The National Student Financial Aid Scheme (NSFAS) confirmed that loan recipients can have their loans converted into a bursary. However, there are several requirements for this.
NSFAS provides comprehensive funding to deserving students enrolled in approved courses at universities and TVET colleges. This funding covers tuition and registration fees. Students also receive several allowances for food, accommodation, and learning materials.
Thousands of students are set to benefit from NSFAS loans. All of these students will have the opportunity to have their NSFAS loan converted into a bursary.
When Your NSFAS Loan Can Be Converted Into A Bursary
NSFAS revealed that students who achieve an average of 70% in all their registered modules and complete their studies in the minimum prescribed time will be eligible for a 50% discount on their loan amount.
A student who achieves at least a 70% average in all registered modules in the programme and completes their studies within the minimum time as prescribed by the curriculum of the Higher Education Institution will be eligible for a 50% discount on the total loan amount.
NSFAS added that this 50% discount will only be implemented if the student has already repaid 50% of the loan.
This provision is subject to the student having paid 50% of the loan amount first.
This indicates that the NSFAS loan will never be converted into a full bursary.
NSFAS Loan Eligibility Criteria
- Students must register or have registered for one of the designated programmes eligible for funding under the loan scheme
- Household income must be between R350 000 and R600 000 per year
- Studying or planning to study at a public TVET College or University
- South African citizen or permanent resident
A student must maintain an average academic performance of 60% to retain the loan funding. Failing to do so may lead to the withdrawal of the loan.
