What are student loans? What are your options?
If you want to get into a chosen career path the only way to reach your dreams is to start studying. Regardless of whether you want to study a short course, certificate diploma or degree you will need to find the finances.
Some costs which you will need to cover include transportation, text books, lunch, extra spending money as well as the cost of the actual course. Then there are also living expenses like food, rent and entertainment.
All these costs make affording to live and study very challenging. That is why many students turn to student loans. What are student loans? Student loans have been created specifically to assist students with paying their study costs and living expenses.
The interest rates on student loans are often lower and you will often be able to defer repayment until after you have completed your studies. The best option is where you only have to start paying back the capital once you have found a job.
You also have the option of finding an external bursary. Depending on the bursary the terms and conditions may differ. There are many corporate businesses which offer bursaries to students. Once again the terms and conditions may differ depending on the industry and the type of bursary which is on offer.
University financial aid may also be a viable option. All universities and FET colleges offer loans and bursaries to students. These are usually funded by the National Student Financial Aid Scheme, or NSFAS.
If you do very well in your studies your loan may be converted into a bursary so you don’t have to pay it back. This is a great incentive to study hard and do well.
Paying your own way is always an option when it comes to your studying. This may require you finding a part time job - or maybe going overseas for a year save money to pay for your studies. However if you do decide to take a part time you need to ensure that it doesn’t conflict with your studies.
No matter which option you choose, it is important to always remain focused on your studies and work hard. Dedication and perseverance will help you to reach your dreams and pave the way for an excellent future.
“Education is the key to unlocking the world, a passport to freedom.”
You can always find the latest information on study loans, bursaries and other funding from the Careers Portal website.