5 Ways to pay for your education

Wanting to study and not having the funds to do it can be really stressful and disheartening Choma. However, there are ways that you can pay for your education, you just have to do a bit of research. To get you started, I’ve put together a list of five options for funding your education.

Bursary

A great option for paying for your university fees is getting a bursary because bursaries can pay up to 100% of your fees. A bursary is basically a study programme that’s paid for by someone else or by a company. Some companies might require you to work for them at the end of your diploma/degree so just check what the requirement is when applying.

To learn more about bursaries, how to apply for one and for links to a few that are still available, read this article: How to apply for a bursary

University Loan

You can get a loan that will cover your costs for everything from study fees and books to food and accommodation. Each university has a financial aid office that helps students apply for student loans so contact the university you’re applying to so they can help you get the process started.

The National Student Financial Aid Scheme (NSFAS) also offers loans to certain students but that loan could be converted to a bursary if your marks are good. Visit their site here for information on how to apply for a student loan.

Bank Loan

Most banks offer loans for long-term or short-term studies. The bank is a good option if you just want to do a short or part-time course. Each bank will have different loans on offer so it’s best to contact each of them to get more information on their loans.However Choma, different loans do come with different interest rates usually from 10 to as high as 15%, so keep that in mind if you’re thinking of a loan as an option; because it means that you will be paying for your degree plus your banking fees over several years.

Here are a few links if you want to read more about it:

Absa

Capitec

FNB

Nedbank

Standard Bank

Fundi (formerly known as EduLoan) also offers loans for short-term and long-term studies and will help you cover everything. Read about their loans here.

Part-time job

A part-time job is a really good way to pay for your studies – mainly because you pay for yourself and don’t have to owe banks or universities after you study. If you’re able to, try to get a job after hours or on weekends to help fund your education. You can also work while studying at a university such as UNISA or Damelin (where you basically don’t have to attend class every day). A good idea would also be to start work on the side that would be related to your field so that you can work while getting experience. For example, set up a small salon at home if you’re doing a hair and beauty course.

Company funding

If you’re already working, speak to your company about whether they offer any training or funding for studies. Some companies do allow employees to study further as long as it’s related to the job you’re doing. The company benefits by having an employee that is more qualified and you benefit by furthering your education. So speak to HR to find out what your options are.

Do you know of any other ways you can pay for your education? If you know of any other resources or options other Chomas can use to further their studies, leave that information in the comment section below.

Remember, if you or a friend need advice or help, you can contact me here on Ask Choma, send me a Facebook Message, a Twitter DM, or a WhatsApp Message (071 172 3657)

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