Varsity College Fees



Varsity College Fees

INTRODUCTION

Your investment in your tertiary education is one of the most significant you will ever make and the foundation of a successful career. In years gone by, tertiary education was not something that was affordable to all. However, with the financial options that are available today tertiary study is available and accessible to everyone.

The aim of this section of the website is to illustrate various options that are available to you in terms of financing your studies and also to demonstrate just how manageable it is to pay towards your studies.
Terms with your Tertiary Institution
Students studying at one of our Varsity College campuses may elect to pay fees up front or to pay a deposit at the beginning of the year and the balance of the fees over the stipulated period. Students also have the option of paying a larger deposit which will either reduce the monthly payment or reduce the number of months in the payment period.

The detailed Schedule of Fees provides more information on the payment options available for each programme.



FOR EXAMPLE: Tuition fees paid on terms with deposit: 9 months

Months Course Cash Fee Deposit Monthly Payment
1 R32,590* R10,500 R2,850

Months 2 – 10 Payment of Balance of fees

9 equal monthly payments)

*The tuition fees at Varsity College range from R22,000 to R42,000. The amount of R32,590 has been used for illustrative purposes only and is not for any specific Varsity College programme. Interest rates, chosen deposits and monthly repayments will vary in accordance with different lending institutions, policies and repayment terms.

Personal Loans
As with the student loans, personal loans are widely available from financial institutions to finance full programmes or short learning programmes on either a full-time or part-time basis. A personal loan differs from a student loan in that the person responsible for taking out the loan must immediately start paying off the capital amount of the loan as well as the interest. Personal loans can be repaid over up to 60 months thus helping make the repayments affordable on a monthly basis.

As in the case of student loans, it is important to remember that to qualify for a personal loan, the person applying for the loan will have to provide the bank with certain information in order to be assessed for credit worthiness. Interest rates that are applied to the loan may vary as a result of the institution assessing the risk attached to the approval of the loan.

When the institution looks to assessing the person to whom they are lending the money, they consider factors such as the person’s previous banking history, ability of the individual to repay the loan as well as credit rating etc.

The following tables are examples illustrating how a personal loan works (using the same amounts as in the previous examples):

Personal Loan taken over 36 months

Months Course Cash Fee Deposit Interest Rate Monthly Payment
Months 1 – 36 R32,590*
Payment of Interest and capital		 R10, 500 25% R 878.29

Personal Loan taken over 60 months

Months Course Cash Fee Deposit Interest Rate Monthly Payment
Months 1 – 60 R52,000*
Payment of Interest and capital		 R16, 500 17% R 882.27

*The tuition fees at Varsity College range from R47,000 to R63,500. The amount of R52, 000 has been used for illustrative purposes only and is not for any specific Varsity College programme. Interest rates, chosen deposits and monthly repayments will vary in accordance with different lending institutions, policies and repayment terms.

How much should I borrow?
You will need to get sound advice from a qualified Financial Advisor to find out how much you can afford to borrow.

Only borrow what you need to, there is no such thing as easy finance. The less you borrow, the less interest you will pay and the less it will cost you at the end of the day.

Example: If your programme costs R52, 000 and you have R23, 000 accessible to you, then only borrow the balance of R29, 000 that you need. This way your studies will cost you less, and you will be able to pay any outstanding debt off more rapidly.

Student loans
Student loans are provided by certain registered financial institutions such as banks. These loans are structured in such a way that during the time you are studying all that needs to be paid on a monthly basis is the interest accrued on the amount you have borrowed. Only when you complete your studies and enter the working world, will the capital amount of your loan need to be repaid.



Keep in mind that once you start working, you can pay more than the minimum amount stipulated, which will reduce the amount of time it will take you to pay off as well as reducing the total interest charge.

The following tables are examples illustrating how a student loan works (using the same amounts as in the previous example):

Months Course Cash Fee Deposit Interest Rate Monthly Payment
R52, 000*
Payment of Interest and capital		 R16, 500 17%
Months 1 – 12 R502.92
Months 13 – 24 R1, 005.83
Months 25 – 36 R1, 508.75
Months 37 – 72 R3, 797.02

*The tuition fees at Varsity College range from R37, 000 to R63, 000 The amount of R52, 000 has been used for illustrative purposes only and is not for any specific Varsity College programme. Interest rates, chosen deposits and monthly repayments will vary in accordance with different lending institutions, policies and repayment terms.

It is important to remember that to quality for a student loan you will have to provide a bank with certain information for them to assess whether they would be willing to grant the student loan. The bank will insist that there is someone (normally a family member or a guardian) that will stand surety for the debt, and will also require proof that they have sufficient income to cover the monthly repayments.

The interest rates that the banks offer may vary depending on the bank’s assessment of the surety.

Part-time work
Each of the Varsity College campuses offer time-efficient timetables which enable students to take on part-time work. Not only do we believe that this will offer out students great experience within the work environment, but will also allow them the opportunity to contribute to paying towards their own studies.

The table below gives you an idea of working to day towards your studies:

Examples of Earning Potential

Job Description Minimum Estimated Earnings per Shift Maximum Estimated Earnings per Shift Number of Shifts per Month Calculated Monthly Income
Waiter / Waitress R 250
R 250		 R 450
R 450		 4
8		 R1,000 – R1,800
R2,000 – R3,600
Promotions R 150
R 150		 R 250
R 250		 4
8		 R 600 – R1, 000
R1,200 – R2,000

If you need further advice on study options, please contact a Student Advisor at your nearest Varsity College campus (contact details can be found on the back cover of this brochure). NOTE:

• Varsity College is not an authorised financial services provider.
• Varsity College is not a representative or agent or any financial services provider
• Varsity College does not intend to provide financial advice and nothing in this brochure should be construed as constituting a recommendation, guidance, proposal or advice of a financial nature.
• All students and parents should obtain sounds financial advice from authorised persons or entities before arranging for financial assistance.

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