Transcript University-of-KwaZulu-Natal-Financial-Aid

STUDENT FUNDING
CENTRE
Types of Funding
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Student Loans & Bursary/Loans
Bursaries
Scholarships
Estimated cost of Study
Example : Undergrad degree (2010):
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Tuition (Avg)
Residence Fees
Meals
Books
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Stationery & copies
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22 000
14 000
13 000
4 500
2 000
Total
55 500
Make provision for extras e.g. Equipment
for labs or music, sports charges, travel
etc
PRESTIGE ENTRANT
SCHOLARSHIPS
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Valued at R30 000,00 per annum
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Top 10 Grade 12s in Provinces
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Grade 12s in IEB Schools in KZN –
have to be in National top 50
Automatic Selection of recipients
PRESTIGE EQUITY
SCHOLARSHIPS
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Valued at R15 000,00
Top 10 African female entrants to
register at UKZN in 2010
ENTRANT MERIT
SCHOLARSHIPS
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Valued at R15 000
- For Learners who obtained a score of 7
in six subjects – excluding Life
Orientation, Maths Lit or Add Maths
Top 100 Feeder Schools
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Top 10% of entrants from each of
the largest 100 feeder schools to
UKZN
Valued at R15 000
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
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Selection For Scholarships
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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
Financial Aid Awards
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Financially needy students
Who have the potential to succeed
academically.
Financial Aid Application is reqd.
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)
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NSFAS LOANS
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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%)
Eligibility Criteria for Loans
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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).
How to apply for funding
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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.
The Financial Aid application
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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
Expected Family Contribution
( EFC)
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Determined by the NSFAS means
test.
Amount you have to contribute.
Amount varies from family to family.
Notification of Funding
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Ensure that FA application is
returned quickly to the Student
Funding Centre.
Payment of R500 acceptance
deposit.
Award letter from the Student
Funding Centre.
Financial Aid Covers
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Tuition Fees
Residence fees or Rental Allowance
Meal Allowance
Book Allowance
Home/Travel Allowance
Bursaries
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Internal and External
Not repayable.
Sometimes contractual obligations to
the sponsor.
Internal Bursaries
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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
External Bursaries
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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!
Financial Clearance/ Registration
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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)
Selected without Funding
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Options:
• Bank loans
• Credit card payments
• Debit Order
• Edu-loans
Renewal of Financial Aid
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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.
Conclusion
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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.
Student Funding Centre
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Office Location
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Help Desk Tel :
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031 260 7912 – Westville Campus
031 260 2231 – Howard College
031 260 3603 – Edgewood Campus