The Ultimate Guide to NSFAS Student Loan in November 2023.
The National Students Financial Aid Scheme (NSFAS) is a government loan or financing program for students who have come from underprivileged families.
NSFAS has its own set of standards for determining who is eligible or deserving of funding.
Only South African citizens are served by NSFAS.
NSFAS assists poor students in paying their registration fees, tuition fees, and housing costs, as well as providing meal and book allowances.
NSFAS’ aim is to become a reliable and efficient financial aid provider for students from low-income and working-class households.
To increase access to, and success in, higher and further education and training in order to achieve South Africa’s national and human resource development goals.
They exist to offer financial aid to qualified students at TVET institutions and public universities, as well as to grant bursaries and loans, as well as to collect loan repayments to help other students who may require financial support to continue their studies.
Bursaries and student loans are two types of financial help that are accessible.
Students who require financial assistance might have their education funded by an authorized public university or a Technical and Vocational Education and Training (TVET) college.
The NSFAS gives financial help to students with disabilities who are able to complete their studies.
To overcome the obstacles posed by impairments, opportunities in higher education, assistance, and additional instruction must be made available.
Although this aids the poor, it ignores the middle class.
Some families with yearly incomes of less than R600,000 are unable to cover the costs of tertiary education, including as fees, housing, and living expenses.
Students in this group are not eligible for financial help and are unable to fund their own studies, denying them the opportunity to study and further their careers.
NSFAS will no longer finance postgraduate studies after 2021.
Postgraduate Certificates, Diplomas, Honours, Degrees, Masters, and Ph.D. Degrees are all included.
The National Research Foundation encourages students to contact them.
How To Apply for NSFAS?
Students are encouraged to apply for financial help, although there are certain restrictions.
NSFAS will use a method termed a “means test” to assess who is financially in need.
This will determine if the application is eligible for a bursary or loan, as well as the amount required by the student.
SASSA grantees will not be required to go through the “means testing.”
NSFAS is in charge of awarding bursaries and loans to academically qualified students.
Only students who have completed all of their high school grades are eligible for TVET bursaries.
NSFAS pays the cash to the school rather than the student, allowing NSFAS to retain an academic record on individuals who have received financial help.
How Can NSFAS Assist Students?
NSFAS has the ability to pay registration costs for students quickly and efficiently.
It is simple for students to apply for a bursary or a loan.
Before applying, students should obtain the Application User Guide from the NSFAS website and create a MyNSFAS profile on the student portal to register online.
Students must double-check that all pertinent uploaded paperwork is valid, as required.
NSFAS provides students with the option to study in 26 public universities and 50 TVET colleges around the country; you may use the NSFAS to discover one that is nearest to you.
Who Can Apply For NSFAS?
Financial help is only available to South African residents and SASSA grant recipients.
A household may not earn more than R600,000 per year if the total household income is less than R350,000 per year, and the same applies to handicapped persons.
Students who have already sought, qualified, and received financial help from NSFAS are not eligible for this loan, nor are students who have previously completed a qualification.
If you started your studies before 2018 and do not earn more than R122,000 per year, you may be eligible for an NSFAS loan.
Is NSFAS a Loan or a Bursary?
Students attending National Universities can apply for loans, while students attending TVET colleges can apply for bursaries.
For National Universities, NSFAS will cover the following:
- Students are given a personal care payment of R2,750 per year.
- They provide students a living stipend of R14,400 per year and a book allowance of R5,000 per year.
- They provide students an R14,400 yearly living allowance and an R5,000 annual book allowance.
- If you satisfy your academic criteria and pass the modules and coursework, you won’t have to pay tuition.
- The cost of housing will be covered by the normal university resident fee. It will not pay the cost of private lodging.
- Because getting to university might be difficult for some students, they give money to help students who live up to 40 kilometers away from a university. Annually, the sum is generally approximately R10,000.
Students can now buy laptops via the NSFAS Digital Learning Device Online Order form, however the amount will be deducted from their learning material budget.
There is simply a little difference between the two student allowances, the tuition fee coverage is unchanged.
For TVET institutions, NSFAS will cover the following:
- Personal care allowance is provided to students in the same amount as it is for those studying at universities, which is R2,750 per year.
- Students in catered housing get a personal care allowance of R2,850 per year.
- Accommodation costs about R24,000 per year in a city, and R18,000 per year in a peri-urban area.
Students who live in a remote region are given an R15,000 stipend.
- They pay R10,000 per year for transport up to 40 kilometers from.
Does This Student Loans Need To Be Payedback?
Yes, you will have to repay the NSFAS loan.
To pay for their studies, the student takes out a loan.
The loan must be returned only when you have completed your studies, left university or college, found work or started a business, and are earning R30,000 or more per year.
NSFAS administers bursaries for TVET College students, so they do not have to pay back the money.