The ability to secure funding for post-graduate studies is a barrier for many prospective students. This has been further amplified recently by a decrease in corporate funding and the COVID-19 pandemic’s impact on families and individuals’ finances.
The need for financial assistance for postgraduate studies is also growing faster than the general rate of enrolment, driven by the expansion and inclusion of higher education, as well as a greater access to tertiary education.
This is problematic as postgraduate students are seen as critical to the growth of the South African economy and their role paramount in pivoting the country towards a more ethical, and inclusive society.
Together with Capitec, the University of Stellenbosch Business School (USB) aims to offer some relief and increase access to learning with a reduced interest rate loan from 7%, payable over 84 months by the family or a permanently employed student.
Owen Mbundu, Marketing Head at USB says, “to remain relevant in a world of rapid change and growing uncertainty we need to keep learning. Capitec and the business school both aim to offer prospective students the opportunity to invest in their future with more accessible financing options and gain access to our internationally accredited postgraduate programmes.”
“Our postgraduate programmes are designed to equip leaders to be values-driven, future-thinking, and innovative in their approach to adapt and pivot during ever-changing circumstances. These critical skills are invaluable to our future and we believe that the opportunity to gain knowledge should not only be reserved to a few.”
“With Capitec’s credit-for-education solution, a postgraduate qualification can become a reality for even more students. The flexible formats in which USB’s programmes are presented, make it possible for those working full-time to take up this offer as they can study whilst they work.”
The loan application process will fit seamlessly into the business school’s existing admission processes, and applicants do not need to visit a Capitec branch or be a card holder to qualify.
Capitec’s Marketing and Communications Executive, Francois Viviers, says the new purpose-designed credit solution is based on the principles of affordability and simplicity.
“As the bank for all South Africans, we’re constantly seeking ways to make people’s lives better. One of these ways is providing affordable credit to fund education. Our data has shown us that we can drive further access to funding and champion affordability as consumers who take credit for tertiary education are more likely to manage their credit well.”
“We’ve also simplified the application process. By partnering with the business school, we’re making it possible for the credit to be granted at the point of purchase, be it online or at their campus, in only a few minutes.”
The three-step application process is user-friendly, with confirmation within hours. Once a prospective student’s credit has been approved, Capitec will pay the money directly to USB on the student’s behalf.
To apply for credit, prospective students must be permanently employed, 18 years or older, and have a valid South African ID document or smart ID card. A provisional quote or admission letter from USB, not older than 30 days, is needed to process the student’s application.
USB’s offers postgraduate degrees as well as the newly structured postgraduate diplomas which provides a springboard for career growth, with far greater flexibility, a strong focus on leadership and future-readiness and easier access to the global movement of life-long learning.
The business school’s programmes are presented in two formats – on campus and online (blended learning), which makes it easy to “learn while you earn”. Prospective students can choose between postgraduate diplomas in, among others, Business Management, Future Studies, Development Finance and Project Management, whilst the master degrees are offered in Business Administration (MBA), Future Studies, Management Coaching, and Development Finance.
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