Don’t think your financial situation has to stop you from getting a tertiary education. With some savvy financial advice and these clever budgeting tips, you could make it happen.
This is what you need to know:
Do you qualify for financial aid? If your family has an annual household income of:
- Less than R350,000, you are eligible for funding from the National Student Financial Aid Scheme, a bursary and loan scheme funded by the Department of Higher Education and Training.
- More than R350,000, but is less than R600,000, you fall into the “missing middle” category and can apply for a loan through the new Comprehensive Student Funding Model.
Start by working out a proper budget, including the following:
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- Your total income for the year: Include every source, whether a bursary or student loan, personal savings, contributions from parents or other relatives, a scholarship, and/or part-time work.
- Then list your expenses: Covering fixed costs, such as tuition fees, and variable expenses, such as food and clothing.
Now, use these tips to stretch your income and reduce your costs:
- Apply for grants and scholarships: Regularly search for scholarships and grants to offset educational expenses. There are also opportunities for South African students to study or undertake research in other countries. Get your applications in early.
- Buy used textbooks: Purchase second-hand textbooks or use digital versions, which are often cheaper.
- Visit university libraries: Check out books and other materials from the university library instead of buying them.
- Cut transport costs: Use campus shuttle services, walk, or cycle instead of relying on a car or e-hailing services. Find out if the university provides transport for field research, sports, cultural activities, and other official trips.
- Unlock discounts: Many local businesses offer special deals for students, from tech to printing services. Download apps such as Varsity Vibe, which has information on exclusive student deals, and Fomo, which finds the latest specials on food, drinks, and activities in a particular area.
- Make the most of low-cost entertainment: Campus apps are ideal for keeping up with the latest on-campus events. Join a club or society to meet people, boost your confidence, and grow your network and leadership skills.
- Check out university health services: Use campus gyms, health clinics, and counselling services instead of expensive private facilities.
- Share living expenses: Share accommodation with roommates to split rent and utility costs.
- Find out about food parcels: You may be eligible for a monthly pack of basic foods if you meet specific criteria. The University of Johannesburg, for example, has a social feeding scheme that distributes monthly food parcels to qualifying “missing middle” students.
- Become a “studentpreneur”: Many universities have resident business strategists, and offer free workshops and business programmes. Government agencies such as the Small Enterprise Development Agency and the National Youth Development Agency provide support to small enterprises and address youth development issues.
For more financial tips, visit JustMoney.
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