Funding Options for University Students in South Africa
Tertiary education can be expensive and out of reach for many South Africans. However, it is often necessary for those pursuing professional careers in fields like Engineering, Accounting, Law, Medicine, Teaching, Science, and more. Fortunately, several funding options are available to help students pursue their university education.
While students have the option to take out a student loan from one of the major banks, these loans must be repaid with interest once studies are completed and employment is secured. Additionally, a parent or guardian is typically required to stand surety for the loan.
For those in financial need, there are other funding options to help access tertiary education, including two pathways to free education:
Bursaries
A bursary is a financial award given by private organizations, government departments, or academic institutions, based on either academic performance or financial need (sometimes both). Recipients may be required to work for the funding company after graduation to “work back” the value of the award.
View List of Available Bursaries Here
Coverage varies between bursary programs, but they typically include:
- Tuition and registration fees
- Examination fees
- Prescribed books and study materials
- Accommodation and meals
- Travel allowances
- Occasionally, a laptop computer
Many bursary providers also offer mentorship, vacation work, and practical on-the-job training. Educourse makes it easier for students to access bursary opportunities and submit applications online.
NSFAS (National Student Financial Aid Scheme) Funding
NSFAS is a government-funded student bursary and loan scheme, managed by the Department of Higher Education and Training. This funding covers various costs for both University and TVET College students, including:
- Accommodation
- Transport
- Book allowances
- Living allowances
- Personal care allowance
Eligibility requires South African citizenship, proof of financial need, and a strong academic record. SASSA grant recipients automatically qualify for NSFAS funding.
University Financial Aid/Private Sponsorship
Many South African universities offer private scholarships and bursaries within specific faculties. The criteria for these awards vary by institution, and students are encouraged to explore their university’s website or contact the financial aid office for more information.
Crowdfunding
Platforms like Feenix, supported by Standard Bank, offer a simple and secure way for students to raise funds to cover their university fees. Feenix supports South African citizens, permanent residents, refugees, or asylum seekers with historical or current university debt and a combined household income of less than R600,000 per year. Another similar platform is BackaBuddy.
Student Loans
If none of the above funding options work, student loans remain an option. South African banks offer student loans, but they typically require a parent or guardian with an income to act as surety and manage the interest payments while the student is studying.
By exploring these funding avenues, students can find a way to pursue their university education and achieve their academic goals.