No, ISFAP is not a loan, It is a bursary scheme that seeks to provide funding for underprivileged students that fall under the categories of "Poor" and "Missing Middle".
According to ISFAP's website, The average cost of study per student is R166 668.00. This value is based on the funding of over 1700 students across multiple universities and courses.
Furthermore, the funding covers expenses such as Tuition fees, Accommodation, Food, Learning materials as well as living allowances.
The funding model was established through the Department of Higher Education's ministerial task team. The bursary receives funding from non-profit organisations, government institutions, foundations in the private sector as well as local and international donors
If you are a student who is interested in applying online for funding from ISFAP, click here