enquiring about assistance for Individuals / students
getting involved - IQRAA Trust, South Africa

The IQRAA Trust does not normally provide assistance to individuals except in the area of education.

Student loan scheme and student bursary scheme - IQRAA Trust, South Africa

1. Purpose

The IQRAA Trust will consider providing assistance to any needy student intending to pursue studies at the tertiary level at an accredited tertiary academic institution in South Africa.

2. Qualifying Students

Assistance in terms of the scheme will be available to needy and disadvantaged South Africans students.

3. Field of Study

Assistance will be granted to students intending to pursue a career in any field.
However IQRAA Trust reserves the right to give preference at any time to students intending to pursue studies in certain specified fields.
 
Presently, preference will be given to students intending to pursue studies in the scientific, engineering and medical fields and in the areas of advanced technology which includes genetic engineering and computers.

4.Type of Assistance

Assistance to students will be provided in any of the following ways:

Student loan : a student loan which will be repayable to the trust in accordance with agreed terms and conditions.

Bursary: this is a non repayable grant to a student.
Normally assistance will be granted in the form of a student loan. However, in specific circumstances and at the sole discretion of the IQRAA Trust, a bursary may be granted to a student

5. Period of Assistance

Applications for assistance for a student loan or bursary in terms of the scheme will be considered on an annual basis on merit in terms of the criteria of the scheme. Assistance provided by the scheme in any one year does not in any way imply or guarantee that the scheme will continue to provide assistance in subsequent years of study.

Students who have been granted assistance in terms of the scheme will therefore have to reapply for assistance each year.

6. Year of Study

Assistance in terms of the scheme will be considered for any academic year of study.

7. Accredited Institution

The applicant must intend to pursue studies at an accredited institution which is registered with department of higher learning and education. IQRAA Trust may at its   sole discretion grant assistance to a student in cases where an institution has not secured such registration or where it is not possible for an institution to obtain the abovementioned registration.

8. Details on Student Loan

8.1 Amount of Loan

The amount of the loan will be influenced by the following:

A)  the ability of the student to fund part of the funding requirement.
B) the ability of the student to secure funding from other institutions and organisations in the form of loans or grants.

1. Where the student can secure funding from two or more sources for the same course of study.
2. The risks that the student may be unable to secure funding for the balance where the trust is willing to provide assistance for only part of the requirements.

8.2 Cost of the Loan

The student loan will be provided on a profit-free/interest free basis.

8.3 Administration Fee

IQRAA Trust reserves the right to levy an administration fee  which is intended to enable the trust to cover the cost of administering the scheme.

8.4 Amount of Repayment

The student will have to repay the total amount advanced by the IQRAA Trust in monthly instalments over a period which is equivalent to the period of study for which the assistance was granted.

8.4 Commencement of Repayments

Full-time students

The commencement of repayments will be structured on the following basis:

1. In cases where the applicant does not have the funds to pay the fees immediately (i.e when required by the institution) but the applicant or his parents are considered to have the capacity to accumulate the required funds during the year of study, the applicant (or his parents) will be required to repay the loan concurrently while studying and accordingly repayments will commence immediately after the loan has been advanced.
2. In cases where an assessment of affordability indicates that the student or his parents may not have the funds nor do they have the capacity to accumulate the funds during the year, the student will be required to commence repayments immediately upon the completion of his studies.

In this case and at the sole discretion of IQRAA Trust, a moratorium on repayments may be granted for a period of up to 6 months after completion of studies (to enable the student to secure employment) or longer if  the student is pursuing post graduate studies.

Part-time students

Part time students have to repay the loan concurrently while studying.

9 Qualification Criteria

9.1 Full time or Part time Studies

Studies must be undertaken on a full time basis. In certain circumstances assistance will be provided to students studying on a part-time basis.

9.2 Academic Performance

The applicant must be able to demonstrate through his performance at school at any other tertiary institution that he can excell academically and that he has the potential to complete his studies successfully.

9.3 Financial Need

The student must qualify for assistance in terms of the "means test" applied by the IQRAA Trust. The purpose of the means test is to determine the extent to which the student requires financial assistance for his studies.

9.4 Information

The applicant must complete the prescribed application form and provide all supporting information required in order to process the application.

9.5 Qualifications for entry into the chosen field of study

Students must meet the minimum requirements for entry into the chosen field of study at an accredited tertiary academic institution.

9.6 Affordability

The applicant must demonstrate the potential and willingness to repay the loan as required in terms of the scheme. An assessment of the ability of the applicant to repay the loan will take into account any other obligations that the applicant may incur in securing the required funding to pursue his studies.

9.7 Own contribution to financing requirements

The applicant must demonstrate an ability to provide a minimum of 20% of the total funding required for the proposed course of study  from his own resources(including any assistance from family and friends).

9.8 Personality

The applicant must have a stable background and a character and personality   which demonstrates a sincerity and commitment to complete his studies successfully.

The applicant must express the willingness and desire to contribute to the socio-economic development and upliftment of the community during and after the completion of his studies.

The applicant must agree to participate in any personal development and orientation programs organised by the IQRAA Trust.

The applicant must agree to participate in any programs including mentoring programs which IQRAA Trust may implement to assist all beneficiaries of the “student loan scheme” to promote

10  Creditworthiness

The applicant and the guarantors must comply with the normal criteria used by financial institutions to assess creditworthiness. This would include checks with credit bureaus, banks and other organisations where the applicant enjoys credit facilities.

Student bursary scheme

Bursaries will be granted at the sole discretion of IQRAA Trust, to students who meet certain specific criteria  which include the following:

1. The field of study
2. Excellence in academic performance
3. The student cannot afford to repay a loan.
4. The student’s profile in terms of being from a disadvantaged background.
5. The commitment of the student to put back or contribute to the socio-economic development of the community.

The Application Process:

Students applying to the IQRAA Trust for the first time

Students wishing to apply for a student loan for the first time can complete the “prequalification  form” and e-mail it to IQRAA Trust.

“prequalification forms” can also be obtained by contacting IQRAA Trust directly or by visiting the offices of trust.
 
Based on the assessment of the information on the “prequalification form”, ”application forms” will then be sent to those students who in the view of the trust could qualify for assistance.

The detailed application form together with all the required information must be submitted to the IQRAA Trust by 31 December. Incomplete application forms will not be considered. Applications received after 31 December will not be considered by the IQRAA Trust.

Applicants will be notified of the results of their application by 15 January.

Students applying for further assistance to IQRAA Trust

Students applying for further assistance from the IQRAA Trust must also submit their applications by 31 December. These students will also be notified of the outcome of their applications by 15 January. 

Important dates to remember:

• Closing date for all applications to IQRAA Trust:
  31 December of each year
  
• Notification to students of outcome of application:
  15 January of each year.

The above dates will adhered to strictly.