The Financial and Accounting Services Sector Education and Training Authority (Fasset) is a statutory body established in terms of the Skills Development Act of 1998. Its mandate is to promote skills development in the financial and accounting services sector. One of its key initiatives is the Fasset Bursary, which aims to provide financial support to learners from disadvantaged backgrounds who wish to pursue formal qualifications that will enhance their employability in the Fasset sector. This essay will discuss the Fasset Bursary and how it helps learners to achieve their career goals.
Partnering with Public Providers to Provide Fully Bursared Qualifications
Fasset partners with public providers from universities and universities of technology registered with the Department of Higher Education and Training (DHET) to provide learners with fully bursared qualifications. This initiative ensures that learners from disadvantaged backgrounds are not excluded from pursuing formal qualifications due to financial constraints. By partnering with public providers, Fasset is able to offer learners the opportunity to obtain formal qualifications that will ultimately enhance their chances of securing learnerships, internships, or full-time employment in the broader economy, including the Fasset sector.
Bursaries for the “Missing Middle”
Fasset is currently in the process of establishing the parameters to issue bursaries to the “Missing Middle” as of January 2017. The “Missing Middle” refers to students who do not qualify for funding from the National Student Financial Aid Scheme (NSFAS) but are unable to afford tertiary education. This initiative is aimed at providing financial support to learners who come from families that are not poor enough to qualify for NSFAS funding but are also not wealthy enough to afford tertiary education. By providing bursaries to the “Missing Middle”, Fasset is ensuring that learners from all socioeconomic backgrounds have access to formal qualifications that will enhance their employability in the Fasset sector.
Supporting Learners with Student Loans through the NSFAS Loan Repayment Grant
The NSFAS Loan Repayment Grant is a financial support program aimed at learners who have already completed a qualification aligned to scarce skills within the Fasset sector but are being hampered in achieving their full potential due to the financial burden of student loans. Through this intervention, Fasset identifies young learners who have completed a qualification but are struggling financially and provides them with financial support. The outcome of this intervention is that learners are relieved of their financial burden and are able to complete their learnerships without having to change jobs just for higher salaries to pay off their loans. This intervention also re-injects additional funding into the NSFAS pool, enabling additional learners to have access to full-time study opportunities.
In conclusion, the Fasset Bursary is an important initiative that provides financial support to learners from disadvantaged backgrounds who wish to pursue formal qualifications that will enhance their employability in the Fasset sector. By partnering with public providers, providing bursaries for the “Missing Middle”, and supporting learners with student loans through the NSFAS Loan Repayment Grant, Fasset is ensuring that learners from all socioeconomic backgrounds have access to formal qualifications that will enhance their chances of securing learnerships, internships, or full-time employment in the Fasset sector.