Throughout the course of history, countries adapted and revolutionised their education system to build and grow their local economies and to compete on a global scale. Examples include Japan who completely restructured their education system after World War 2 and the United States becoming the world’s most powerful country, with the second-largest higher education system, according to World Education News and Reviews.
South Africa should not be any different. After almost 26 years of democracy, the economy is struggling to keep up with the high demand for employment (the current employment rate is at a level of 29%). In addition, the rising youth is in need of better access to education to give them the edge; upskilling themselves to fill scarce skills positions and educating themselves to find work abroad. Thus, the need for an education revolution is evident.
Unfortunately, it is not that simple. Funding for better quality and higher education would either end up at the front door of businesses or taxpayers. Both of which will be under even more economic pressure, thus profitability would fall as well as quality of life – which are both under pressure with the low economic growth.
Although Rome was not built in a day, ordinary South Africans can take the first step in the ‘education revolution’ by enrolling at tertiary institutions that offer training in areas that are high in demand.
As such the initial sacrifice of forking our a fortune for tertiary studies will ultimately be worth it as job applicants with a credible qualification will stand out above the rest especially in those areas that are in high demand.
Funding for all levels of education is available from most financial institutions. However, it is important to know what is included and what is not. Banie van Vollenhoven, CEO of Iemas Financial Services explains: “Paying for your own part-time studies or your child’s education is more than just paying the school or tuition fees. Most people forget about the cost of text books, stationery and student accommodation.
It all adds up. That’s why it is important to not apply for the first best student loan that comes your way but to way up the entire cost and options”. It is also important to keep in mind that pre-tertiary education also comes at a cost especially when it comes to private schooling.
Parents are encouraged to consider affordable financial products, such as the GradUcare educational loan offered by Iemas. This product offers the best value for money as it covers everything from part-time studies to schooling to tertiary education, textbooks and even student accommodation. “It is possible to enrol your child at the best possible educational institution at a cost that is feasible and manageable now and in the long-run.” concludes van Vollenhoven.