By Zuko Komisa
With the announcement of the 2022 matric results, there are parents across the country who are scrambling to find ways to fund their children’s education.
Over the years the price of education has been fast growing both locally and internationally.
Students who have completed high school are applying to tertiary institutions, which aren’t expanding quickly enough to accept everyone who applies.
Many parents are choosing extra tutoring to support their children in achieving strong academic outcomes in response to the rising level of competition.
The biggest of all these concerns is the ability to pay for the exorbitant fees, and the varying options that exist for students.
Also Read: Happ-e-tax app, a local app that helps with your taxes and much more
Kaya Biz with Gugulethu Mfuphi spoke to Kabelo Teme, Communications Liaison at the Office of the Credit Ombud what to consider concerning funding your child’s tertiary education.
LISTEN TO THE FULL CONVERSATION HERE:
What do I do now?
“In South Africa, you find that parents don’t have enough information as to the options available and how they can go about applying for loans, bursaries or any other forms of funding when it comes to their children’s studies.” says Teme.
Evaluating the credit options available
“It is very important like with any credit agreement to look at what suits your needs, and ideally this is what you are supposed to do when you apply. If you approach the credit providers, you ideally should have the relevant questions to ask to see whether its the best option for you.”
“You need to ensure as a parent that your credit profile needs to be in good shape, this will help you negotiate the right interest rate.” says Teme.
Teme also gave advice to parents on ways to navigate a situation where they aren’t able to access financing from lending institutions.
She also gave ways to understand the terms and conditions of any legal document pertaining to funding.
She also cautioned against bogus credit providers and ways to spot them.
READ NEXT: Amapiano star, Mfanah Ka Gogo celebrates passing matric
