Established through a partnership between the Banking Sector Education and Training Authority (BANKSETA) and UKZN, the BANKSETA / UKZN Outstanding Student Debt Fund hopes to reduce the financial pressure faced by graduates in the banking sector.
About the BANKSETA / UKZN Outstanding Student Debt Fund
By assisting graduates with settling their outstanding student loans, the BANKSETA / UKZN initiative seeks to:
- Promote access to higher education: By easing the burden of student debt, the fund encourages more individuals to pursue careers in banking, particularly those from disadvantaged backgrounds.
- Enhance employability: With debt-free graduates, the banking sector gains access to many talented individuals who will be ready to contribute to the industry.
- Boost financial stability: Debt-free graduates can focus on building their careers and contributing to the economy without the constraints of financial burdens.
BANKSETA / UKZN Application Form
The application process for the BANKSETA / UKZN Outstanding Student Debt Fund is entirely online.
All interested graduates can access the application form through the UKZN Financial Aid and Bursaries Office website or the BANKSETA website.
You must provide accurate and complete information and include your personal details, academic qualifications, outstanding student debt amount, and other supporting documents.
For the online application, you will need to submit the following documents:
- Certified copy of your South African identity document
- Certified copy of your UKZN graduation certificate
- Proof of outstanding student debt (official statements from the university or loan providers)
- Curriculum vitae (CV) detailing your academic achievements, skills, and work experience
- A motivational letter explaining your financial circumstances and future career aspirations
Applications submitted after the closing date will not be considered. Therefore, it’s important to stay informed and ensure you submit your application well within the deadline.
The BANKSETA / UKZN Requirements
To qualify for the BANKSETA / UKZN Outstanding Student Debt Fund, you must meet the following criteria:
- Be a South African citizen.
- Be under 35 years of age.
- Have completed a banking-related qualification at UKZN (such as BCom Banking, BCom Investment Management, etc.).
- Have outstanding student loan debt from a registered financial institution.
- Demonstrate financial need and the inability to service your student loan debt.
- Be unemployed or employed in the banking sector at a salary below a specific threshold.
The selection process for the BANKSETA / UKZN Outstanding Student Debt Fund is competitive.
A committee will assess all applications based on the specific criteria outlined above, with priority given to students from disadvantaged backgrounds and those facing severe financial hardship.
The BANKSETA / UKZN Closing Date
Ensure you submit your completed application form and supporting documents before the closing date, which is usually 30 June of each year. Late applications will unfortunately not be considered.
For any inquiries regarding the BANKSETA / UKZN Outstanding Student Debt Fund, you can contact the UKZN Financial Aid or BANKSETA’s Ms Nonhlanhla Mkhize through email: [email protected].