UCT spends over R1bn on student financial aid
CAPE TOWN - The University of Cape Town says its preliminary analysis shows that over R1 billion was spent on undergraduate and postgraduate student funding in 2017.
A statement issued on behalf of this university has revealed that R738 million on undergraduate financial aid and assisting with historic student debt. "This is an increase of just over R100 million compared to 2016, when a total of R626 million was provided for undergraduate financial aid," the statement read.
Contributory efforts for these funds came from the National Student Financial Aid Scheme (NSFAS); UCT’s own funds; and corporate, government and philanthropic sponsors.
An unaudited total of R353 million was distributed for postgraduate funding in 2017. The university said that this money came from many sources, including UCT’s own funds, academic department allocations, the National Research Foundation, postgraduate bursaries linked to research programmes, and donated funds.
UCT said the government, through the Department of Higher Education and Training (DHET), will subsidise the 2018 fee increase, which was capped at 8%, for all qualifying registered students with gross family income up to R600 000 per annum. Both undergraduate and postgraduate South African students are eligible for this government grant.
"The financial-aid budget at UCT is generous, yet still insufficient. The university encourages students who wish to appeal for historic debt relief, or continuation of funding that has been stopped for reasons of academic non-performance, to apply as soon as possible to ensure that their appeals can be considered before registration closes," the university statement said.
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