 |
|
Recent Student newsNo Money to Study – What Now?02 Nov 2009
So, school is finally behind you, but what if you don't have finance available to study further? Johan Wasserfall, CEO of Eduloan, South Africa's dedicated education finance service provider, strongly advises that you do NOT give up on your dreams - just think laterally and work harder at realizing them! Here's some advice from Eduloan to get you started: Funding pathways:• Parent/sponsor funding: while your folks or sponsor may find a 3-year varsity degree unaffordable, a diploma or series of short-courses leading to one may be an option; as is obtaining a series of small loans and funding your education in stages. Eduloan deducts monthly loan repayments directly from the relevant salary and pays it over to the institution each month. • Bursary/scholarship: many large corporations have a healthy range of bursary and scholarship options. Visit the "Get-a-Life" website www.gal.co.za for a comprehensive bursary database. • Self-funding: working full or part-time whilst studying concurrently is not an easy option, but it is do-able and the rewards at the end of the day are massive. In fact, 74% of Eduloan's students are working whilst sponsoring their own education and with a good work-study-life plan, it's a viable option. • Banks: a good option, but strict lending criteria introduced by the National Credit Act (NCA) has made a bank loan harder to obtain. While you only need to pay back your loan after you've graduated the pressure on you to obtain a job immediately upon graduation - and starting your working life under a cloud of debt - can be daunting. • National Student Financial Aid Scheme (NSFAS): the loan/bursary scheme operated by the National Department of Education, providing loans of which 10% to 40% may be converted to bursaries, depending on performance. Payback starts once you are employed and earning more than R30,000 per annum, plus interest on your outstanding balance until its paid up. See www.nsfas.org.za. • Finance-lenders: these have higher charges and interest rates - research the company's credentials and history to ensure it has a good, credible reputation. • Eduloan: budget-tailored repayments, fixed interest rates and flexible repayment periods. You can ‘pay-as-you-study' by obtaining successive smaller loans as you progress. Again, Eduloan deducts your monthly repayment directly from your/your sponsor's salary and pays it straight to the institution and when you graduate you can start your new life with a clean financial slate. Eduloan also funds registration fees, study-aids, textbooks and laptops and the Edu-Xtras debit card helps you to manage your money in different categories: savings, study fees, study-aids/textbooks, accommodation and meals. See www.eduloan.co.za. In conclusion, Johan advises that whether you study full-time or part-time whilst working, when it comes to funding, do your research, don't be scared to ask questions and look for a partner, rather than just a lender, in your education funding. And always remember the saying: ‘if you can dream it you can do it'! Eduloan is South Africa's dedicated education finance provider, focusing on providing financial solutions to students with the goal of ensuring that tertiary education is accessible to all. Eduloan is firmly committed to contributing meaningfully to social and economic upliftment through education and is a responsible financial services provider with the interests of its students foremost in mind. For further information, contact Eduloan's Client Services Department on 0860-55-55-44.
|
