CAREER FINANCE

• Options for financial assistance
• Learner's parents died last year


  Learner's dreams are crumbling
• Learner is passing all their subjects well
• Learner's parents are not working
• Learner's plan


  1. Work next year

  2. Save for studies

  3. Go to university after four years
• Prices go up every day


  Universities increase their fees every year
• Learners think they will not be able to study further after Grade 12 because it is very expensive
• Studying at a tertiary institution means you have to have money for tuition fees, transport (in case you do not stay on campus) and books
• There are financial solutions to help you study if you do not have enough money
• Bursary


  Financial assistance provided by the government, a university, a private person or a company
• Bursaries


  • Can have conditions, e.g. having to work for a number of years for the organisation that gave you the bursary
  • If conditions not met, you may lose the bursary or have to repay the money
  • Usually managed by trusts
• Applying for a bursary

  1. Write a letter asking for the application form

  2. Send the completed form back, remembering to attach certified copies of your certificates
• SETAS


  Sector Education and Training Authorities
• SETAS


  • Help young people experience the world of work
  • Can help them make decisions about the kind of work they really want to do
  • Provide exposure, experience and some money
• Examples of SETAS


  • Agriseta (Agriculture Sector Education and Training Authority)
  • Inseta (Insurance Sector Education and Training Authority)
• Applying for bursaries, loans, scholarships or learnerships

  1. Check the closing dates

  2. Check the requirements

  3. Check all the terms and conditions
• Obligations for financial arrangements


  Terms and conditions that need to be understood before taking out a loan
• Before taking out a loan


  1. How much do I need for this programme of study?

  2. How much money can I qualify for?

  3. When will I start repaying the loan?

  4. What will be the monthly payment or instalment?

  5. What is the interest rate on the loan?

  6. How much will I pay in total?

  7. What will happen if I fail to pay?
• Asking these questions is important before taking out a loan, as it means committing to a formal agreement that has terms and conditions
• Loan


  Formal agreement with terms and conditions that you need to understand before committing to
• Taking out a loan means committing to a formal agreement that has terms and conditions
• You need to understand the agreement you are entering into, otherwise you will find yourself in trouble
• The bank gave the person around R30 000, not R96 000
• Through the National Students Financial Aid Scheme (NSFAS), the government is trying its best to help those students who are financially needy