Windhoek — It's 2018 and topping the list of the budget considerations of a millennial student, apart from having a good time all the time, is how to pay for their studies and survive with the limited funds they have.
Times are tough and bursaries are few and far between. Moreover, parents hardly ever have sufficient spare dollars to see a child through university however much they want that for them.
To add to that fact, recent media reports claim that certain tertiary institutions are demanding that students pay up to 50 percent of their tuition fees upfront - in addition to mandatory registration fees. It would seem these institutions see this as a last resort because in the past students were unable to pay their full tuition fees, which resulted in losses for these institutions.
Government assistance is available in the form of the Namibian Students Financial Assistance Fund (NSFAF), however not every student has access to such support and the administration of these funds are sometimes an issue.
A bank student loan is a viable option to fund studies, with students only having to repay it once studies are completed and they are in a position to earn a salary.
Nedbank Namibia offers a competitive student loan, supported by surety (usually parents or guardians who sign to support you taking out the loan). This is a facility granted to students who wish to further their studies - be it part-time or full-time at a recognised tertiary institution whose qualifications are accredited, and is available to the tune of N$65,000.
Amongst others, the Nedbank Study Loan is offered to assist in the payment of the costs associated with tertiary education, namely registration, tuition, study material, accommodation and other study-related activities, including pocket money. Repayment of the capital portion only starts by the time the student graduates.
It has also been recognised that students need a transactional account that does not kill a tight student budget with exorbitant fees, to breathe with more ease during the three to five years they are studying. If you are a full-time undergraduate student, between the age of 18 and 26, Nedbank offers a Student Account, that allows you to perform a series of unlimited transactions, including electronic and mobile banking for a small monthly fee. Other free transactions include ATM cash withdrawals, internal and external debit orders as well as point-of-sale (POS) swipes - all with absolutely no limit.
Trending right now in the world of banking is technology that allows you to easily pay your friends and businesses from your smartphone; apps like PayToday and the Nedbank Mobile App enable students to do just that - ATMs and the queues that go along with them are quickly becoming a thing of the past.
So as students start preparing for their future, it's important for them to select financing options that will help them to get there.