Varsity College is one of the best private higher educational institutions in South Africa, and at the same time, it is not the cheapest in terms of fees. Nonetheless, the Varsity College fee structure is designed in an easy way for students to be able to pay either all at a time or in installments after an initial deposit.
Also, the institution has awards, scholarships, and bursaries, which students and access to assist the payment of fees. Here is a look at the payment structure and bursaries and loans both prospective, new, and returning students can benefit from.
Varsity College Fee Is Structured Differently Based On The Methods Of Payment
The actual amount one pays as Varsity College fee changes at the start of each year, and each campus and course has its different payment. However, different structures have been designed by the institution for those who may have a problem with paying the entire fee at the same time.
It is noteworthy that depending on the structure you adopt, one may either pay more or less in the long run. Here are the structures, using R63,300 as an example:
- Full Settlement: This is the most popular and widely accepted method of payment. Students get to pay their entire fee of R63,300 (only used as an example).
- Early Settlement: If a student can pay before the set date for the minimum payment, there may be some reduction to one’s fees. Hence, instead of paying R63,300, one may end up paying R60,140.
- 10 installments: You can also spread your fees to be paid in 10 installments. As a result of the duration, you may end up paying R6,960 each month, which in total, may sum up to R69600, instead of R63,300.
- 3 installments: There is also a payment that is open for one to make on three installments after making a specified deposit. If one is required to deposit R19000, the next three payments could be R15,290.
- 6 installments: In this structure, one will also be required to make a first installment followed by a subsequent amount to be spread six times.
- 9 Installments: Like other payments made in installment, this is spread over 9 times after one must have made the first deposit.
Note: The first deposit for those paying in installments comes at the registration while subsequent payments come monthly. Failure to deposit before the deadline or paying one’s fees before the deadline attracts a late registration decided by the college.
Unfortunately, things like payment for accommodation and other subsequent charges have not been listed in the Varsity College fee structure released. Students can check the fees they are expected to pay based on their campuses and courses here: https://www.varsitycollege.co.za/fees-and-finance
Fee Schedules For Undergraduate, Foreign, And Postgraduate Students Differ
The fee schedule for international students may vary, and it comes with a specified levy by the college for both new students and returning students. However, when it comes to the fees, the college has not stated any difference in payment.
Nonetheless, the fees for undergraduate students and postgraduate students, as well as diploma and other certificate courses have some differences. In the same way, their structures may also differ, considering the duration of one’s program and whether one is on the part-time or full-time programme.
There Are Many Bursaries And Scholarships To Help Cushion Varsity College Fee
There are also many other bursaries that one can access as a Varsity College student. The scholarships, awards, and bursaries depend on a lot of things for one to qualify. More so, awarding these scholarships are completely at the discretion of the university, and so it can be altered or withdrawn at any time for various reasons as determined by the institution.
The most important bursaries are listed below:
1. Academic Scholarships and Awards
These scholarships are award based on the academic performance of students. It is a merit-based programme that is designed on the grounds of Corporate Social Investment to help top-performing prospective students who might find it difficult or even impossible to access private and qualitative higher education.
Before anything else, it is important to know that the scholarships in this category are only open to undergraduate students who apply to the IIE’s Varsity College. Because the awards are limited, qualified applicants will be reviewed and be selected based on some laid down criteria around academic merit, written submissions, as well as financial need.
Here are some awards in this category:
Scholarships here are awarded for Accounting, Law, Education, Information Technology, and Business.
- Excellence Scholarship: This scholarship is only available to students who have achieved an average of at least 75% in Grade 11. Its equivalence is also accepted. You will need to achieve an average of 80% for Life Orientation or 4 subjects (other than Life Orientation).
- Corporate Scholarship: These are Excellence Scholarships that prospective students may get, which may also include access to mentoring, job shadowing, and internships. They are offered in partnership with national companies and organizations.
One of the main things that are considered here is the disadvantage factors of students, most especially as regards the finances of meriting students.
For contact study, these are awarded for the full minimum duration of study of the qualification subject to the student making sufficient academic progress to complete the qualification in minimum time. The disciplines that can access these scholarships are open to the discretion of brands awarding them across all 8 IIE Varsity College campuses.
- Achiever Scholarship: This scholarship is offered to candidates with a Grade 11 average of at least 65%. Importantly, such students who can access such loans must be coming from a household with an income of less than R600,000 annually.
- Rising Stars Scholarship: On the other hand, this is for candidates with a similar Grade 11 average as the Achiever Scholarship, but with 60% or more coming from a household with an income of less than R400,000 annually.
Note: Prospective students are required to complete an IIE Varsity College application together with a scholarship application. A 600-word motivation and other supporting documentation are also required. Only applications submitted before the specified closing date will be considered.
These awards are given to prospective and current students who have excelled academically and include the following:
- The Aggregate Distinction Award: It is open to a student who attends lectures in the previous year and can make an aggregate of 75% aggregate for any Full-Time Qualification.
- NSC Award: Students who record a pass in the National Senior Certificate with an average of 80% across seven subjects are qualified for this award.
Note: All scholarships here are not automatic since some terms and conditions bind them.
2. Engagement Bursaries
These scholarships are open to current students of IIE’s Varsity College who hold positions of leadership. One is eligible for the bursaries if one is a member of the VC Cares committee or any of the following: Social Committee, Sports Committee, VC Voice, and Career Centre Ambassador Bursaries.
3. Sports Bursary
Students who have distinguished themselves and have excelled in sports are eligible for these bursaries. They are selected from students who have been part of sports at junior or senior level and are on either a provincial or a national team. They include the following: National Sports Discretionary Bursary, Major Sports Club Bursaries, and Sports Club Administrator Bursary.
4. Student Sibling Award
If you have a sibling or more with whom you are concurrently studying at The IIE’s Varsity College, you can easily apply for this scholarship.
5. Leadership Awards
This is a one-year award that is given to prospective students who held leadership positions from their schools of matriculation. It is available for Head Prefect and the Deputy Head Prefect.
You Can Also Access Loans To Pay Your Varsity College Fee
Students who have difficulty paying their fee and cannot access scholarships, one can also get private loans from banks and other registered financial institutions. Once you get the loans, you will be expected to be paying the accrued interest monthly while the loan itself is only expected to be paid after you must have graduated and gotten a job.
The lending institutions’ policies and repayment terms will determine the interest rates, as well as the method and means of repayment and the duration. To access such a loan, you will need to give the bank your financial statement, as well as a surety who will stand in for the loan.
Apart from a student loan, you can also access personal loans from financial institutions to pay for your college education. However, you will start paying back the capital and the interest immediately, unlike the student loan in which the capital is held off for a while.
The condition for getting any loan for financing your education is spelled out by the lending institution. However, the overall conditions include the following:
- You must present your financial statement
- Show the ability to repay the interest monthly
- Have and present a surety to stand for you
- Get advice from a financial expert.