Almost 60% of students at some of the country’s largest universities pay for their studies themselves and many have student loans from commercial banks, which they have to repay
Figures from FNB show that the bank paid out 116% more student loans in the six months to the end of December last year compared with the corresponding six months in 2021.
The average student loan at Absa is about R115 000 per year, up from an average of R90 000 in 2017. According to Nkosi, this shows how tuition fees, as well as accommodation, study materials and other expenses have risen, as well as how inflation is pushing up the prices. These students are not eligible for the National Student Financial Aid Scheme scholarships for the needy.
In contrast, around 39% of the unemployed had matric and more than 50% of the unemployed had not completed Grade 12.
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