Furthering your studies, especially in today’s world, seems like the only way you could secure a job. The more on your CV, the better. However, furthering your studies comes with a price, and since you’re unemployed, who’s going to pay your fees? A parent, a relative, a friend?

If you wish to further your studies but you are worried about the financial complications that come along with that dream, fear not. We have put together various ways in which you can still fulfil your dream without having to worry about the financial burden.

1. Government funding

The National Student Financial Aid Scheme (NSFAS) offers financial assistance to students who have academic potential to flourish in the tertiary environment but lack finances to pursue their dream. Initially, NSFAS funding was in the form of a student loan for university students with a portion of this loan being converted into a non-repayable bursary if exceptional grades were attained. This meant that all South African students from either poor and working-class families were able to study at tertiary institutions at no cost. NSFAS funding covers registration fees, accommodation, transport, prescribed study tools and food. If your family earns a combined income of not more than R350 000 per year or are beneficiaries of state social grant, you qualify for NSFAS.

2. Bursaries

A bursary is considered a financial award that is granted to students based on their academic performance or their financial neediness. Bursaries are often provided by government departments, corporates or private sponsors to support disadvantaged youth with the opportunity to study at a higher education facility. Each bursary has a different set of requirements in order to qualify for one and this means beneficiaries are selected according to the criteria established by the sponsor. You are able to get a bursary at any level of tertiary education.

3. Feenix

Standard Bank created a crowd funding initiative called Feenix which essentially helps young people access financial assistance for their studies. The project aims to provide funding to underprivileged youth through anonymity. Anyone can obtain financial assistance through Feenix as there are no academic requirements. The minimum donation amount starts at R100 and whatever money is received via the website is paid directly to the educational institution of choice. Note: Only registered students can participate.

4. Fundi

Fundi was previously known as Eduloan and is a financial solutions company which focuses on student finances. Students can receive financial support through educational funding, cashless transaction solutions, bursary fund administrations and bursary support. Fundi covers students in every aspect of education, from short courses all the way to MBA and postgraduate studies. Provisions are made by the company for every area of student life and is able to cover tuition, registration fees, outstanding balances, laptops, study tools, accommodations and more.

5. Study loans

This is not the first choice many choose but student loans can provide a short-term solution to your financial situation. South Africa’s major banks offer student loans, both to South Africans and to non-South Africans if in the possession of a valid study permit. These student loans also cover studies at private institutions, unlike NSFAS funding. Every bank has their own repayment criteria, which is important to research before you consider taking out a student loan.

6. University financial aid

Your first stop should be to consider university financial aid. Each university has a financial aid office that assists students with loan and bursary applications.

If you weren’t able to secure funding for the 2020 academic year don’t worry, there are still options available and 2021 will be here before you know it. Good luck with your applications and all the best!