Fasset will once again assist graduates with repaying outstanding student loans.
Careers in finance and accounting
THE FINANCE and accounting seta (Fasset) will assist graduates in 2016, as in previous years, with the financial challenges that they face due to student loans.
Fasset has been running the innovative campaign NSFAS Loan Repayment Grant for a number of years now to reduce student debt among learners on learnerships.
“We are pioneers in this regard with the introduction of our innovative NSFAS Loan Repayment Grant,” says Fasset CEO, Cheryl James.
“Graduation is not the end of financial hardship. Graduation for many debt-ridden students in South Africa does not mean they have summited Everest.
“Many will carry a heavy financial burden for years as they need to repay their student loans. They will only summit Everest once they are free of their student debt.”
Fasset’s NSFAS Loan Repayment Grant provides learners registered on a learnership with a Fasset employer – and who are repaying their NFSAS loans – what James calls “a once-in-a-lifetime-opportunity”: a repayment of up to R60 000 towards their outstanding NSFAS loan.
Learners that claim this grant for the first time in 2016 are eligible to apply for all previous years of their learnership already completed.
The amount payable is based on the length of the learnership and how much of the learnership has been completed. Repayments are made directly to NSFAS and are based on a tariff.
The NSFAS Loan Repayment Grant is available to African learners and learners with disabilities, who are South African citizens with a valid South African identity document.
To qualify for the grant, applicants must hold a threeyear qualification in a scarce skills area within the Fasset sector and must be in full-time employment and on a learnership programme with a registered employer. Learnerships are not restricted to Fasset learnerships.
According to James, Fasset’s NSFAS Loan Repayment Grant is also helping to retain skills within the finance and accounting sector.
“Many learners are not only repaying their NSFAS loans, they are also paying tuition fees for their current studies,” she explains.
“There is a real risk, that if offered a higher salary, these learners may be tempted to abandon their learnerships. By repaying a large portion, and in some cases their entire student loan, learners are able to focus on completing their learnership. This is very important if we are to build a robust skills pipeline for the entire econ- omy.”
James urges employers to inform eligible learners about the loan and to encourage them to apply. “Imagine how you would feel if you were a learner, who had up to R60 000 of your loan repaid. This is life changing. Imagine the impact that the NSFAS Loan Repayment Grant could have if it was adopted by other setas and possibly even large employers,” she says.
“Student protests against the payment of university fees are not new. Students in countries as far afield as Bangladesh, Australia, Finland, the United Kingdom and Hungary have protested against the payment of university fees.
“What is unique, however, about South Africa’s no fees campaign is the fact that many of the student protestors face grinding poverty on a daily basis. This is not surprising when one considers that more than half of South Africans live below the poverty line.”
Find out more about Fasset’s NSFAS Loan Repayment Grant, learnerships, bridging programmes and skills development initiatives at www.fasset.org.za or phone 086 101 0001.
Carol Butcher Media Consultant.
is Fasset’s The finance and accounting seta (Fasset) encourages learners to pursue finance related careers as its sector employs many people that have financial management, accounting, and auditing skills. The sector includes: investment entities and trusts and company secretary services; stockbroking and financial markets; financial development organisations; accounting; bookkeeping; auditing and tax services; business and management consulting services; the South African Revenue Service; the national and provincial treasuries and ; other activities auxiliary to financial intermediation, such as debt collection.
Download from the Fasset website, the Fasset Career Guidance brochure that explains the careers available in the finance and accounting sector.
Scarce skills refers to a shortage of people with the required attributes to fill positions available in the labour market. These may be qualifications, specific skills and experience, or a combination of attributes.
Scarce skills are normally expressed in terms of the occupations for which there are not enough candidates available. Scarce skills in the financial services sector are mainly in the professional, technician, and associated professional occupations.
Although these occupational categories are experiencing above average growth, the shortages are often related to very special skills sought by employers.
The lack of qualified black people, especially in the higher-level occupations and professional designations, is considered a serious problem.
Read the Fasset Scarce Skills guide on the Fasset website.