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 the National Student Financial Aid Scheme (NSFAS) bursary, however, they cannot afford the costs associated with tertiary education.
Nzimande revealed that this funding will be made available to not only undergraduate students, but Postgraduate students as well.
However, I must upfront indicate that the scheme will fund both undergraduate and postgraduate students.
NSFAS is accepting 2024 student loan applications. Students are encouraged to submit their applications during the 2024 NSFAS application period.
Requirements for student loans
- Students who apply for the new scheme must meet the following criteria:
- Annual household income between R350,001 and R600,000
- Studying at a public university
- Must achieve average of 60% in their course work to continue funding
If students achieve more than 70%, and finish within prescribed time of course, they can have 50% of the loan written off, on application.
70% of the NSFAS loans being made available will be to fund qualifications within the science, technology, engineering and mathematical fields. The remaining 30% I'll be geared towards humanities and social Sciences qualifications.
Nzimande revealed that NSFAS is currently in the process of formulating eligibility criteria and funding conditions for the loan scheme, to implement it during the 2024 academic year.
