Financing your studies

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"Without a doubt an education is one of the best investments you can make and distance learning remains the more affordable option - no accommodation, transportation or living expenses - and it provides the flexibility to carry on working at a full-time job while studying at your own pace and without your education causing major financial upheavals in your life," said the Academy of York's principal, Richard Leeming.

Prospective students who need assistance in the form of a loan can approach their bank for a zero-interest student loan or look at www.eduloan.co.za, which also finances study-related items, such as textbooks, accommodation, laptops, and other relevant study equipment.

Bursaries

Bursaries are also readily available in South Africa for capable students who are in financial need. A good idea is to get your hands on the Bursary Register booklet, which can be found at your school or university's financial aid office, or your local library. Remember that a bursary is a gift that does not have to be repaid unless you fail.

When applying for a bursary, make sure that you meet the minimum requirements and endeavour to write an excellent motivating letter, explaining why you should receive the bursary. "We offer a 100% bursary at the Academy of York, which we award once a month to a motivated student. We choose from a shortlist of deserving people who are battling to find the course fees and the winner is enabled to undertake his chosen course for free," added Leeming.

Another option is to get your studies company funded as many South African corporates are willing to invest in their employees' future and often provide financial assistance for studies. It is important to speak to the HR department to get more information about this before outlaying the fees, as your employer may be very keen to invest in you.

"Most of our students are already employed and want to work their way up the corporate ladder, or desire a change from their current position. By choosing a recognised course from an accredited college that is appropriate to your current position, your employer could very well be motivated to wholly or partially fund your studies. On most occasions the employer also pays up front, which then results in a discounted fee on the course," said Leeming.

The new proposed BEE codes

An interesting fact is that employers in South Africa have a social responsibility to uplift their staff through skills development. The new proposed BEE codes, which come into effect in 2014, make skills development a priority element with a weight of 20 points, and a potential further five bonus points for employing students after the learning programme. For a company to attain a Level 4 certification, which is an acceptable level in order to do business with the government, they will need to score 80 points. Full marks for skills development will earn 31% of the required 80 points.

"In order to gain these development points, companies have to provide targeted training solutions and at the Academy of York we have developed a holistic solution to assist transformation managers to gain the maximum amount of skills development points effectively and efficiently," he said.

An opportunity to improve their employees' skills and knowledge without affecting their work time is a win-win for corporates as studies indicate that a well-developed and trained employee base is 38% more productive in the workplace.

"Encouraging employees to earn while they learn encourages creativity and a culture of learning and development," concluded Leeming. "We offer over 70 courses in our seven faculties with a proactive Student Support Journey and dedicated subject specialist on hand to deal with any queries. Studying via correspondence allows students to enhance their skills and improve their output in the workplace. Ultimately, empowering through higher education can broaden your horizons as well as the size of your pay cheque."