Photo by Naassom Azevedo on Unsplash
With students across the country nearing the end of their final school year, enrolments for the 2023 intake at tertiary institutions are in full swing. It’s a time of great excitement, but also one of uncertainty surrounding the financial implications of further education for many prospective learners. However, there are numerous options available to help students finance their all-important study years and kickstart their careers, and it pays to do your research on them.
As Africa’s leading Draughting Education and Training Institution, African Academy has built up a strong reputation of supporting financially needy students. With applications for enrolment in their popular accredited draughting courses now open for 2023, learners who have their sights set on a technical career in draughting and design, and who satisfy the admission requirements, are eligible to apply for financial assistance.
Whether you are interested in enrolling in their popular Multi-Disciplinary Drawing Office Practice (MDDOP), or you’re considering African Academy’s Engineering, Project Management, Architectural Technology or Software Training courses, make graduating without massive debt a reality by exploring these financial assistance options and practising smart lending and spending habits.
Monthly Payment Plan
With only a deposit required upfront to secure your place, and the balance of tuition fees for your chosen course payable in 10 equal instalments, African Academy’s payment plan spreads the cost into manageable monthly payments, interest-free.
Student Loan
Offered by most major banks, student loans may be used to cover the cost of tuition fees, books and, in some cases, accommodation, and must be repaid over a pre-determined amount of time once you have graduated. To give yourself the best chance of getting a favourable interest rate when you apply for a student loan, it is best to approach the bank where you, or the person who will sign surety for your loan, already have a bank account.
Credit Card facility
Credit cards are a popular form of lending for cash-strapped students. Having a credit card to hand can be extremely helpful when, for example, you need that specialist course book, but don’t have the money readily available to pay for it. However, you’ll need to be careful to avoid falling into debt. Make sure to choose a reputable lender, ask for the lowest possible interest rate and be disciplined about paying your monthly instalments on time.
Bursaries
African Academy is able to facilitate the award of a variety of bursaries to deserving students who wish to follow a technical career. Sound exam results, evidence of leadership or sporting ability and financial neediness are some of the common selection criteria for the highly regarded bursaries, while others stipulate a specific field of study, age, race, gender, language group, religion or, in some cases, even the town of origin of the student.
Contract bursaries, awarded by companies, are often the most comprehensive and, as a result, the most prestigious. Students are required to work for the company that sponsored their studies for at least the equivalent number of years that it took to get their qualification, with some businesses offering paid holiday work and graduate training, amongst other perks.
In addition to this, African Academy has established a network of companies and organisations who are able to provide financial support to academically promising learners to meet the shortage of skilled professionals, such as draughtspersons, in South Africa.
With the help of funding from donors and sponsors, African Academy further provides assistance to financially disadvantaged students whose gross monthly household income falls below R8,000.
Part-time work
Even with financial assistance, many students require additional income to cover their expenses. A part-time or holiday job, alongside any practical or financial support that family and friends are able to provide, can bridge this gap until you are able to embark on your full-time working career.
For further information on the financial assistance options available at African Academy, contact Kagiso Ledwaba on 011 914 4340.
