Pursuing postgraduate studies is a significant investment in one’s future. It helps one acquire deeper knowledge, improve career prospects, and gain higher earning potential. Since postgraduate programmes offer specialised learning, they can be more expensive than undergraduate programmes.
Financial planning is essential for postgraduate study. It allows students to manage tuition, accommodation, and living expenses. When students have a well-thought-out financial plan, they can meet their financial commitments while focusing on their studies.
In this article, we will cover how to fund postgraduate study, including personal savings, and the steps required to secure external funding.
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Scholarships and Bursaries for Postgraduate Students
Postgraduate studies can help professionals transition to senior positions and increase earning potential. If students are wondering how to fund postgraduate study without having to pay back a loan, scholarships and bursaries are excellent options.
These postgraduate funding options can help to cover the cost for deserving students. This form of funding can be sourced from the South African government, universities, and private organisations. Scholarships and bursaries can help reduce the financial burden of postgraduate studies and allow students to focus on their academic goals.
Types of Scholarships and Bursaries Available in South Africa
While most university scholarships are merit-based, government and private organisations offer need-based bursaries in specific fields of study. Scholarships and bursaries for postgraduate studies are highly competitive, and candidates must present a strong application for consideration.
The list below explains the different scholarship and bursary types students can explore when searching for how to fund postgraduate study.
- Merit-Based Scholarships: These can be government or university scholarships in South Africa. These are awarded to prospective students who display academic and professional excellence.
- Need-Based Scholarships: These can be offered by universities, the government, or private organisations to encourage students to pursue an area in order to meet demand.
- Research-Focused Scholarships: Those who wish to pursue a research-based postgraduate study can apply for research-focused scholarships. Research institutes and the government offer these to promote study in a particular field.
- Government Bursaries: The South African government offers bursaries through various departments and agencies to fund research and promote education in selected fields. These bursaries also help to make postgraduate study accessible to individuals from disadvantaged communities.
- Private Bursaries: This is another avenue to explore when wondering how to fund postgraduate study in South Africa. These bursaries are offered by corporations in particular fields, and many require recipients to work with the organisation after completing their studies.
Student Loans for Postgraduate Studies
Student loans offered by banks and financial institutions are another way to help fund postgraduate studies in South Africa. These loans help bridge the gap between the cost of postgraduate study and the amount students can pay from personal savings.
Prospective postgraduate students should research various lenders, repayment terms, and flexibility offered before finalising a loan provider. In addition to this, several universities and private institutions, such as Regenesys, offer their own student loan schemes.
When individuals face the dilemma, how to fund postgraduate study, these are some of the top options for student loans for postgraduate studies.
1. Nedbank
This is an excellent option for both full-time and part-time students, offering flexible repayment plans. The bank also provides preferential rates based on academic performance at university.
2. Standard Bank
Standard Bank offers loans to both full-time and part-time students enrolled at SAQA-approved institutions in South Africa or abroad. Full-time students are given six months to find employment before beginning loan repayments.
3. ABSA
South African citizens and permanent residents are eligible for student loans from ABSA. The bank also provides loans for students pursuing higher education online through SETA-accredited institutes.
4. FNB
Students can apply for loans and negotiate personalised interest rates on funding that covers tuition fees and living expenses during their studies.
5. Capitec
This bank offers various student loans to finance high school, university, online courses, or vocational training at TVET colleges in South Africa.
6. Fundi
As a leading education financing provider in South Africa, Fundi offers a variety of student loans, including loans for devices, MBA programmes, and tuition fees.
Employer Sponsorships and Assistance
Some large corporations have employer-sponsored programmes, where the company covers the cost of the postgraduate study and related expenses. When faced with the dilemma of how to fund postgraduate study, this can be another avenue to seek funding.
The fields of study covered under this scheme are related to company processes. While the company invests in the education of an employee, in return, they receive a professional with specialised training who can help the company meet their objectives and generate profit.
To be eligible, employees need to meet certain criteria, such as:
- Required number of years employed at the company
- Agreement to return to work post-completion of their programme
- Academic qualifications and performance
- Studying at a partner university
If individuals are employed at companies that do not have employer assistance, they can make a formal request for employer sponsorship for postgraduate education. Employees can submit a letter highlighting their professional and academic qualifications and how they are an asset to the company. The letter should also include how a postgraduate programme will benefit the company.
Given below are some important elements that can be included in a letter requesting employee assistance for postgraduate study.
- Name of the programme and institute
- Type and amount of funding required
- Study leave required (if any)
- Professional qualifications
- Academic qualifications
- Value to the company
- Benefits of pursuing postgraduate study
- Demonstrate commitment to the company
Personal Savings and Budgeting
When individuals seek answers on how to fund postgraduate study, they can also view their savings as an option for funding. However, it might be a difficult choice since it is also important to have savings set aside for emergencies and personal use.
Using personal savings to fund postgraduate studies requires careful financial planning and discipline in spending. If one has a career plan and intends to complete postgraduate study to achieve their goals, they can begin to save early and regularly to build a small education fund.
Even if the savings are not substantial enough to cover the entire cost of the postgraduate study, they can help to cover some costs. This would also result in lower student loan debt.
Individuals who wish to know more about how to fund postgraduate study can follow some of the steps listed.
- Set a Goal: It might be beneficial to set a target amount that can help cover a portion of the total cost of postgraduate study.
- Start Saving Early: Individuals can create a separate account and choose to transfer a small percentage of their salary every month to help pay for postgraduate study.
- Automated Payments: Those who are committed to saving can opt for an automated service that transfers a monthly sum into the separate account.
- Limit Unnecessary Spending: Budgeting can limit people’s spending on takeout, shopping, or miscellaneous expenses. This will allow individuals to redirect the amount that they save to their education savings account.
Working While Studying to Pay for Postgraduate Studies
When individuals are searching for how to fund postgraduate study with a method that can reduce the stress of student loans, working while studying is another option.
Some postgraduate programmes, such as Master of Business Administration (MBA), require students to have practical experience. These professionals can also enrol in part-time or weekend classes to continue working. This allows them to have an income source and apply their theoretical knowledge at their workplace. This could be an excellent option for students who apply for employer sponsorship.
Alternatively, if postgraduate students wish to apply for a limited student loan or if they want to rely on their savings, they can also support themselves by working part-time in a related field. This can help students hone their technical skills and is an excellent option for students completing their postgraduate education in Computer Science or Engineering.
What are the Steps to Secure Funding for Postgraduate Studies?
The financial cost of postgraduate study can be a constraint that prevents many from applying to advanced education programmes. However, following a financial plan and applying for financial aid can help cover the cost of postgraduate study.
Once individuals finalise the type of financial aid that they are seeking, then the final step in how to fund postgraduate study is to apply for funding.
These are the steps students can follow to help them secure funding for postgraduate study.
1. Finalise a programme of study
The first step is to finalise the programme a person wishes to undertake at the postgraduate level. They should also research how the programme will add value and if it will make it faster to reach their career goals.
2. Asses financial needs
Next, they need to calculate the cost of the postgraduate programme, including study materials and living expenses. They need to compare this amount with their educational fund and calculate the difference for which they need to secure funding.
3. Research available funding
When students are wondering how to fund postgraduate study, it is important to research the various forms of funding available, including bursaries and employer assistance. Students should select funding based on their needs and their ability to meet the conditions set by the loan provider.
4. Check eligibility and prepare documents
Once students have made a list of all the available funding options, they must check eligibility. At this stage, they can also begin to prepare all the required documents to make it easier when they apply.
5. Apply for funding
The final step is completing the application form and attaching all the supporting documents. Candidates must ensure to fill in correct and updated information.
Conclusion
Postgraduate study is an investment for one’s professional growth and can lead to higher earning potential. It can also help learners achieve their career goals faster by gaining promotions and overseeing key projects.
The cost of a postgraduate study can be daunting, and students are often faced with the dilemma of how to fund postgraduate study. There are several government and private funding options available to help students complete their studies. Students need to research all the available options and study the conditions before finalising funding.
Students interested in pursuing postgraduate studies can view programme details, including curriculum and career opportunities, on the Regenesys website. We also offer student loans for higher education through trusted partners.
How to Fund Postgraduate Study in South Africa? – FAQs
How to fund postgraduate study in South Africa?
Students can choose to use personal savings, apply for scholarships and bursaries or work while studying to fund postgraduate study.
What is the difference between a scholarship and a bursary?
A scholarship is awarded based on merit, such as academic and professional achievements, while a bursary is need-based and may require students to study in specific fields.
Can I apply for multiple scholarships or bursaries for the same programme?
It is possible to apply for multiple scholarships and bursaries. However, in most cases, students can only select one to help fund their postgraduate study. Students are advised to check the terms before applying.
Can I work while studying for my postgraduate degree to support myself financially?
Many students work part-time while studying. They can seek employment in a related field to gain practical experience or consider evening or weekend programmes if they want to work full-time.
Can I combine different funding sources for my postgraduate education?
Before students combine funding sources, it is important to check the terms of the funding to determine restrictions.
