Varsity College Fees Structure 2024-2025
A number of finance options are available to eligible prospective students and their parents. This section will guide you through these options and demonstrate just how possible it is to finance your studies.
The Options
At Varsity College there are three options for paying for your studies:
- Pay all fees up front.
- Pay a deposit at the beginning of the year and the balance of the fees over a specified period.
- Pay a fixed instalment over a specified period of time (no deposit payable).
Programme fees at Varsity College vary depending on the programme you have registered for. The Schedule of Fees provides details of the fees payable for each programme, and is available from any Varsity College campus. All fees exclude text books, the cost and purchase of which you are responsible for.
PLEASE NOTE:
Some of our account payers have been the target of attempted invoice fraud using domain names that are confusingly similar to ours. We have seen incidents where our customers are contacted with fraudulent information about “new” IIE Varsity College banking details and a request that outstanding invoices be paid into the “new” IIE Varsity College account. Our banking details have not changed and we have no intention of changing them. The IIE’s Varsity College will never ask you for any personal information such as passwords, usernames, credit card details or PIN codes. If you receive any communications suggesting otherwise, or if you have any doubt about the authenticity of a communication made on a website, in an email, letter, or by telephone, please contact any of The IIE’s Varsity campuses before acting. We value our relationship with our customers and want to avoid our customers becoming victims of cyber-crime. However, we cannot be held liable for any damage caused through the fraudulent use of the Varsity College name.
How does a student loan work?
Student loans are provided by registered financial institutions such as banks. These loans are structured in such a way that, during the time you are studying, all that needs to be paid on a monthly basis is the interest accrued on the amount you have borrowed. Only once you have completed your studies and enter the working world will the capital and interest on your loan need to be repaid. The amount of R60, 000.00 has been used for illustrative purposes only and is not for a specific Varsity College programme. Interest rates, chosen deposits and monthly repayments will vary in accordance with different lending institutions’ policies and repayment terms.
| MONTHS | PROGRAMME CASH FEE | INTEREST RATE | BANK MONTHLY PAYMENT |
|---|---|---|---|
| R60,000.00* | 17% | ||
| Month 1-12 | R850.00 | ||
| Month 13-24 | R1,750.00 | ||
| Month 25-36 | 2,550.00 | ||
| Month 37-96 | 4,473.46 |
* The amount of R60, 000.00 has been used for illustrative purposes only and is not specific for any Varsity College programme. Interest rates and monthly repayments will vary in accordance with different lending institutions’ policies and repayment terms. For illustrative purposes we have not accounted for fee increases.
To qualify for a student loan, you will need to provide your bank with certain information, so that they can assess whether they are willing to grant the loan. The bank will insist that there is someone (normally a family member or a guardian) who will stand surety for the debt, and will also require proof that they have sufficient income to cover the monthly repayments. The interest rate that the bank offers may vary depending on the bank’s assessment of the surety.
Personal Loan
As with student loans, personal loans are widely available from financial institutions to finance full programmes or short learning programmes on either a full-time or part-time basis. A personal loan differs from a student loan, in that the person responsible for taking out the loan must immediately start paying off the capital amount of the loan as well as the interest. Personal loans can be repaid over a period of up to 60 months, thus making the repayments affordable on a monthly basis. As in the case of student loans, it is important to remember that, to qualify for a personal loan, the person applying for the loan will have to provide the bank with certain information in order to be assessed for credit worthiness. Interest rates that are applied to the loan may vary as a result of the institution assessing the risk attached to the approval of the loan.
The table below illustrates how a personal loan works:
| MONTHS | PROGRAMME CASH FEE | INTEREST RATE | BANK MONTHLY PAYMENT |
|---|---|---|---|
| R60,000.00* | 17% | R1,491.15 | |
| Months 1-60 | Payment of interest & capital |
*The amount of R60, 000.00 has been used for illustrative purposes only and is not for any specific Varsity College programme. Interest rates and monthly repayments will vary in accordance with different lending institutions’ policies and repayment terms. The illustration is based on year 1 of study only.
How much should I borrow?
You will need to get sound advice from a qualified advisor to find out how much you can afford to borrow. Only borrow what you need to as there is no such thing as easy finance. Keep in mind that the less you borrow, the less interest you will pay and the less it will cost you at the end of the day. Example: If your programme costs R60, 000.00 and you have R23, 000.00 accessible to you, then only borrow the balance of R37, 000.00. This way your studies will cost you less, and you’ll be able to pay off any outstanding debt more rapidly.
Working to pay for your studies?
At Varsity College we make every effort to structure time efficient timetables to allow students to take on part-time work. Not only do we believe that this will offer our students great experience within the work environment, but will also allow them the opportunity to contribute to paying towards their own studies. The table below gives you an idea of working to pay towards your studies:
| JOB DESCRIPTION | MINIMUM ESTIMATED EARNING PER SHIFT | MAXIMUM ESTIMATED EARNING PER SHIFT | NUMBER OF SHIFTS PER MONTH | CALCULATED MONTHLY INCOME |
|---|---|---|---|---|
| Waiter/Waitress | R250.00 | R450.00 | 4 | R1,000.00-R1,800.00 |
| R250.00 | R450.00 | 8 | R2,000.00-R3,600.00 | |
| Promotions | R150.00 | R250.00 | 4 | R600.00-R1,000.00 |
| R150.00 | R250.00 | 8 | R1,200.00-R2,000.00 |
Notice
- Varsity College is not an authorised financial services provider.
- Varsity College is not a representative or agent of any financial services provider.
- Varsity College does not intend to provide financial advice and nothing in this brochure should be construed as constituting a recommendation, guidance, proposal or advice of a financial nature.
- All students and parents should obtain financial advice from authorised persons or entities before arranging financial assistance.
2024-2025 Fee Schedules
Please refer to the fee schedule for your selected campus. Further information is also available in the Registration Guide.
Students studying IIE programmes will be responsible for ordering and paying for their own textbooks, therefore the programme fees do not include academic material costs. Please see the Registration Guide for information on our recommended textbook supplier.
Should you have any questions, please do not hesitate to contact us.
Full-Time Study Fees:
Click here to view the fee schedule for the following campuses:
| Durban North | Durban Westville | Sandton |
| Pretoria | Cape Town |