The impact of Financial Aid Services in the Institutions of Higher Learning in South Africa

Abstract

During the apartheid era, most learners after their matric did not have access to institutions of higher learning due to lack of funding and sponsors to pay for their tuition fees. Financial aid services are very much important in today’s century and their role is inevitable. Such financial aid services amongst others include the National Student Financial Aid Scheme (NSFAS), Services Seta, Bank Seta and National Skills Funds (NSF) to name a few. Currently, a large number of learners can enroll with various universities and Technical Vocational Education and Training (TVET) colleges of their choice after matric, inclusive of students from poor backgrounds, due to the availability of financial aid services. In most cases, these financial aid services differ and are provided by both public and private institutions including government agencies. The purpose of this article was to assess the impact of financial aid services in institutions of higher learning in South Africa on students from various backgrounds at the University of X. The paper adopted a quantitative research methodology whereby 101 closed-ended questionnaires were completed by students to promote the credibility of the results and prevent biasness. The study comprised first year students from various faculties who voluntarily participated. Therefore, the findings conclude that financial aid services are still playing a huge role in students from various backgrounds as the majority of students rely on them, to shape their future. Keywords: Bursaries, Financial aid services, Institutions of higher learning, Students, South Africa.