Module 5 Lesson 1

Options for financial assistance in higher education

Higher education is quiet expensive; therefore, it is important that one is aware of the options they can
take to further their studies

What is the difference between a scholarship and a bursary?

Scholarship Bursary
Highly competitive and are awarded based on Generally awarded if one requires financial aid,
achievement in various criteria’s however, one’s marks can affect how much
money one will acquire

One is NOT required to pay back a scholarship, Have certain conditions, such as you having to
but it’s important to still check the conditions work for the company that gave you the bursary
attached to your scholarship after finishing your studies

Sector Education and Training Authority

Who or what are they?

This is a public entity that oversees the development of skills and training within specific sectors

They have the authority to administer funds, ensure learners have the skills needed for specific industry
factors

Some of the various SETAs include:

 MICT – Media, Advertising, Information and Communication Technologies Sector

 FOODBEV – Food and Beverages Manufacturing Industry Sector Education and Authority

 ETDP – Education, Training and Development Practices

 LGSETA – Local Government Sector Education and Training Authority

 W&RSETA – Wholesale and Retail Sector Education and Training Authority

Learnership

This is a training programme that provides one with practical and theory elements that allows one to
gain both work experience and a nationally recognized qualification.

This training runs for a year and the benefit is that you get paid while you qualify
Requirements for one to get into a learnership:

 You are between 16 and 35 years of age

 You are a South African citizen
 You don’t qualify for a bursary
 You require financial assistance
 You have left school
 You have completed a placement assessment

Apprenticeship

This is a training system, especially important for people who want to enter an artisan trade occupation.

They can be funded by SETA.

During apprenticeship, you will:

Receive workplace
experience and trade
occupation skills during
apprenticeship

Receive a national
Complete a national
artisan trade
trade test
qualification

Why are apprenticeships a great way for one to find a job?

This is because the skills acquired from doing an apprenticeship are of short in South Africa

e.g. Electrician; plumber; engineer; carpenter; goldsmith; mechanic; welder

Internship

This is a period of work experience for a limited time. It is great for your CV and can lead to a full-time
job
Financial aid and its obligations
There are several other ways to fund your higher education choices. These include:

 Paying the repayments on your student loan yourself.

- Entails studying and working part time

- Requires you to be hardworking and disciplined, making enough time for your
academics outside of your working hours

 Applying for national financial aid.

- E.g. NSFAS (South Africa’s National Financial Aid Scheme)

- Provides student and study loans for students who wish to study at public higher
education institutions
- Repayment is required for study loans. NSFAS says academic performance may result in
a rebate. A percentage of your debt will be deducted and not repaid.
What does the amount you receive from NSFAS depend on?
1. What you are going to study (costs of various courses differ)
2. What your financial need is
Apply for NSFAS if?
- You are a South African citizen
- You are SASSA grant recipient
- Your combined household income is not more than R350 000 per year
- You are disabled and your combined household income is not more than R600 000 per
year
- You started studying before 2018 and your household income does not exceed R122
000 per year

 Taking out a study loan.

- They are available to South African citizens and non-South Africans with valid study
permits

What are the requirements?

- You are registered at a public higher education institution and have proof of that
registration
- You need someone to stand surety for you. This means that the person agrees to pay
the money back to the bank if you do not.
- Once you have finished your studies, you need to start paying the loan back to the bank,
with interest