WaFunda ISA: Clear Final-Year University Debt in SA

Young South African woman in a plain graduation gown sitting on a campus wall with a folder and phone, looking relieved

The WaFunda ISA is a funding option that pays your outstanding university debt straight to your university. You then repay a fixed percentage of your net income once you earn above R7,000. It is for graduates and final-year students stuck with fee debt, not for new first-years. It is a loan, so it must be repaid.

Some students finish their studies but cannot get their certificate, because old fees are still owing. The WaFunda ISA was built for that exact problem. Here is what it is, who can apply, what it costs, and what to check before you sign.

What is the WaFunda ISA?

ISA stands for income share agreement. Instead of a traditional student loan, you repay a share of what you earn. If you earn less, you pay less. If you are not earning, you do not repay, apart from a small R60 monthly service fee (more on that below).

WaFunda describes its ISA as "an ethical and alternative loan" to clear final-year university debt. Its own FAQ says it is an alternative to a traditional student loan. Your repayments go back into the fund to help pay for other students.

Quick facts

Question	Answer (from WaFunda)
Who gets paid?	Your university, directly. Never you.
What does it cover?	Your outstanding fees, as shown on your fee statement
How much debt?	From R15,000 up to R200,000
When do you repay?	Once you earn above R7,000
Do you need surety or collateral?	No

Who is WaFunda?

WaFunda is a South African social impact enterprise. It is registered as an NPC (a non-profit company) and says it is also a public benefit organisation. Its office is at Woodstock Exchange in Cape Town.

Sunday World reported that WaFunda was founded by Leana de Beer, the CEO of the Feenix group. The same article links Blackbullion South Africa to the financial literacy side of the programme.

Who can apply?

WaFunda's website checklist and FAQ together list these requirements. Plan to meet all of them:

You are a South African citizen or permanent resident.
Your household income is R600,000 a year or less (R850,000 or less for a person with a disability).
You are in your final year, or you have already completed your degree but still have outstanding debt. (The website checklist allows final-year students. The FAQ says "already completed your degree". Ask WaFunda which applies to you.)
Your student debt is at least R15,000 and no more than R200,000.
You are not over-indebted and not under debt review.
You have a South African bank account.
You have no criminal record. (This is in WaFunda's FAQ, not on the website checklist.)
You do not plan to study further straight after you graduate.
You study at one of WaFunda's partner universities.

Which universities? WaFunda's FAQ names five partners: the University of Cape Town, University of Pretoria, University of KwaZulu-Natal, Stellenbosch University and the University of the Witwatersrand. Its online checklist also mentions UJ, NWU and UWC. Ask WaFunda to confirm yours before you apply.

⚠️ Check which group is being funded. WaFunda's FAQ and the University of Pretoria's page both tie the funding to one graduating year. Always read WaFunda's own page to see who the current round is for.

Already have a bursary? You can still apply. If your bursary does not cover everything and you still owe at least R15,000, WaFunda says you may still get an ISA for what is left.

What does the ISA pay for?

WaFunda says the ISA covers the full amount of your outstanding university debt, as shown on your university fee statement. That includes old ("historical") debt that is stopping you from getting your certificate. The money goes to your university only.

It does not cover private expenses. WaFunda says it pays what is listed on your latest fee statement.

All kinds of university degrees can be considered, according to WaFunda.

How do repayments work?

Here is what WaFunda says in its FAQ:

You start repaying when you earn above R7,000. WaFunda calls this the minimum income threshold.
You repay a fixed percentage of your net income. WaFunda does not explain "net income" in the pages we read, so ask how it is worked out.
The percentage stays the same. WaFunda says it is fixed from the day you sign.
There is a cap on repayments. WaFunda's website says repayments are capped for peace of mind.
You may get payment breaks. WaFunda's website mentions these.

If you earn below the threshold or have no job, you pay a service fee of R60 a month. That fee does not count towards paying off your ISA. WaFunda says it covers support such as financial literacy, career readiness and student support.

You must tell WaFunda about any income. If you do not, WaFunda says you may face "significant penalties". WaFunda also checks your income using payslips, IRP5s, employment contracts, third-party income checks and income tracer checks.

What we could not find: WaFunda's website pages and FAQ do not state the repayment percentage, the cap amount, or how many years you repay. We have not seen the ISA contract itself. Ask for these in writing before you sign. They are the numbers that decide what the ISA really costs you.

How do I apply?

Go to wafunda.com/isa and use the "See if I qualify" checklist.
Collect your documents.
Fill in the online application form.
Upload your documents.
Wait for the checks.

Documents WaFunda says you may need:

Certified ID or passport
Latest academic transcript
Latest university fee statement
Proof of your bank account
Your last three months' bank statements
Certified ID or passport of your next of kin
If you work: your employment contract and latest payslip
If you have a disability: an official medical report or a note from a registered doctor

Documents that need certifying must be certified within the last six months.

What happens after you apply:

WaFunda runs affordability and risk checks. If something does not match, it says it will let you dispute it with evidence.
You get an email with the outcome. Check your spam folder.
If you go through, you must sign up to WaFunda's financial literacy platform, complete an ISA quiz, and complete a behavioural risk assessment.
Then you get your contract to sign. Once WaFunda receives it, it starts the process of paying your university.
WaFunda says the whole process takes about 4 to 5 weeks once your full application is in.

⏰ Late applications are not accepted. WaFunda publishes its opening and closing dates on its official ISA page. Check it often, and apply early so there is time for the 4 to 5 weeks of checks.

Is WaFunda registered? How to check

WaFunda says it is a registered credit provider and that the ISA is regulated by the National Credit Regulator (NCR). You can check this yourself in two minutes:

Go to the NCR's Register of Registrants at ncr.org.za and open the credit providers list.
Type WAFUNDA in the search box and press Search.
Look for WAFUNDA NPC, with the legal registration number 2024/716876/08. It should say Registered.

On the NCR register, WaFunda NPC's number is NCRCP21609.

⚠️ Search by company name, not by number. WaFunda's own website and FAQ print a different number, NCRCP21690. On the NCR register that number belongs to a different company. It looks like a typing slip on WaFunda's side, so ask WaFunda to confirm. The company name and legal registration number above match.

Registration shows WaFunda is a registered credit provider. It does not tell you whether the ISA is good value for you. That depends on the contract.

Check the contract, not just the website. Before you sign, ask WaFunda:

What percentage of my net income will I pay?
What is the cap, in rand?
How long can repayments last?
What happens if I take a gap year, study further, or move abroad?
What are the penalties if I forget to report my income?

If you have a complaint about a credit provider, the NCR's call centre is 0860 627 627 and its complaints email is complaints@ncr.org.za.

Is an ISA right for me?

An ISA is debt. It may suit you if you have finished or are about to finish your degree, you owe fees that block your certificate, and you expect to earn a salary. It does not suit you if you can still get funding that does not need to be repaid.

Before you apply, ask your university's financial aid or fees office about payment arrangements and bursaries. Read our guide: What are my options if I cannot afford tuition fees?. More ways to pay are in our funding hub.

How do I contact WaFunda?

ISA queries: isa@wafunda.com or +27 (0)21 201 0210
General queries: hello@wafunda.com or +27 (0)21 007 5786
Office hours: Monday to Friday, 9:00 to 17:00. Closed on weekends and public holidays.
Address: Woodstock Exchange, 66-68 Albert Road, Woodstock, Cape Town

Use only the contacts on wafunda.com. Never pay anyone who offers to "fast-track" your ISA. (This is our own advice.)

Frequently asked questions

What is the WaFunda ISA?

It is an income share agreement. WaFunda pays your outstanding final-year university debt to your university. You repay a fixed percentage of your net income once you earn above R7,000.

Who qualifies for the WaFunda ISA?

According to WaFunda's website and FAQ: South African citizens and permanent residents with a household income of R600,000 or less (R850,000 for a person with a disability), student debt between R15,000 and R200,000, and no criminal record. You must not be over-indebted or under debt review.

Does WaFunda pay me or the university?

Only the university. WaFunda says funds are never paid to the student.

Can I get an ISA if I already have a bursary?

Yes, if your bursary does not cover everything and you still owe at least R15,000.

What if I do not get a job after graduating?

WaFunda says you pay no ISA repayments while you earn below the threshold. You pay a R60 monthly service fee instead, which does not reduce your debt.

Can I apply late?

No. WaFunda says late applications are not considered.

Is the WaFunda ISA a loan?

WaFunda calls it an alternative loan and says the ISA is regulated by the National Credit Regulator. It must be repaid from your income, so treat it as debt.