Looking at pursuing a tertiary education? Here are all the costs to consider …

If you’re thinking of getting a tertiary education, you need to first understand that it is a big commitment both financially and in terms of time and effort.

According to a report by the Department of Education in 2015, 47.9 per cent of South African university students do not complete their degree. The high drop-out rate is not only a result of poor academic performance but also because many students cannot afford to finish, even those who use government funding.

You’re less likely to go back and finish a qualification that you began without the proper funding set in place that you would need to finish.

Whether you’re able to obtain a NASFAS loan or bursary or your parents apply for a loan, there are some factors you need to consider:

Can you afford the university, technicon or college you would like to enrol at?

You may have a particular education institution that you’d really like to attend but it’s worth doing the research. Also, in South Africa, only public institutions can call themselves universities. Private higher education institutions can offer exactly the same range of qualifications up to doctoral degree level, but may not use the term ‘university’ even though they are subject to the same regulation and quality assurance.

You can find a list of accredited institutions on the website of the South African Qualifications Authority and follow the Qualifications and Part Qualification link. Remember, the most expensive may not always be the best option for you.

Other than tuition fees, what other costs should you consider?

When applying for tertiary education, remember there are also application and registration fees that apply and differ from institution to institution. Also, some bursaries and funders do not cover these costs for you so it’s best to do the research and ask those helping you to pay for your education these important questions.

If the institution is far away from home and requires you to live on your own or with roommates, you’ll have to consider accommodation costs as well as food, data, transport and groceries.

There are also additional costs in terms of textbooks, other course material, stationery and possibly, an electronic device to assist you during the course of your study.

As daunting as this may sound, here are some tips from television and radio personality, Carissa Cupido, who had dreamed of attending Rhodes, but because she could not afford the tuition and student accommodation, she chose UCT so she could stay at home and save on some costs:

• Get a part-time job. Ideally look for options that fit your studies, such as tutoring schoolchildren or your fellow students.
• Keep an eye out for student discounts. Many shops have student specials and discount days. Take advantage of these whenever you can.
• Work out a budget and stick to it. Ask someone with experience to help figure out a weekly or monthly budget and then make sure you stay within it.

Also check out:

#Matric2018: What to do if your parents don’t agree with your tertiary study choice

Optimal brain foods for studying and writing exams

Finding a work-life balance while studying