The National Student Financial Aid Scheme (NSFAS) financially supports students who are pursuing a formal qualification from a South African public university or college.
The government bursary scheme confirmed that its funding covers approved funded programmes at universities which are all undergraduate whole qualifications i.e. degree and diploma.
If you’ll be studying towards a Higher Certificate at the University of South Africa (Unisa), it is important that you take a look at the options that you have before pursuing your studies at the specific institution.
Unisa has stated that it awards a merit bursary that is allocated to all undergraduate formal qualifications. Students must have obtained at least 75% and above average in their previous year of study.
According to the university, formal qualifications refer to those qualifications that are subsidised by the Department of Higher Education and Training, and this includes undergraduate degrees, higher certificates and higher diplomas, and postgraduate certificates.
If you are among many prospective students who will not be studying towards a degree, Nedbank has confirmed that student loans are granted for courses geared at NQF level 5 or higher.
According to the financial institution, individuals will be funded as long as they will be pursuing a qualification that is presented by a SAQA-registered institution.
Which Financial Institutions Offer Student Loans?
There are several financial institutions that offer student loans in South Africa. Some of the most popular ones include Fundi, Standard Bank, ABSA, Nedbank, and FNB.
Each of these institutions has its own eligibility criteria, interest rates, repayment terms, and loan amounts, so it's essential to compare them before choosing one.
In addition to banks, some private companies also offer student loans, so it is worth exploring all options to find the best deal.
