There is an endless list of opportunities that you have after obtaining your matric, this includes studying further towards a qualification, working full-time to gain work experience, and taking a gap year by exploring the world beyond your country’s borders.
Should you be accepted to study at an institution of higher learning, there are a number of funding options that you may need to consider.
The National Student Financial Aid Scheme (NSFAS) offers financial support to qualifying students as long as they intend on being enrolled in one of South Africa’s public universities and colleges.
While student loans have lower interest rates and help you build a relationship with a financial institution, you will pay back the loan with interest and require a good credit score standing with a guarantor.
As NSFAS is no longer a loan, students are not required to pay back the funds that they received during the time that they were studying.
Another benefit of studying through the government bursary is that it is open to South African citizens regardless of their age, as long as the applicant meets the eligibility criteria.
Some research shows that people with a degree will earn more money than people who don't. So, if you have chosen a career path that guarantees you a high salary, paying back the student loan will be easier for you.
What Funding Opportunities Are Available For Missing-Middle Students?
The Department of Higher Education and Training is looking at various ways to assist students who fall within the missing middle category and this includes creating a sustainable student financial aid model.
A Ministerial Task Team has been tasked to explore the possibility of a credit guarantee model for loans for missing middle students from 2023 onwards.
The department is also exploring the options for such a model with commercial banks and other financial service providers before an application for a credit guarantee can be submitted to the National Treasury.
