It is estimated that more than one million students are currently enrolled in academic programmes at South Africa’s 26 public universities.
These students want to further their knowledge in a specific field of study and gain the skills and expertise needed to secure employment once they complete their studies.
There are many costs to consider when you plan to enrol in an academic programme at a university. Students will not only be required to pay tuition fees.
The average tuition fees at public universities in South Africa range from R4,500 to R20,000 for part-time programmes per year. Full-time programmes course fees can range from R5,000 to R75,000 per year.
These costs don’t include application fees, registration fees, accommodation costs, textbooks costs, student materials, transport costs and general living costs.
When all these costs are taken into account, prospective students will understand that the cost of studying at a university goes far beyond just their tuition fees. It is therefore extremely important that they prepare and put plans in place to cover these costs.
Financial planning will also allow you to gauge whether or not you will be able to afford the cost of your studies or what actions you must take so you can pursue your academic goals.
Ways To Fund Your Studies
There are several ways students fund their studies in South Africa. Each of these funding options has various pros and cons that students must consider.
Student Loans
Student loans are a type of financial aid offered by financial institutions whereby students borrow money to pay for their studies. They begin to pay this money back once they have completed their studies and have secured employment.
Bursaries
Bursaries are the most attractive funding options available to students. A bursary is a type of financial aid provided to students who have met certain eligibility requirements.
Some bursaries may only cover a student's tuition fees while other bursaries provide students with extra money for learning materials and other expenses.
The National Student Financial Aid Scheme (NSFAS) provides bursaries to deserving students that cover a student's tuition fees and provides them with several allowances.
Students are not required to pay back the money they received as part of their bursary.
Self-funding
Some students are self-funded. This indicates that the student is paying for their studies. They may work while they are studying or receive financial assistance from their parents.
Information on financial aid, student loans, bursaries and NSFAS funding can be found on the Bursaries Portal.
