Studying can be a very scary and stressful thing to do. Making it even worse is having to worry about money and how you are going to pay for it. Studying an ICB part time course is very rewarding with amazing benefits. That’s why we set out a few options for you on how to fund your ICB part time studies and take some of the stresses of studying away.
Applying For a Bursary
The ICB offers bursary to students in need. In 2016 they offered 25 bursaries to needy students. The bursaries were valued at R5000 each and need not be paid back to the ICB. It is also free of charge to apply for a bursary.
Bursaries are rewarded to students on the basis of academic merit, financial need, or any other special circumstances that may have you need a bursary. The bursary funds are not paid to you yourself, but paid directly to your training provider. The applications for the bursaries usually close at the end of April each year, and the successful candidates will be notified by the end of June. You will only be able to get a bursary if you are currently studying with the ICB and have already completed at least one subject with them.
There are also a lot of options for bursaries and bursary loans available that are not provided by the ICB. One of these options are the National Student Financial Aid Scheme (NSFAS). They funded a total of 690 000 students last year. To be able to qualify the applicant’s household income has to be less than R350 000 per year. You also need to be a South African citizen and have not completed a previous qualification. If you are going to study at a TVET college you must have completed Grade 9 and 10. Another thing to remember is that you can only apply for NSFAS funding when studying an ICB part time course if you are studying it through a public higher education institution.
Applying For a Study Loan
Another option you can explore if a bursary or NSFAS brusary loan does not work out for you is going to a bank and applying for a student loan. It works different from the other options. Someone else has to apply on behalf of you. This is done by your surety, the person put up as your sponsor and that has to pay your interest every month. This is the person onto who the responsibility falls on of paying the loan if something happens to you. The aim of a student loan is also to cover all your expenses and you have to provide the bank with proof of how much everything cost, including your accommodation.
To be able to get a student loan the bank will look at many factors, as with any other loan. This includes your surety’s credit history and income to see that they will be able to pay if needs be. The bank will also check that you are able to study that year.