The National Student Financial Aid Scheme (NSFAS) has confirmed funding decisions for students who applied for NSFAS student loans.
Last month, NSFAS confirmed that details of students approved for NSFAS student loans would be provided with instructions by 5 September 2024.
It is anticipated that details of all successful applicants will be shared with Institutions no later than 5 September 2024.
NSFAS revealed that as of 15 August 2024, 1300 applicants had satisfied the NSFAS Loan Scheme Academic and Financial Eligibility Criterion for funding. This is only a fraction of the 31,000 loans that NSFAS planned to fund.
The government bursary scheme will prioritise Science, Technology, Engineering, and Mathematics (STEM) fields, allocating 70% of the loan scheme to these programmes. The remaining 30% is aimed at students enrolled in Humanities and Social Sciences programmes.
Relaunch Of NSFAS Student Loans
Up until December 2017, NSFAS supported students through the provision of student loans. However, in 2018, NSFAS began funding students with comprehensive bursaries.
This funding was provided to deserving learners enrolled in approved courses at universities and TVET colleges. This includes money for tuition and registration fees as well as several allowances for food, accommodation and learning materials.
NSFAS student loans were reintroduced in 2024 as part of the Comprehensive Student Funding Model.
The launch of this initiative was met with enthusiasm by students who previously did not qualify for government-funded bursaries through NSFAS.
NSFAS funds over one million students from poor and working-class backgrounds by providing comprehensive bursaries. However, many students who do not qualify for this funding still come from households that cannot afford the costs of tertiary education.
Under the Comprehensive Student Funding Model, these “missing middle” students will now receive the same financial support as NSFAS bursary holders, but in the form of a student loan through NSFAS.
One of the benefits of the NSFAS student loan, besides offering more favourable terms than loans from credit providers, is that students who achieve high marks may have their total repayment amount reduced by up to 50%.
