The National Student Financial Aid Scheme (NSFAS) is a government financial aid scheme which provides funding for students to gain access to higher education. This funding goes beyond just paying for your tuition and registration as NSFAS also disburses NSFAS allowances to cover student needs.
FET Colleges refer to Further Education and Training (FET) Colleges. These colleges offer full National Qualifications Framework (NQF) qualifications on levels 2 to 4.
One question which has been asked is: does NSFAS pay for FET College courses?
Will NSFAS Cover FET College Courses?
Unfortunately, NSFAS will not cover courses done at any college labelled as an FET college. This is due to FET Colleges being private colleges as the department changed all public FET colleges to TVET colleges.
Students who are looking to study at a private college should ensure that the college that they plan on applying to is registered and that the course they plan to do is accredited.
FET College Funding
Students at FET Colleges can apply for a student loan to cover their fees. Here are some of the places which offer students:
Fundi
Fundi is a South African Education Finance specialist. In simple terms, Fundi student loans help students gain access to further education by covering the costs of attending tertiary institutions. It is important to note that Fundi does not offer Fundi bursaries they only offer Fundi student loans.
Fundi covers the following:
- Study loans
- Short courses
- Accommodation loans
- Executive loans
- MBA funding (Master of Business Administration degree)
- Study device loans
- Educational tools
The Fundi Loan requirements are :
- Either the student or parent must have a permanent job
- Clear credit record
- A copy of a certified South African ID
- A letter from your employee stating that you work for them
- Latest payslip and a 3-month bank statement
Students who would like to apply for Fundi will need to fill in the online Fundi application form with all the necessary contact details and inform Fundi of what type of loan you are applying for.
Banks
Most of South Africa's major banks offer student loans, both to South Africans and to non-South Africans with valid study permits. Bank loans will also cover studies at a private institution.
Banks which offer student loans include FNB, ABSA, Nedbank, Investec, Standard Bank and Capitec.
Although you will only need to start repaying your bank loan once you've completed your studies, you will need to keep up the interest payments throughout the term of the loan.
