Types of funding
There are many different types of funding available for student you require financial assist. There are scholarships, student, fellowships and many other options
These are the types of funding that you will find:
Scholarships are a financial sponsorship, that are awarded to students who excel academically or in a sports. They can either cover the students full tuition fees or a portion of it.
When receiving or applying for sponsorship’s, there is requirement or a criteria that that student has to follow, like keeping a certain average in their results or playing a specific sport.
The advantage of a scholarship is that the student does not need to pay the back, unless they don’t meet the requirements throughout their studies.
As student or study loan is when a student borrows from an institution or a bank that they have to pay back once they find employment.
Different loans charge interest differently, it is important to know how the loan you intend to take charges interest. Some institutions have higher interest rates than others.
It is important to note that when applying for a study load, you should make sure that the institution is registered to prove this loan to avoid future complications.
Government and Private Company Bursaries
Government and private company bursaries are academic sponsorships that are provided to students who either excel academically or require funding for their tertiary education.
This kind of funding covers full costs of study including study material, tuition, accommodation and sometimes pocket money for living expenses.
In some cases students are meant to pay the bursary back in forms of providing service to the company or institution. If the student has to retake a module, it is likely that they have to fund that module themselves
Private companies usually award bursaries to students bursaries in fields of learning that will be useful to the company and are likely to employ the student after their studies are complete as a way for the student to pay them back
Government bursaries have a similar method by this only applies for jobs or services that the government provides, like teachers or certain types of lawyers.
A fellowship is a merit-based scholarship for advanced study of an academic subject given to subsidize the cost of education.
Fellowship usually scholarships for people who have already earned their college degree and who are pursuing additional education. Like jobs that require PhD’s or other post graduate qualifications
Similar to bursaries, fellowships also students to repay the costs by offering the company or institution a service in the field of their studies.
The National Student Financial Aid Scheme (NSFAS) is a bursary that gives underprivilege students are chance to study at their expense. The NSFAS bursary is awarded to all students with the household income of below R350 000 per annum.
The bursary covers full costs of study including study material, tuition, accommodation and sometimes pocket money for living expenses, as long as the student passes 50% of their modules.
The NSFAS bursary does not need to be paid back by the student after having completed their studies.
Ikusasa Student Financial Aid Programme (ISFAP) is a Support and Funding model for financially needy students that fall under the categories of “poor” and “missing middle” students.
These financially needy student are in a position where they do not qualify for NSFAS but, are are not able to fund themselves. The bursary is for students with a household income between R350 000 and R600 000
The bursary covers full costs of study including study material, tuition, accommodation and sometimes pocket money for living expenses.