The National Student Financial Aid Scheme (Nsfas) is projected to spend R47.6 billion in funding allocation for the 2023 academic year according to Higher Education Minister, Blade Nzimande. The Minister was addressing the media on the state of the bursary scheme's readiness for the 2023 academic year on Monday 31 January 2023
There is also a projected 7% increase in the number of students who will qualify for funding in the coming academic year. During his address, Nzimande stated that allowances for university students will receive an R5,460 learning material allowance a year and an accommodation allowance capped at R61,500 a year
Students who live in University-managed self-catering residences will receive a learning material allowance of R5,460 a year and R16,500 living allowance and an accommodation allowance capped at R45,000 annually.
He also pointed out that the living allowance increase amounts to a total monthly payout of R1,650 owing to a 10% increment across the board, adjusted for inflation compared to that of 2022.
Students who live with relatives but do not reside in private accommodation will receive a learning material allowance of R5,460 and R16,500 living allowance a year.
Students who live in private off-campus accredited accommodation will receive a learning material allowance of R5,460 and R16,500 living allowance annually and an accommodation allowance capped at R45,000.
Nzimande outlined Nsfas allowance funding allocations for TVET College students as follows:
He stated that students who live in TVET College-owned catered residences will receive an accommodation allowance capped at R54 045 a year.
TVET College managed owned and leased self-catered accommodation will, for the first time, receive an annual living allowance of R6,000, a personal care allowance of R3,045 yearly and a yearly living allowance that totals R45,000.
TVET College students who reside in private accommodation will, for the first time, receive an annual living allowance of R6,000, an annual personal care allowance of R3,045 and a living allowance that totals R45,000 a year.
TVET College students who reside more than 10 km away from their chosen institution receive a living allowance of R6000, a personal care allowance of R3,045 and an R7,780 travelling allowance. Before this, the criteria was 40km per student.
Nsfas has also confirmed that funded students will receive their allowances for food, personal care, and transport through direct payments as well as through their Nsfas bank account, after being registered into the system. which will enable them to use their Nsfas bank card.
