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Tips on how to Finance Your Education

Educational costs have increased significantly in the last 10 years and many existing students encounter numerous financial and budgetary difficulties. Despite the fact that a large number of students make an effort to maintain employment on a part-time basis when they study, it is sometimes insufficient to take care of practically all educational costs, living expenses not to mention textbooks.

Allow me to share a handful of but not all readily available higher education financing alternatives for students:

1. Bursaries and scholarship grants are non-repayable forms of financial assistance. Scholarships and grants are provided according to your personal academic accomplishment whilst bursaries are granted in accordance to academic merit along with financial requirements.

2. The government, provinces, individual colleges and universities as well as some charitable foundations and in many cases businesses also award grants, scholarships and bursaries. It is advisable to seek advice from a nearby college or university to ensure that you are aware of what is accessible and/or  available in addition to whether or not it is possible to qualify.

3. Student education loans are offered at the provincial and national levels and will eventually need to be repaid when you have completed your education and training. The criteria pertaining to providing student education loans vary from one province to another and you ought to confirm information and facts in accordance with your personal circumstances.

4. Various private institutions offer grants and loans to students seeking to go to a University, School, College, Vocational or Trade School that can assist them to finance their particular studies.

5. A number of banking and financial institutions offer students lines of credit enabling you to access funds at any given time, and pay the financial loan off once you have finished your education and training.

6. In addition, you will discover government programs that provide you with an extensive number of initiatives that can assist post-secondary students to obtain practical work experience while earning an income so that they can sustain themselves throughout their education and training.

Source: mcdowelltech.edu, money.howstuffworks.com, campusaccess.com, redwoods.edu, greenwoodlibrary.us, hc.educampusonline.com, nova.edu, journalfordebtreduction.com

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More efficient student education loans on the cards

Given that qualification verification has become easily obtainable and accessible in South Africa, for the very first time university and college students have the opportunity to instantaneously confirm and verify the simple fact that they have already registered.

“The actual significance and ramifications associated with this will most certainly be far reaching and significant,” Qualifications Verification Services (QVS) managing director Danie Strydom expressed in a report. ” It indicates, amongst other things, that student education loans could in fact be approved more speedily which would mean that individuals can pay with regard to university tuition and purchase textbooks sooner compared to before,” he explained.

Previously, university students were required to get hold of a letter coming from the college or university to confirm and verify that they previously had registered. This in turn would have to be provided to the bank or financial institution where the student had applied for a student loan. The process in most cases had taken a number of days to make it possible for the financial institution the opportunity to ensure the authenticity of the letter prior to funds becoming readily obtainable.

” Through process of replicating the computer database of the higher education institutions, the entire procedure can now take place online and in real time thereby allowing student registrations verification in seconds as opposed to the days which it took previously,” Strydom pointed out.

QVS’s statement has brought up considerable interest and curiosity, bringing about the gathering of all the major banks where they were fully briefed on the new service. Seven universities have at this time subscribed to the brand new QVS products and services and in addition would most likely implement them soon.

University student registrations and qualification verifications at the present time existing on the QVS database are the University of Johannesburg, Tshwane University of Technology, and the University of the Free State. Various other universities in implementation phases are the University of Stellenbosch, Durban University of Technology, and Nelson Mandela Metropolitan University.

The brand new online service would undoubtedly at the same time help save the banking institutions millions in lost revenue simply by informing them in the event that students had terminated or completed their studies, as a consequence becoming ineligible for the more affordable interest rate student loans. Students would also be responsible to instantly commence the repayment of their student loans.

Banking and financial institution face the risk of losing millions of rand every year by students absconding and never paying back their student loans. The new QVS product and system will provide banking institutions together with other role players, which include trustees of bursary funds, updated regarding the status of each and every student on a day-to-day basis according to Strydom.

Students would also be obligated to grant authorization to have their details and particulars made known on the database and in turn would have complete access to the database to ensure and guarantee that the correct information and facts ended up being viewable.

The system and database is secure and fully automated in the sense that computers, as opposed to individual human beings, performed and managed the data processing. The system may additionally be audited to make certain that absolutely no mistakes or errors slipped in, he explained.

Source: Sapa, studentloanshelp.org, onlineloans4all.com, eduinreview.com, collegecareerlife.net

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Funza Lushaka Bursary Programme

The Funza Lushaka Bursary Programme is a multi-year programme that promotes teaching in public schools. Bursaries are available to enable eligible students to complete a full teaching qualification in an area of national priority. Recipients of the bursary will be required to teach at a school or provincial education department for the same number of years that they receive the bursary. Qualified recipients of the bursary can apply for appropriate public school positions with the provincial education department (PED) of their choice. The PED concerned will determine whether there is a suitable post available. If there is not, the applicant will be offered employment in a PED that does have suitable vacancies.

Admission criteria

The bursary is only awarded to South African citizens. Applications will not be considered unless the applicant has a valid South African ID number. Applicants for the bursary must already have been accepted into an appropriate study programme at a recognized higher education institution. Applicants also need to meet certain admission criteria of the institution and they must also meet the national selection criteria for the Funza Lushaka bursary.

Selection criteria include the following:

* The applicant’s academic ability;
* Eligibility for an approved degree or PGCE in one of the priority areas;
* Commitment to a teaching career, which includes: interest in working with young people; enthusiasm for a professional career in teaching; readiness to face and surmount difficult challenges and personal integrity;
* Commitment to teach in any school to which a student may be appointed by a PED.

Everything else being equal, selection should favour candidates from rural areas, candidates who wish to teach in rural areas and candidates whose financial position would otherwise exclude them from enrolment for a teaching qualification. The bursary will only be awarded if one of the priority area specialization subjects is included as a teaching subject in your qualification.

Please note that those who already have other teaching qualifications do not qualify for this programme.

Programmes to be funded

Three types of qualifications can be funded. These are shown in the table below. The qualification must include subjects which will allow the student to specialise as a teacher in at least one priority area (see next section below).


In addition to specialising in a priority area, you will also need to specialise in a phase for the B.Ed and PGCE teaching qualifications. If you prefer teaching younger children, you could specialise in Foundation Phase (Grade R – 3) or Intermediate Phase (Grade 4 – 6).On the other hand, if you prefer teaching older children you could specialise in Senior Phase (Grade 7 – 9) or FET Phase (Grade 10 –12). Some universities offer qualifications which combine specialisation in the Foundation Phase and Intermediate Phase, or the Intermediate Phase and Senior Phase, or the Senior Phase and FET Phase. These combined qualifications are also acceptable.

Priority areas

The priority areas that are currently funded are indicated in the table below. These areas could be reconsidered from year to year.

How to apply

You need to apply for admission to a teaching qualification (B Ed or PGCE) or a Bachelors degree (e.g. BSc, B Tech, BA) with at least one major course in a priority area at a university of your choice. Once you have gained admission at a university, you are required to apply for the bursary via this Internet website.

The bursary is awarded for one academic year at a time and, on proof of academic success, the bursary may be renewed each year until the recipient of the bursary has qualified as a teacher. The bursary holder will be required to re-apply by the end of October for the following year. Recipients of bursaries will be required to teach one year for every year for which they receive a bursary.

What the bursary covers

Funza Lushaka bursaries cover all the recipient’s essential expenses. Expenses covered include tuition, full accommodation including meals, books and learning materials, and a small allowance for monthly living expenses. Universities have different cost structures, so the total value of a bursary differs from institution to institution.

Conditions for repeating a year

The bursary period may be extended to cover one additional year in a degree programme, or the time required for completion of one additional course in the PGCE programme. Only one such extension will be granted. Any additional time required will be at the recipient’s own cost. The bursary is renewable for one academic year at a time. On proof of academic success the bursary may be renewed each year until the recipient of the bursary has qualified as a teacher.

Conditions for repayment of the bursary

The bursary must be repaid only if the recipient fails to qualify, fails to apply for a teaching post with a PED at a public school, fails to take up a teaching post with a PED at a public school, leaves a teaching post with a PED before the end of the contracted service period, or otherwise fails to meet a requirement of the bursary agreement.

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Transport bursaries up for grabs in Eastern Cape

Are you looking for a bursary in the transport industry. Those Eastern Cape learners who excel academically and demonstrate potential can stand a chance of getting one of the 42 transport bursaries available to the province from the Department of Transport.

Those students who are interested applicants will have to meet certain admission requirements as stipulated by the University/Technikon and should have at least obtained a D aggregate symbol in Mathematics and Science or a Level 4.

The provincial Department of Transport’s bursary programme has proved to be beneficial and rewarding to hundreds of Eastern Cape youth, who have benefited from the programme in recent years.

The bursaries are offered in the following fields:

* Transport Economics and Transport Management
* ND/BSc: Civil Engineering
* ND/BSc: Mechanical Engineering
* ND/BSc Electrical Engineering
* B Degree in Freight
* ND/B Degree in Maritime Studies
* ND/B Degree in Aviation
* B Degree in Railway Engineering

For those interested, application forms are available at the Human Resource Development Offices of the Department of Transport in King Williams Town and in all six district offices in Port Elizabeth, Aliwal North, Queenstown, Mthatha, Kokstad and East London.

Contact:

Contact:        Caroline Khoza
Telephone:    012 309 3657
E-mail:          KhozaC@dot.gov.za

Source: buanews.gov.za

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Bursaries up for grabs in Mpumalanga

The Mpumalanga Department of Health is calling on students who have a good academic record but no finances for studies to apply for one of the 123 bursaries it has on offer.

The bursaries are for aspirant or existing students in the fields of medicine, pharmacy, radiography, nutrition and dietetics, occupational therapy, physiotherapy, nursing, and speech and hearing therapy.


Department spokesman Mpho Gabashane said the bursaries would only be awarded to pupils and students residing in Mpumalanga.

“After they’ve completed their degrees, they will be required to work for the department in Mpumalanga for four years to pay off the bursaries,” he said.


Those interested can obtain bursary forms from their nearest hospitals or the department’s page on the local government’s website, www.mpumalanga.gov.za.

“Applicants must attach a copy of their ID and their mid-year matric results or academic records if they are already at university.

“We also need the payslip of applicants’ parents or guardians, and an affidavit if the parents are not working,” said Gabashane.

Gabashane said the department was funding 508 students studying across South Africa. “We also have 63 students who are studying medicine in Cuba through the South African-Cuban medicine programme,” he added.

Source: BuaNews

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