UCT welcomes R10 million funding by Absa

The University of Cape Town welcomes a generous contribution of R10 million to the university’s scholarship programme by financial services provider Absa.

Having appealed to the corporate sector to consider complementing efforts to tackle higher education funding, Vice-Chancellor Dr Max Price commended Absa for heeding the call and thanked them for their generosity.

The full amount received from Absa will be channelled towards funding for missing-middle students – those students whose family income is above the R122 000 per annum National Student Financial Aid Scheme (NSFAS) threshold, but below R600 000.

The R10 million scholarship is part of an additional R57 million that was allocated by Absa towards the 2016 university tuition fees for 1 450 students in need of financial aid across all South African universities. The bank is set to invest R210 million in 2017 to cover 3 000 university students across Africa.

Photo Michael Hammond.