Don’t let your outstanding study fees keep at you up at night

If you are struggling with outstanding study fees at your institution do not despair.  Students on average struggle with paying their study fees as well as entertaining their busy student lifestyles due to the fact that they usually have little or no income at all.

Although receiving those threatening SMS’s at the end of every week or month might cause feelings of fear and despair, don’t give up hope help might be easier to access than you think.

The best way to deal with debt is to be aware of the problem and to manage it so that you are in control.

Here are a few tips to help you gain control.

Don’t stress,

As the only education finance specialist in the country Eduloan wants to help you tie those loose ends.  All you need to do is, go on to our website: www.eduloan.co.za and fill out an application form.  You might also consider going to an Eduloan office situated conveniently for you on campus to find out what other choices you have in this regard.

Ignoring those letters wont make the problem go away

Your debt won’t just go away and if you choose to ignore the problem it will only get worse.  The best way to deal with debt is to deal with it head on, know how much you owe and correspond with those you owe informing them of your current situation. Keep copy of these emails and written letters.

Double your income

Most of the time your student loan / grant won’t cover all your expenses.  Apply for a waiter job or something that will secure another source of income.

Budgeting

Most of the time, working on a budget will entitle you to distribute your money accurately and help you not go without the essentials.

Advice is always welcome

Speak to our Eduloan client services agents right on campus for some sound advice.

Never give up!

Giving up will mean that your debt has gained control of you and your life and this will only make things worse for you and those around you.  Pay those that need paying or try your best at persuading them to accept the offer that you can make.

As the leading education finance specialist, Eduloan caters for all levels of tuition. Whether you need to settle your outstanding balance, looking to continue your studies or if you are already working and hope to improve your skills, we have a study loan solution for you. Visit our website for more information or SMS “edu” to 32150 & we’ll call you back! (SMS charged at R1).

Studying A Bachelor In Social Science – Your Key To Becoming An Analytical Thinker

A Bachelor in Social Science degree prepares you for your workplace by challenging you to become an analytical thinker. Often a course offered by the Humanities department, this course is a three year undergraduate degree and you have the option to further your post graduate studies in your chosen major (the specific field).

What major’s do you get in Bachelor in Social Science?

You can choose to specialise in one of the following subjects:

·         Development Studies / Social Development

·         Economics

·         Gender Studies

·         Industrial Sociology

·         International Relations

·         Philosophy

·         Politics

·         Population Studies

·         Psychology

·         Public Policy and Administration

·         Religious Studies

·         Social Anthropology

·         Sociology

A Bachelor in Social Science programme offers you the opportunity to work in journalism, publishing, public relations, marketing, human resources, a position in training and development, public or civil services, psychology, counseling, social and community services, social welfare as well as a variety of administrative positions.

What are the benefits of studying a Bachelor in Social Science degree?

There are several benefits of studying a Bachelor in Social Science degree. Here are just a few reasons why you should consider it:

·         This degree offers subjects that deal with contemporary and relevant areas of study

·         You can choose your subjects and tailor your degree to suit your unique areas of interest or to support the career that you would like to follow.

·         The degree aims to prepare you to be able to communicate efficiently with professional and non-professional individuals and groups to be able to do sufficient research and devise development programmes in your chosen field

·         You will be able to analyse complex social problems and apply ethical principles to resolve possible issues

·         This programme will encourage you to think creatively and to apply perspective to solve problems in social sciences.

Where can I sign-up?

Entrance requirements for a Bachelor in Social Science degree include Matric exemption. Some universities or collages offer only a few of the majors mentioned here, although you will have to consider your university or collage carefully, depending on what you would like to specialise in. Once you have chosen your field, you can confirm the specific entrance requirements of the Bachelor in Social Science degree offered at your chosen tertiary institution.

If you would like to apply to study a Bachelor in Social Science degree, you can contact us to find out how we can assist you with a loan to cover your tuition fees as well as a loan for your textbooks, a laptop or tablet as well as any other study-related equipment you might need like a scientific calculator. Visit our website today to find out how we can assist you to unlock your potential as a Bachelor in Social Science graduate!

Setting Goals For 2014…That You Can Really Achieve

Setting goals has become an integrated part of many of our lives… whether you aim to pass maths with distinction, place more effort into science, complete a run in a shorter period of time or learn a new language… there are so many goals and it is so easy to extend your goal deadline. This week we take a look at why you should be setting goals and how to go about it!

Why you should set goals:

Goals are used by achievers in various fields like business and sports – business oriented people might set financial goals for the company whereas sportsmen and woman might choose to set goals like winning a tournament, being selected for a specific team or breaking a record. Much like the goals set by businessmen or women and sportsmen or women, your goals can give you long term vision and help you to benefit from seeing the progress to reach that long term vision.

How to start setting goals:

If you‘re looking at setting goals, you have to look at how they contribute to the bigger picture! Identify goals that you will be able to reach – if you keep to regular small goals, the chances of you being able to reach them is far greater. You will then be able to celebrate reaching your goals (which will do wonders for your confidence).

The best day to start is today. Stop delaying the process and start working on your goals today. Whether you want to achieve better marks so that you can get that dream job, whether you want to take a course to take a step up the corporate ladder or if you want to change professions, today is better than any other day to get that process going.

Are you looking to further your studies to reach your dreams? At Eduloan, we offer educational finance to assist you with school, collage, technicon and university tuition! We also offer loans for study-related equipment like textbooks, laptops, tablets and other study related equipment that you might need to complete your studies (like calculators, stethoscopes and musical instruments for example). Visit our website, speak to one of our friendly consultants (0860 55 55 44) or sms* ‘EDU’ to 32150 and we’ll call you back!

*sms charged at R1

Year of The Artisan &Skills-Based Education: How To Become A Builder

Whether you want to assist in building a community or whether you enjoy working with your hands, this month we take a look at what it takes to become a builder. A builder is responsible for several different jobs surrounding buildings and construction and often assumes the position of contractor during a project. Being a builder has several benefits, although it often demands hard physical work. As a builder, you can be self-employed or you can work for a construction or development company.

As a builder, you are responsible for a variety of things which include:

·         Working with the architect to build according to specifications

·         Planning and buying the relevant building equipment and material

·         Managing several contactors (like tilers or electricians)

·         Understanding the relevant building laws and regulations

·         Managing a team of builders to ensure that the project is completed on time and according to plan

·         Understanding how to accurately and safely operate a variety of equipment associated with the building process.

If you…

·         enjoy working outdoors

·         are skilled and enjoy working with your hands

·         enjoy being accurate

·         have a fine eye for detail

·         have a steady hand

·         enjoy working with others

… then you could be a perfect candidate to become a builder!

Training is a very important part of building, mainly because there are important safety regulations to adhere to during the building process to ensure that buildings are safe for occupation and that they will not be affected by the elements (like wind and rain). If you want to be a builder, it is suggested that you get formal training. It is always an advantage to be able to supply a future employer with certificates and paperwork to prove that you are skilled for the job.

There are several colleges that teach building subjects – you can confirm with the Construction Engineering Training Authority (CETA) whether your college or course is certified. If a course is CETA accredited it means that they comply with the minimum industry standards. This is a good course to choose and you know that your training will be of good quality and your certificate valid.

You can contact Eduloan as soon as you have decided which school or training college you would like to study at and one of our consultants will be able to give you all the information you require to get the financial assistance you need to realise your dream of becoming a builder. Keep in mind that we also offer loans for all your study equipment – so you do not have to worry about having to buy a level, hardhat or drafting table. For more information or to speak to one of our Eduloan consultants, visit our website www.eduloan.co.za.

Laughing All The Way To The Bank

By David Scholtz - Chief Financial Officer at Eduloan

Few of us can afford tertiary studies without a loan. And, let’s face it, to invest in your future by securing a study loan can be an excellent decision as long as you understand exactly what the loan entails and where it will take you.

Before you even consider a loan, think long and hard about your future career path and how your studies will get you there. It’s no use choosing a career, studying for three or four years and then you can’t find work.

Proper career planning, finding your niche in a job market where critical skills are key in finding employment and good management of your finances all play a crucial role in your or your child’s future.

It is a sad reality that South Africans are generally ignorant about personal finance, and many live by the habit of spending now and paying later. Currently the ratio of debt to disposable income of households is around 76%, it tells you what percentage of consumers’monthly gross income goes toward paying off debts. About 47% of credit active consumers are two months in arrears or more. About 14% of these consumers have judgements or administration orders against them. A fifth of credit-active consumers are three months or more in arrears. This paints a picture of a nation overextending itself.

There are several ways of getting and staying out of debt.

The first is education about managing your personal finances and the cost of debt.

People who know the meaning of debt, a loan and saving money- and who understand the impact of these - are the people who can plan their lives and ensure a better future for themselves and their dependants.

Debt consolidation is another popular way of alleviating the burden of over-indebtedness.

While this may be a good idea for some, it can result in consumers being locked in to paying off their debts for longer periods and effectively at higher interest rates and fees.

 The main appeal of debt consolidation is convenience.

How does it work? Instead of a consumer paying off a number of different loans every month, which might have different interest rates, the consumer can just apply for one big loan, pay off all the other debts they have, and then be left with making a single payment towards that loan every month. The repayments are usually lower instalments, giving them more disposable income, which at first glance seems very attractive.

What most people are not aware of is that debt consolidation locks you in. You still end up owing the same amount of money, but pay your debts off over a longer period and not always at the lowest available interest rates. This means you might end up paying more in the long run. All that is happening is that the repayment of the debt is delayed from the immediate to long-term.

The best option remains to pay off all debt as soon as possible, and then start saving the amounts that you formerly paid over to creditors.

The impact of over-indebtedness on the financing of study loans is considerable. All credit providers look at certain criteria. The credit providing environment is regulated and interest rates are determined based on creditworthiness which includes both affordability and behavioural history. First they will assess the affordability of the commitment to the consumer; they will look at the regular expenses, the disposable income, repayment track record and credit history. The industry is regulated and there are strict rules in place. If you are not creditworthy, it will prove difficult to get a loan.

Eduloan’s model is slightly different to that of micro lenders or banks. When looking at credit our lending is to focus more on salary deduction, whereby we collect the amounts owed via the employer and not the individual’s bank account. The funds are also disbursed directly to the educational institution.

Although Eduloan’s method of granting loans falls under unsecured lending, we have the ability to collect before the person gets his take home salary, thereby protecting our clients from defaulting as he doesn’t have to still pay his loan back from the take home portion.

We also educate clients about their loans. It is all about understanding the value of the loan, how the loan is structured and, if denied, explaining why the loan was denied. We explain exactly how Eduloan loans work in terms of the terms and installments. We are very transparent and there are no hidden costs. The interest rate is fixed, and the installments remain the same for the period that clients sign for.

Here is our advice to parents who want to be able to finance their children’s  education:

•         Live within your means and save
•         Don't spend what you don’t have.
•         You need a savings buffer for emergencies, or for when interest rates go up.
•         Try and save as often as much as possible.
•         Don't buy on credit, especially for funding living expenses and holidays.
•         Have a plan – save for your children’s or your own education, or invest elsewhere.

Mindsets about financial literacy need to be changed, and not only of those who want to secure their future. Corporate South Africa and other employers have a responsibility too. The latter should consider offering financial literacy courses for their personnel, who can then teach the basics to their children at home.

When you look at debt, you need to understand that not all debt is bad, specifically debt that will contribute to your financial well being. Educational debt falls into this category as it gives you the opportunity to invest in your own or your children’s education and will go a long way in setting up the foundation for a debt free future as education is key in improving your income earning potential.

ABOUT EDULOAN

Eduloan is a leading education finance specialist operating in Southern Africa. Since its inception in 1996, Eduloan has provided more than 7200 000 study loans valued at R3.7-billion and continues to help thousands across Africa unlock their true potential. Currently, Eduloan approves between 40 000 and 50 000 loans annually to students, a significant proportion of them working professionals.

Eduloan’s loan offerings include repayment options at extremely affordable, fixed-interest rates, for the duration of the loan period. 

Study fees are paid by Eduloan directly to the institution, taking the administrative burden away from the student/corporate institution.  Loans can be paid back either through a salary deduction or a debit order.

For more information, call Eduloan’s Client Services Department on 0860-55-55-44 or visit www.eduloan.co.za. Follow us on Twitter/EduloanSA and Facebook/EduloanSA.

Planning (And Sticking) To Your Budget

Students are notorious for being broke or short of cash. But how can you budget that little money that you earn from your part-time and weekend baby-sitting jobs to ensure that you make it to the end of the month? This week we take a look at budgeting and how you can stick to it!

A budget is a plan that you put together to account for your income and expenses. This means that you plan your money so that your expenses do not exceed your income and that you can reach your financial goals – whether they include saving for a car or anything else. If you stick to your budget, this can be a very important tool to make sure that you get to the end of the month without having to worry about your pockets being empty at the end of the month.

Make a list of your income

Make a list of all the income you receive in a month. This includes pocket money and any other money you receive from odd part time jobs as well as from any bursars. You can also include your study loan amount, since you will have to deduct your expenses from this as well.

Plan your expenses

Make a list of all your expenses. Include your tuition fees, cost of textbooks, any study equipment you might require, your accommodation costs, the money you require for food as well as traveling expenses. You can also plan any expenses that might come about in the month like any birthday presents you might need to buy, maintenance costs on your car or even just holiday pocket money.

Split your expenses into categories

Take the list of your expenses and prioritise them. This is important because you might have to exclude something from your budget in the first month and make provision for it in the next month when you have less important things to budget for.

Once you have made your list of expenses and marked the most important ones, you can deduct your expenses from your income. Make sure that you are not in a negative balance. If you are in a negative balance, you will have to revise your expenses to ensure that you can pay for the most essential things.

Be realistic!

Try be as realistic as possible. If you are realistic, it will be much easier to stick to your budget. Check in on your spending every now and then throughout the month to make sure that you are well within budget.

You can visit our website to use our budget calculator. This will help you establish a basic budget. Remember that your budget might change from month-to-month and that you will have to keep your calendar in mind when you plan your budget. 

Keep Your 2014 Registration High On Your Priority List

Whether you are enrolling your child into school, just got accepted to your chosen college or received your letter of acceptance from your chosen university, you will be faced with the registration process sooner, rather than later. This week we take a look at why registration is important, no matter where you are studying:

Scholars

Scholars generally register well ahead of the academic year. If your child is attending grade 1, you might have had to pay your deposit before a deadline or you have until the start of the 2014 first school term to do so.

College students

Many colleges require you to register in the December prior to the start of your academic year.

University students

Many of these institutions will require you to pay a registration fee when you register. This often acts like a deposit for your studies and can even be a term’s school fees in advance or a percentage of your study fees.

Many people forget that they will have to cover these expenses and run into problems during the registration process… remember to confirm the registration details of your school, college or university and to make sure that you have funds available at the time of registration.

#TIP: Plan in advance. Ask the right questions and save money to ensure that you complete the registration process as quickly and efficiently as possible, so that you do not have to pay penalties for late registration, or worse, miss registration all together.

Eduloan is now open for 2014 loan applications. We have various loan options available and offer solutions that can assist you with registration fees and study fees for school, university, college or training. Contact us today to find out how we can assist you!

5 Things You Can Do Now To Enhance Your CV

Taking great care in putting together your CV can have its benefits. We’re not only referring to the actual task of filling in your personal details and presenting your qualifications in a logical order… we are also referring to the things that you can do to enhance your CV, no matter where you are in your career! Here are 5 things that you can do to improve your CV… and that will set your CV apart from the rest.

Tip #1 – Community Service

Whether you are at school, college or university and even if you are already working, putting in the time for community service or to work as a volunteer is not only rewarding, but it also shows future employers that you like to take time out to do something for someone else.

Tip #2 – Work Experience

By gaining work experience you are showing initiative by engaging with the industry that you want to work in. Your future employer will see this as an advantage, because they will accept that you have experienced the working environment and that you do not have unrealistic expectations of the job.

Tip #3 – Get a hobby

Hobbies like photography, writing or even participating in a choir amongst others indicate that you enjoy a variety of skills and that you understand the importance of achieving balance in your life.

Tip #4 – Participate in sport

Much like having a hobby, sport indicates that you understand the importance of a healthy balanced lifestyle. It also assists with skills like hand-eye co-ordination and teamwork.

Tip #5 – Short courses

Short courses are an easy way to develop your skills in your current field of work or to develop a new set of skills that you will be able to apply immediately, once your course is completed. You get to complete these while you are still working, so you do not have to interrupt your work schedule in order to give yourself a head start! Short courses also show future employers that you are eager to continue learning.

Did you know…

Eduloan offer loans to suit your educational needs. We also have loan options that cater for specialist equipment for your course like textbooks, laptops and even tablets! If you are looking to further your career with a study loan, you can contact Eduloan and one of our consultants will be able to give you all the information you require to get the financial assistance. For more information or to speak to one of our Eduloan consultants, visit our website www.eduloan.co.za.