Mention and explain THREE forms of financial assistance for a student in higher education institutions

Under Unit 2: of Grade 11 Life Orientation Term 1 work, we learn about “Options for financial assistance”. On this page we will help students on how to answer the following question, using the prescribed textbook content:

Mention and explain THREE forms of financial assistance for a student in higher education institutions

The main three forms or types of financial assistance that are available for a student in a higher education institutions in South Africa include: bursaries, study loans, and scholarships, as well as learnerships run by SETAs.

THREE forms of financial assistance for a student in higher education institutions

Now let’s explain these three forms of financial assistance for a student in higher education institutions in South Africa:

#1: Bursaries as a form of financial assistance

Bursaries are the number one form of financial assistance for a student in a higher education institution in the following ways:

• A bursary is money given to help pay for your studies at a higher education institution.
• You can get a bursary if you can’t afford the tuition fees or if you perform well in school.
• Some bursaries are awarded only in the final year of studies if you have maintained at least 65% average throughout your studies.
• Bursaries are awarded by universities, companies, businesses, and municipalities in South Africa.
• Companies offer bursaries to deserving students for qualifications related to the services of the company (e.g., mining companies fund mining-related studies). This is an easy way for students to easily get hired by the same companies after completing their studies.
• Examples of bursary providers include De Beers, Old Mutual, Transnet, and Vodacom.

#2: Study Loans as a form of financial assistance

Study loans are the second form of financial assistance for a student in a higher education institution. Study loans offer a great financial assistance to the students in the following ways:

• A study loan is money lent to you to pay for your studies.
• You must be registered at a higher education institution to qualify for any study loan in South Africa.
• Banks offer study loans, but a parent or sponsor must apply and be able to repay it either, monthly or yearly.
• Eduloan covers tuition, textbooks, registration, and study tools like laptops.
• NSFAS provides loans to students who cannot afford fees but show academic potential.
• NSFAS can convert up to 100% of the loan into a bursary if you perform well. When a student meets the academic requirements, 100% of NSFAS funding becomes a bursary and does not need to be repaid.
• Loans from companies or businesses may also be available to finance students.
• Unlike bursaries, study loans must be repaid after completing your studies.

#3: Scholarships as a form of financial assistance

Scholarships are the third form of financial assistance for students to study at higher educational institutions in South Africa:

• A scholarship is awarded for academic or sports excellence by a company, business, or organisation.
• A scholarship is much similar to a learnership because:
  • scholarship covers tuition based on academic or sports performance,
  • while a learnership provides an allowance while you study and work at the same time.