VerifiedThousands of South African students finish their degrees but cannot graduate because they owe the university fees. WaFunda’s Income Share Agreement (ISA) settles that debt directly with the university, and the graduate repays a fixed share of their salary only once they are earning. WaFunda is a registered credit provider (NCRCP21690) and public benefit organisation based in Cape Town, and it partners with the University of Pretoria, the University of Cape Town, Stellenbosch University, Wits and the University of KwaZulu-Natal.
How the WaFunda ISA works
- WaFunda pays your full outstanding fee balance, as shown on your fee statement, directly to the university.
- You repay a fixed percentage of your net monthly income by debit order, but only in months when you earn more than R7 000.
- Repayments are capped, so you never pay back more than the agreed maximum, and they stop when the cap or the term is reached.
- While you are unemployed or below the threshold you pay only a R60 monthly service fee.
- No surety, collateral or guarantor is required, and your repayments fund the next group of graduates.
WaFunda ISA eligibility requirements
- South African citizen or permanent resident.
- In your final year, or already finished, at a partner university: UCT, UP, UKZN, Stellenbosch or Wits.
- At least R15 000 of outstanding university debt. A partial bursary does not disqualify you.
- Household income of no more than R600 000 a year, or R850 000 for people with disabilities.
- Not over-indebted or under debt review, and no criminal record.
How to apply for the WaFunda ISA
- Run the pre-qualification check at wafunda.com/isa/applynow.
- Complete the online application form and upload a certified ID or passport, your latest academic transcript, your university fee statement, three months of bank statements, your employment contract and payslip if you are working, a next of kin’s ID and proof of your bank account.
- WaFunda assesses the application, sends you the agreement to sign and pays the university directly. Your first repayment starts the month after you earn above R7 000.
WaFunda ISA closing date
31 August 2026 for 2025 debt (closed). The next window is published on the WaFunda website.
Contact details
- ISA queries: isa@wafunda.com, 021 201 0210
- General: hello@wafunda.com, 021 007 5786
- Address: Woodstock Exchange, 66-68 Albert Road, Woodstock, Cape Town, 7925
Graduates with historic debt should also check the FASSET study debt grant if they studied finance or accounting, and current students who earn too much for NSFAS should apply to ISFAP.
FAQs
1. When does the WaFunda ISA close? +
The round for graduates with 2025 final-year debt closed on 31 August 2026. WaFunda opens a new round each year after the academic year ends, so graduates with 2026 debt should check wafunda.com/isa from early 2027; the next closing date is published there.
2. What is an income share agreement? +
WaFunda pays your outstanding university fees directly to the university so you can graduate and get your certificate. You repay a fixed percentage of your net salary, only once you earn more than R7 000 a month, up to an agreed cap. There is no interest in the traditional sense and no surety.
3. Who qualifies? +
South African citizens or permanent residents in their final year or already graduated at a partner university (UCT, UP, UKZN, Stellenbosch or Wits), with at least R15 000 of university debt, a household income of no more than R600 000 (R850 000 for people with disabilities), no debt review or over-indebtedness and no criminal record.
4. What if I am unemployed? +
You pay only a R60 monthly service fee until you earn above the threshold. Repayments pause again if you lose your job.
5. How do I apply? +
Run the pre-qualification check on wafunda.com/isa, complete the online application and upload a certified ID, your latest transcript, your university fee statement, three months of bank statements, an employment contract and payslip if you are working, a next of kin's ID and proof of your bank account.
6. Is WaFunda legitimate? +
WaFunda is a registered credit provider (NCRCP21690) and public benefit organisation that partners with universities including the University of Pretoria, which lists the ISA on its student funding pages.
Update note (checked September 2026): the round for graduates carrying 2025 final-year debt closed on 31 August 2026. WaFunda opens a new round each year once the academic year ends, so students with 2026 debt should check wafunda.com/isa from early 2027 for the next window. The terms below are from the 2026 FAQ.