Funding Options For Private College Students
It is of common knowledge that public tertiary institutions in South Africa, apart from a number of bursary options, are also supported by NSFAS funding. However, NSFAS bursaries are unfortunately not an option for students looking to pursue tertiary education at private colleges. Nonetheless, there are a few other options for private college funding in South Africa.
With the National Student Financial Aid Scheme (NSFAS) being a great asset towards student funding, they won't contribute to fees of students attending private institutions and colleges.
Nevertheless, there are still funding opportunities that cater towards private colleges.
One particular funding scheme for private colleges is Fundi, which covers public and private universities as well as Technical Vocational Education and Training (TVET) Colleges.
The difference, however, with the Fundi funding option is that they do not lend to students directly, but rather to a parent or sponsor who can take out the loan. The Fundi loan option is still repayable through salary or debit orders.
The loan covers outstanding balances, registration fees, textbooks, accommodation and so on. Apart from the Fundi loan, private college students also have the option of taking out bank student loans as an alternative option for funding.
South Africa also has a wide variety of banks that are more than willing to assist you with a student loan.
In most cases, the loan covers all study related expenses such as tuition, books, equipment, student accommodation, and meals.
The loans are typically paid back during or after you finish studying and have fair interest rates, fees, and repayment schedules compared to others types of loans.
Outside of that, students can also approach the financial aid offices within their institutions to find other potential student funding options. A major key to funding in South Africa is in the pursuit of bursaries and scholarships.
Some institutions offer scholarships for outstanding achievement, providing another avenue for funding, and furthermore, there are a number of bursaries offered by companies within the country that are willing to fund student courses as well.
Although private colleges do not benefit from a large-scale government funding scheme such as NSFAS, there are still multiple available funding options for students looking to attend these private institutions.
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