Undergraduate student funding
Financial aid
Most prospective students have concerns about funding their studies at tertiary level. Given the cost of studies, you might be wondering how you will manage financing your studies. We understand your financial concern, thus we want to provide you with some useful information on sources of funding and guidelines on how to finance your studies.
UCT endeavours to assist as many financially needy students as possible to enable them to pursue their academic ambitions. The university has committed significant funds for financial assistance to support financially needy students that meet the eligibility criteria. Applicants who wish to apply for financial aid should complete Section J of the Application for Admission to Study at UCT & also complete form 9 (included in the UCT application pack) complete. Application for financial assistance must be submitted together with the 'Application for Admission to Study' form.
Financial assistance from UCT is a four-way partnership:
- The student
- The parent/family
- National Student Financial Aid Scheme (NSFAS)
- UCT
1. The Student
Students who have been offered financial assistance by the University must ensure that their application for financial assistance is completed in full and reaches the Undergraduate Funding Office by the due date.
2. The Parents/Family
The parents'/family's contribution towards the student's study costs is called the Expected Family Contribution (EFC) and is calculated using the National Means Test instituted by government. Your EFC is printed at the top of the letter confirming that you are receiving financial assistance from the university. In February, you will receive correspondence from the University Fees Office requesting you to pay between R12 000 and R26 000 by 6 February 2009. Students receiving financial assistance from the university are only required to pay the expected family contribution (EFC) by the due date.
3. NSFAS
The National Student Financial Aid Scheme (NSFAS) is a government loan scheme, with the added incentive of a part conversion to a bursary (max. 40%) depending on academic performance. Most students are offered an NSFAS loan as part of the financial assistance package. The loan is repayable once the student is no longer a full-time registered student and is employed. Loan forms are available from the Undergraduate Funding Office in May and have to be completed before the end of June. The loan is then paid directly into the student's fee account. If there is a credit balance on your fee account at the end of the year, the money is returned to NSFAS.
4. UCT
The university offers a set-value bursary for tuition and accommodation. Only once you have registered in your faculty, and a fee account is generated, will we be able to calculate the bursary component of your financial assistance package. This bursary will then, by the end of May, be credited to your fee account.
Costs of study
Refer to the 2009 Financial Aid Information link to the right
Students graduating in June will only receive proportional approved costs and must pay the full Expected Family Contribution.