Types of Student Funding Opportunities
There are several ways you can get funded for your studies in 2023 and beyond. Tap into these student funding opportunities to get funded for your studies.
Student loans
A student loan or study loan is when a student borrows money from an institution or a bank to cover their fees. Student loans typically need to be paid back once they find employment.,
Different banks and different loans will have different interest rates. It is important to know how the loan you intend to choose charges interest. Some institutions have a huge interest mark up in comparison to others.
You can apply for a student loan from banks such as Nedbank, FNB, Standard Bank and many others.
It is important to note that when applying for a study loan, you should make sure that the institution is registered to provide this loan to avoid future complications.
You will also have to apply and meet certain requirements to qualify for a student loan.
Government and Private Company Bursaries
Government and private company bursaries are academic sponsorships that are provided to academically eligible students or students who require funding for their tertiary education.
This kind of funding usually covers the full cost of study including study material, tuition fees, accommodation and sometimes pocket money for living expenses. In some cases, students are meant to pay the bursary back by providing service to the company or institution. If the student has to retake a module, they likely have to fund that module themselves.
Private companies usually award bursaries to students 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 but this only applies to jobs or services that the government provides, like teachers or certain types of lawyers.
Fellowships
A fellowship is a merit-based scholarship for advanced study of an academic subject given to subsidise the cost of education.
Fellowships are usually scholarships for people who have already earned their college degree and who are pursuing additional education. Like jobs that require PhDs or other postgraduate qualifications.
Similar to bursaries, fellowship students need to repay the costs by offering the company or institution a service in the field of their studies.
You can visit our opportunities section to find out more about any fellowships that may be available.
NSFAS
The National Student Financial Aid Scheme (NSFAS) is the largest bursary scheme in South Africa. They offer a bursary that gives students from financially disadvantaged backgrounds a chance to study at a tertiary institution by providing them with financial assistance. The NSFAS bursary is awarded to students who come from households with a combined annual income of below R350 000.
Aside from financial need, there are a number of other requirements students need to meet to be funded by NSFAS. While completing their higher education, the student will also need to obtain a certain academic average to continue to receive funding.
The bursary covers the full cost of study including study material, tuition fees, student accommodation and sometimes pocket money to cover other student expenses.
The NSFAS bursary does not need to be paid back by the student after having completed their studies.
ISFAP
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 students are in a position where they do not qualify for NSFAS but are not able to fund their studies themselves. The bursary is for students with a household income between R350 000 and R600 000 per annum.
The bursary covers the full costs of study including study material, tuition fees, accommodation and sometimes pocket money for living expenses.