NSFAS Missing Middle Loan Application
The National Student Financial Aid Scheme (NSFAS) is accepting 2024 student loan applications for missing middle students. Students are encouraged to submit their applications during the 2024 NSFAS application period.
Applications will close on 15 February 2024.
How To Apply For A NSFAS Loan 2024
NSFAS student loan application forms can be accessed through the NSFAS website. Applicants should follow these steps:
- Go the NSFAS website
- Click on the 'myNSFAS' button
- Click on 'Create a profile'
- Fill in the required fields
- Log in
- Submit the application
NSFAS Loan Application 2024
Higher Education Minister Blade Nzimande launched the first phase of the Comprehensive Student Funding Model earlier this month. This model will provide student loans to students who fall within the "missing middle" category.
This group comprises of students from families with an annual income ranging from R350,000 to R600,000. They are deemed too rich to benefit from NSFAS bursary, however, they cannot afford the costs associated with tertiary education. You will have to submit a Consent Form to allow your family records to be checked.
To kickstart the Comprehensive Student Funding Model, Nzimande says the government has allocated a substantial capitalisation fund totalling R3.8 billion for the loan scheme in 2024. Of this amount, R1.5 billion is sourced from the National Skills Fund (NSF), while R2.3 billion comes from Sector Education and Training Authorities (SETAs).
NSFAS Missing Middle Application
This financial backing is expected to support approximately 47% of the estimated 68,446 missing middle students, equivalent to 31,884 individuals.
Nzimande revealed that NSFAS is currently in the process of formulating eligibility criteria and funding conditions for the NSFAS loan scheme, to implement it during the 2024 academic year. However, the main criteria are set to be based on the family's household income needing to be between R350,000 and R600,000 along with enrollment in specific programmes.
Apart from the obvious difference between NSFAS bursaries and the newly launched NSFAS student loans, a major component of the loans is that it is designed to cater to both undergraduate and postgraduate students. NSFAS bursaries are only available for undergraduate students.
NSFAS Loan Scheme
Nzimande said NSFAS missing middle loans will have a particular emphasis on Science, Technology, Engineering, and Mathematics (STEM) programmes, constituting 70% of beneficiaries. The remaining 30% will be allocated to Humanities and social science programmes.
Students falling within the missing middle category are encouraged to apply during the current NSFAS application period which ends on 15 February 2024. Applications can be submitted on the myNSFAS portal.
It was also revealed that rejected NSFAS bursary applicants will automatically be re-assessed for eligibility under the missing middle loan scheme.
NSFAS Was Initially A Student Loan
Before 2018 when NSFAS was converted into a bursary, the support provided was in the form of a loan.
Nzimande said the government is actively pursuing student debt recoveries from the previous students who benefited from NSFAS when it was a student loan scheme. It is estimated that this debt currently stands at over R40 billion.
Despite stable recoveries, efforts are being made to improve the collection process to enhance the annual funding provided by the government.
In the current fiscal year, NSFAS has successfully recovered over R110 million. They are appealing to students to fulfil their financial obligations and pay back their student loans to sustain the loan scheme.
As part of this effort, the Special Investigating Unit (SIU) has initiated processes to engage former beneficiaries, securing acknowledgements of debt totalling over R4 million from individuals and R38 million from higher education institutions.
Moreover, the SIU has recovered an additional R58 million from institutions, currently held in trust. Collaborative efforts between NSFAS and SIU are underway to facilitate the return of these funds.
