Financial Options to Finance Your Education
Overview
Being able to finance your education can provide a simple way of improving your career prospects through tertiary education. Even if you are a high school learner or if you are a parent looking to put his or her child through primary school, there are various financial options to finance your education.
Financial options to finance your education:
Financial Aid:
This is for students who have achieved excellent academic results. Each tertiary education institution has its own criteria and rules for awarding financial aid.
Bursaries and scholarships:
Bursaries and scholarships are offered in numerous fields of study. A good academic record is required to apply. If you qualify, this may be one of the most convenient and effective ways to finance your education.
Student Loans:
This type of finance is offered by various financial institutions. There are also specialist education finance houses that offer student loans.
Students are generally required to pay the loan back after they graduate. Surety is required for the loan and the interest portion of the loan must be repaid, followed by the capital portion.
National Student Financial Aid Scheme (NSFAS):
NSFAS strives to provide finance for students with little to no familial income. The government-backed lending institution also aims to provide an efficient ad sustainable financial aid for poor yet academically-eligible students. Funding is provided for 26 public higher education institutions and 50 technical and vocational education training colleges. Repayments only begin when the student’s annual salary is R26 300 or more.
Getting a student job:
Getting part-time work as a student can not only be financially-rewarding, but it can provide you with some much-needed work experience. This can also be a good option to finance your education.
Get a sponsor:
There may be some family members who might be willing to sponsor your studies, so don’t rule this out as one of the financial options to finance your education.
