banks (Absa, FNB, Nedbank, Standard Bank) provide these loans to those in need. These lenders pay the study fees directly to the tertiary institution, and the funds are subsequently repayable by the student through salary deductions or debit orders.
Knowing how the loan you are applying for charges interest is critical because interest rates vary. If you apply for the loan, you must have someone sign surety, which means that person will step in and take over loan repayments when needed.
Work Part-Time
Part-time work is aimed at a wide range of people and is particularly suitable for students. Studying full-time and working part-time is not for the faint-hearted and undertaking both takes a lot of commitment. Part-time jobs are flexible, allowing you to work fewer hours per week, and you will often have different shifts.