The National Student Financial Aid Scheme (NSFAS) introduced a new student loan scheme to provide financial assistance to eligible students from middle families. This initiative aims to expand access to higher education and training opportunities in South Africa.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. These bursaries cover tuition and registration fees, as well as several allowances for food, accommodation, and learning materials.
The introduction of the NSFAS student loan for missing middle students has come as a welcomed relief for thousands of students who do not qualify for NSFAS bursaries.
Once approved, students will be required to sign a loan agreement outlining the terms and conditions of the financial assistance.
Allowances Excluded From NSFAS Loans
NSFAS loan funding covers the cost of the following:
- Learning Material
- Accommodation
NSFAS confirmed that living allowances and transport allowances will not be available to beneficiaries of the NSFAS loan.
Living/Personal and Transport allowances are not part of the loan scheme funding.
Students with a household income between R350,000 and R600,000 per year can apply for the NSFAS loan, which covers both undergraduate and postgraduate studies at public TVET colleges and universities.
The NSFAS Loan is open to all South African citizens and permanent residents with a combined household income between R350 001 and R600 000 per annum.
The application process is similar to the existing bursary scheme, and students who have already applied for a bursary do not need to submit a separate application for the loan.
To qualify for the loan, applicants must meet specific criteria, including providing a completed Consent Form to authorise the verification of information from third parties.
