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Types of Funding

STUDENT FUNDING CENTRE. Types of Funding. Student Loans & Bursary/Loans Bursaries Scholarships. Estimated cost of Study. Example : Undergrad degree (2010): Tuition (Avg) 22 000 Residence Fees 14 000 Meals 13 000 Books 4 500 Stationery & copies 2 000 Total 55 500

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Types of Funding

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  1. STUDENT FUNDING CENTRE

  2. Types of Funding • Student Loans & Bursary/Loans • Bursaries • Scholarships

  3. Estimated cost of Study Example : Undergrad degree (2010): • Tuition (Avg) 22 000 • Residence Fees 14 000 • Meals 13 000 • Books 4 500 • Stationery & copies 2 000 • Total 55 500 • Make provision for extras e.g. Equipment for labs or music, sports charges, travel etc

  4. PRESTIGE ENTRANT SCHOLARSHIPS • Valued at R30 000,00 per annum • Top 10 Grade 12s in Provinces • Grade 12s in IEB Schools in KZN – have to be in National top 50 • Automatic Selection of recipients

  5. PRESTIGE EQUITY SCHOLARSHIPS • Valued at R15 000,00 • Top 10 African female entrants to register at UKZN in 2010

  6. ENTRANT MERIT SCHOLARSHIPS • Valued at R15 000 - For Learners who obtained a score of 7 in six subjects – excluding Life Orientation, Maths Lit or Add Maths

  7. Top 100 Feeder Schools • Top 10% of entrants from each of the largest 100 feeder schools to UKZN • Valued at R15 000

  8. Sports Scholarships • Sports Scholarships (12) – for students who have played sport at a National level: * Covers full tuition fees * Applications reqd for Sports S/ships – 31 October of Grade 12 Year

  9. Selection For Scholarships • Done Automatically by UKZN – for learners who wrote Gr 12 in 2009 • Pre-2009 learners need to make formal applications. • Up to a 2 year gap is allowed. • All Scholarships are renewable subject to academic criteria

  10. Financial Aid Awards • Financially needy students • Who have the potential to succeed academically. • Financial Aid Application is reqd.

  11. Loans • NSFAS Loans (with rebate) - from the National Student Financial Aid Scheme • University of KwaZulu-Natal Loans (two types) - Rebate loans & No Rebate loans (full amount repayable)

  12. NSFAS LOANS • Important benefit - no suretyship reqd • Rebate component – up to 40% • Repayments once student leaves the institution. • Interest from year in which loan is awarded. (Interest rate in 2009 was 7.6%)

  13. Eligibility Criteria for Loans • South African Citizen • Refugees – with SA refugee ID document. • Family income below R120 000 • Full time students • Accepted for formal degree/ diploma (not self funding courses).

  14. How to apply for funding • Step 1 - Apply for academic admission through the CAO. • Indicate if you wish to apply for Financial Aid as well. • Each faculty has a limited number of financial aid packages. • Faculty – letter advising if you are provisionally selected with Financial Aid. • Faculty - sends you a full Financial Aid Application to complete.

  15. The Financial Aid application • ID document – very important ! • Provide information on who supports the family. • Number of dependents. • Income • Pay slips • Death certificates or divorce decree – if applicable • Affidavits – if applicable

  16. Expected Family Contribution ( EFC) • Determined by the NSFAS means test. • Amount you have to contribute. • Amount varies from family to family.

  17. Notification of Funding • Ensure that FA application is returned quickly to the Student Funding Centre. • Payment of R500 acceptance deposit. • Award letter from the Student Funding Centre.

  18. Financial Aid Covers • Tuition Fees • Residence fees or Rental Allowance • Meal Allowance • Book Allowance • Home/Travel Allowance

  19. Bursaries • Internal and External • Not repayable. • Sometimes contractual obligations to the sponsor.

  20. Internal Bursaries • Entrants are done after June exams. • Selections according to donor criteria • Income below R130 000 p.a. • Academic performance very important (min 65% aggregate) • Financial Aid application reqd

  21. External Bursaries • Student applies directly to the sponsors. • Corporate, Governments or NGO • Adverts in newspapers • Bursary register from CNA • Website – www.ukzn.ac.za/studentfund • Closing dates are very important!

  22. Financial Clearance/ Registration • Scholarship students are automatically cleared for registration. • Bursary students – once we receive sponsorship letters • Loan students – as soon as they have been allocated funding. • Self funded – cash deposits (R3 000 & R2 500 if in residence)

  23. Selected without Funding • Options: • Bank loans • Credit card payments • Debit Order • Edu-loans

  24. Renewal of Financial Aid • A new application is required for each year. • Apply in advance – by 31 August 2010 for 2011 funding. • Applications open 1 June 2010. • Take note of closing dates for corporate and external bursaries.

  25. Conclusion • Funding is dependent on good results. • Will require commitment AND effort . • A qualification… is one of the most valuable investments a young person will make towards their future.

  26. Student Funding Centre • Office Location • Help Desk Tel : • 031 260 7912 – Westville Campus • 031 260 2231 – Howard College • 031 260 3603 – Edgewood Campus

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