As a new academic year approaches, matriculants and other prospective tertiary students face important decisions about what to study, where and how to pay for their courses.
Specialist loans provider, DirectAxis, says funding education is one of the top three reasons people apply to it for loans, with applicants looking to further their education, improve their prospects in the job market or advance their careers.
DirectAxis’ Gavyn Letley says enrolling in a tertiary course is a significant commitment, not only in terms of the time and dedication required to complete it successfully but also in financial outlay.
He has the following suggestions for people considering a tertiary education; whether these are school leavers, job seekers or people currently employed who want to advance their careers.
Pick something that aligns with your skillset and interests
Your qualifications are the foundation of your career, and ongoing education once you’re working will sustain it. You’re more likely to succeed and be fulfilled if you choose a career path based on your interests and what you enjoy rather than salary or status.
A mismatch between a student’s interest, aptitude and the course content contributes to the high drop-out rate at South African universities. This is as much as 60%.
Consider studying something that matches your passions and career goals and select a course that motivates you and ensures you gain valuable skills.
Choose a registered, credible provider
Do your homework. There are far too many headlines about students paying for courses that either aren’t, or are only partially, delivered. Alternatively, students complete the course only to discover that it or the institution isn’t accredited and their hard-earned qualification is worthless.
Ask if the institution and course are registered with the South African Qualifications Authority. If you have any doubts, you can verify the information on the SAQA website’s searchable database.
If you can, speak to friends or people who may be doing the course or have graduated. Ask about their experiences.
Consider the financial implications
Tertiary studies can require a significant financial commitment. Prices vary widely depending on where and what you are studying. In 2023, the average cost of a first-year degree was R55 900 but could be as much as R87 000.
Besides paying for tuition you’ll also need to consider other costs such as books, course materials, specialist equipment and essential technology such as a laptop. If you’re studying away from home, accommodation, food and transport are other costs you’ll need to consider.
In addition to financial support for eligible students through the National Student Financial Aid Scheme (NSFAS), explore other sources of funding. Some private-sector companies and industry associations provide bursaries and it’s worth finding out if any are available for your field of study. If you’re looking to develop your career you may be able to access funding through a relevant Sector Education and Training Authority programme.
If you, or your parents, are taking a loan to pay for your course or a part of it, consider the monthly repayment amounts and the term of the loan using an online calculator such as the DirectAxis Loan Calculator.
“Dropping out due to financial constraints is common and can make it more difficult to return to your studies later. That’s why a thorough evaluation of all potential costs and the financial support available is essential before enrolling,” says Letley.
