Pursuing higher education is incredibly expensive for many students and their parents to afford out of their own pockets, meaning they are in financial need.
Typically, students in South Africa who are in need of financial support to pursue tertiary education and have successfully secured funding, will have their tuition fees paid for, as well as other student expenses; these expenses include textbooks, food, student accommodation and transportation, whether that's at a university or TVET college.
There are various forms of financial assistance available for those who wish to pursue tertiary education but are in need of funding to do so. Manati is one of them.
What Is Manati?
Manati Alternate Student Funding is a student funding organisation providing innovative funding solutions for a vast majority of prospective university and college students that wish to study at higher education institutions across South Africa, but are unable to do so because they cannot afford it or cannot secure financing.
Manati's vision is to catapult prospective students with high potential into "ultra-employable members of the workforce," by providing individually-assessed loans based on a student’s past performance and future employment probabilities.
Through unique partnerships with universities, colleges, corporates and government, we are able to offer low-interest study loans that make further studies possible for the vast majority of students.
Manati then seeks integration for students in fitting workplaces and try to help shape them into future mentors who will add strength to the generation after them.
Manati's goal is to help grow a smart generation of young South Africans – enabling them to access the education they need to become integrated, skilled professionals that can make a significant contribution to society.
Who Qualifies For Student Funding?
It's important to take note that financial aid is awarded to students enrolled in or looking to study at public universities and colleges, and won't always apply to private institutions.
There are currently 26 public universities and 50 TVET colleges in South Africa where students can pursue their studies.
Receiving financial aid is also dependent on the scholarship/bursary/loan provider's stipulated criteria/conditions and whether or not students meet them.
What Are The Different Types Of Student Funding Available For Students?
Scholarships
Scholarships are financial sponsorships that are awarded to students who excel academically or in a sport. They can either cover the student's full tuition fees or a portion of them.
When receiving or applying for scholarships, there are specific requirements you will have to meet, like maintaining a certain academic average or taking part in a particular sport or cultural activity at the university or college.
The advantage of a scholarship is that the student does not need to pay it back unless they fail to meet the requirements throughout their 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 students 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.
Here are a few banks that offer student loans:
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, and that you and your parents/guardian applying don't have bad credit.
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 university financial aid.
This kind of funding usually covers the full price of study including study material such as textbooks, 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 back the financial aid.
The National Student Financial Aid Scheme (NSFAS)
The National Student Financial Aid Scheme (NSFAS) is the largest bursary scheme in South Africa, offering a bursary that awards students from financially disadvantaged backgrounds a chance to study at a tertiary institution by providing them with financial assistance.
Many students search for financial aid, but not all will qualify for NSFAS funding. 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 qualifications, the student will also need to obtain a certain academic average to continue receiving financial aid.
The bursary covers the full cost of study including study material, tuition fees, student accommodation and sometimes pocket money for living expenses.
While NSFAS certainly helps thousands in providing financial aid in covering student expenses, the scheme is simultaneously exclusionary to some student groups in South Africa, such as the missing middle and won't fund second qualifications.
The National Student Financial Aid Scheme (NSFAS) bursary does not need to be paid back by the student after having completed their studies.
Ikusasa Student Financial Aid Programme (ISFAP)
Ikusasa Student Financial Aid Programme (ISFAP) is a Support and Funding model for financially needy South African students that fall under the categories of "poor" and "missing middle" students.
These students in financial need 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 in South Africa 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.
Feenix
Feenix is a student programme that uses the process of crowdfunding to help students fund their tertiary education. They assist students with avoiding debt that they will ultimately be left with once they have completed their studies.
Feenix is always open to donations and collaborations to help fund the students of South Africa.
Fundi
Fundi is a South African Education Finance specialist. They aim to help students achieve a tertiary qualification, by covering the costs of higher education institutions through educational loans serving as financial aid.
They cover study loans, short courses, accommodation loans, executive loans, MBA funding, study device loans and educational tools.
There are a number of requirements you will need to meet to apply and qualify for funding from Fundi.
