The National Student Financial Aid Scheme (NSFAS) introduced the Comprehensive Student Funding Model which includes NSFAS loans for missing middle students. NSFAS also offers the popular NSFAS bursary.
NSFAS provides comprehensive bursaries and student loans to deserving learners enrolled in approved courses at universities and TVET colleges. The funding not only includes money for tuition and registration fees but also includes several allowances for food, accommodation and learning materials.
Many students have been wondering whether they will qualify for NSFAS loans if they are funded by the NSFAS bursary. In this article, we unpack this.
As a NSFAS bursary student, can I access the NSFAS Loan?
According to the Strategic Enablement Executive at NSFAS, Vuyokazi Mafilika, "The Loan Scheme is exclusively for the missing middle students."
Missing middle refers to those whose total household income comes to R350 000 to R600 000 per year. Should a student have qualified for a NSFAS bursary, this means that their annual household income was between R0 and R350 000.
If a bursary student has completed their qualification and desires to pursue postgraduate studies, they, regrettably, do not meet the current eligibility criteria.
Mafilika said that NSFAS recognises this represents a risk area which they will take into consideration and might then change.
However, should a NSFAS bursary student no longer qualify for NSFAS, they would then stand a chance at qualifying for the NSFAS loan.
Those students who have applied for the NSFAS bursary but were rejected due to exceeding the household income threshold will then be considered for the NSFAS loan.
NSFAS Loan Requirements
- Annual household income between R350,001 and R600,000
- Accepted to study at either TVET College or public university
- Can apply in years 1, 2, 3 or 4
- Must achieve average of 60% in their course work to continue funding
70% of those funded must be following STEM subjects, which may include commercial and entrepreneurial courses, with 30% for those studying Humanities courses.
If students achieve more than 70%, and finish within prescribed time of course, they can have 50% of the loan written off.
