As campuses fill up at the start of the academic year, students are facing a challenge that goes beyond their coursework: how to afford it all.
Textbooks cost thousands and laptops have become as essential as pens once were. For many families, the excitement of sending a child to university is tempered by the financial strain.
Capitec’s head of purpose learning, Wiehahn Koch, said the solution lies in planning ahead. “Education is a long-term commitment that requires a thoughtful financial roadmap,” he said, urging students and parents to budget smarter and borrow with care.
“It’s easy to get overwhelmed by the immediate costs of fees and uniforms, but by slowing down, assessing your options, and choosing credit solutions that are purpose-built for education, you can protect your cash flow and focus on what truly matters.”
Here are six practical steps to help students and parents manage the rising costs of tertiary education:
- Start budgeting early: Education is not just a January expense. Costs such as winter clothing, excursions and lost items often arise later in the year. Setting aside money monthly and shopping during seasonal sales can ease the burden.
- Separate education savings from daily spending: Keeping tuition money in a dedicated account helps prevent it being spent on groceries or emergencies.
- Compare interest rates before borrowing: Koch warns against rushing into the first loan offer. Families should consider the full cost of credit, including fees, and avoid unnecessarily long repayment terms.
- Plan for recurring costs: Registration fees and stationery are only the beginning. Transport, data and textbooks must also be factored in, along with a contingency for unexpected expenses.
- Work on your credit score: “Your credit score is essentially a financial report card that banks use to determine your reliability and your interest rate,” said Koch. Clients who pay accounts on time are more likely to qualify for better rates, saving thousands over the life of a loan.
- Review spending habits: A financial audit can reveal non-essential expenses that could be redirected towards education. Small changes today can lead to significant long-term gains.
Sustainable plans are built on honesty with yourself about what you can afford, discipline in saving and spending, and restraint in borrowing.
“Approaching the start of the university year with clarity rather than urgency allows students and families to focus on what education is really meant to do: open doors, expand options and shape a more secure future.”
TimesLIVE
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.