This article contains information on how the NSFAS Work, who can apply, the rules and the guidelines governing it.
National Student Financial Aid Scheme is a bursary that the government of South Africa offers to students from the less fortunate backgrounds. The aim of this is to ensure that such students can comfortably go through their studies in the universities or TVET colleges. Thus, NSFAS provides financial assistance in the form of a study bursary to qualified students who wish to study or are already studying at TVET colleges and public universities. NSFAS has different loans and bursary schemes, but the major one is the DHET Bursary.
How Does NSFAS Work?
The NSFAS administers funds for approved programs at 26 public universities and 50 TVET Colleges in South Africa. The major aim is to provide financial aid to ensure the success of students.
NSFAS is guided by sets of rules which are stated in about three documents which includes:
Guidelines for the Department of Higher Education and Training (DHET and Bursary Agreement Terms and Conditions (which forms part of the NSFAS Bursary agreement)
Inasmuch as NSFAS fund is given to help disadvantaged students, not everyone is qualified for it. The following are students who are eligible for NSFAS funding:
Financial eligibility
- All South African citizens of no specific age range
- A person with a disability
- Every recipient of a SASSA grant.
- Applicants whose combined household income is not more than R350 000 per annum.
- Students who started studying before 2018 whose household income is not more than R122 000 per annum.
Academic eligibility
- For a TVET course, the student must have passed at least Grade 9.
- For a University course, Grade 12 with university exemption.
To be eligible for an NSFAS bursary, the following are the additional requirements:
- The student must have received confirmation of admission into a public higher education institution for an approved funded qualification
- Returning students must be registered for the relevant academic year and must satisfy the minimum progression requirements of the educational institution and progression rules in terms of the DHET National Rules and Guidelines
Who Should Not Apply?
The following ot sets of individuals are not eligible to apply:
- Students that have completed a previous qualification.
- Foreign students
- Students with a combined household income of more than R350 000 per annum.
NSFAS will verify all students’ information with the South African Revenue Services (SARS), Dept of Home Affairs, credit bureaus, educational institutions, banks, or any other relevant source. So, there is no room to play smart.
What Is Required During The Application Process?
Once you must have gotten the consent from parent(s), guardian or spouse to submit their personal information for validation and verification, accepted the application terms and conditions and you confirm that you have received consent from all relevant parties, the National Student Financial Aid Scheme (NSFAS) will need more information from you to process your application.
- Your phone number and email address
- Copy of your ID or birth certificate
- ID copies of parents, guardian or spouse
- Your proof of income or 1 year’s IRP5 (where necessary)
- Your parents, guardian or spouse’s proof of income. However, if you are a SASSA grant recipient, no proof of income will be required
- Applicants with a disability must submit a completed and signed Disability Annexure
- An applicant who is recognised as a Vulnerable Child by the Department of Social Development is required to provide a completed and signed Vulnerable Child Declaration and Consent Form,
Other Documents Required, If Applicable include:
- Retrenchment letter
- Death certificate/s
- Divorcee decree
Read Also:
Payment by NSFAS
A full bursary covers tuition and registration plus allowances, based on each student’s circumstances to cover accommodation and/or meals, and/or transport and personal costs. Payments are managed as follows:
Tuition fees are paid directly to the educational institution and reflect a credit against the student’s account. The amount covers the actual cost of tuition for the qualification, plus any registration fees that might apply.
Rules and Guidelines
As an NSFAS beneficiary, there are rules and guidelines you must obey and follow
First thing to do is to Keep NSFAS informed of any changes in information recorded in the Bursary agreement. This might include changes in personal details such as address, telephone or email, a change in qualification, a notice of suspension or expulsion from the educational institution, details of employer, both during studies and after completion, details of any additional funding received outside of the NSFAS bursary.
Secondly is, beneficiaries are expected to complete their studies with in the stated duration of completion by the institution
Again, you must serve the community and the country. This implies that students have community service obligations that must be completed in the second year and every subsequent academic year.
As a beneficiary, after completing your studies, you are required to remain in South Africa and participate in the economy in some form, for at least as long as you benefited from the bursary. However, you may travel out of the country to further your studies but must return to South Africa after completion to contribute to South Africa’s economy in return for the bursary.
What NSFAS Covers
NSFAS Loan takes care of different expenses in the life of a student.
- Tuition Fees: NSFAS covers tuition fees. So to say they take care of the beneficiaries fees.
- Accommodation: The fund also covers accommodation for students.
- Transport: Movement from one place to the other is very vital for students. This is why the NSFAS also took care of that.
Read Also:
Repayment of loan by beneficiaries
Beneficiaries are not put under any form of pressure to repay loans. Infact, there is no stipulated time as to when the loan should be repaid. As a matter of fact, beneficiaries are expected to commence payment once they secure a job after school, which means that repayment commences when you start working.
NSFAS will send you statements to help you keep track of how much you owe
The repayment amount starts at a calculation of 3% of your annual salary, increasing to a maximum of 8% when your salary reaches R59 300 or more per year.
NSFAS will continue to charge interest on all outstanding balances. This means that it is very important that you start repaying your loan as fast as possible the moment you start working and earning a reasonable sum. The interest rate is set at the beginning of every financial year.
To ensure that students pay back their loans , they are made to sign a legally binding loan agreement contract to repay their loans. NSFAS also works with third party organizations to track down NSFAS beneficiaries who are employed and earning more than R30 000 per year and make payment arrangements.
Conclusion
Conclusively, the South African government made a very wise move by coming up with the initiative to sponsor disadvantaged individuals through school and giving them the opportunity to repay at their convenience when they have started working and earning. With this in place, the South African economy has invariably boosted it’s economy because it will be rare to see a citizen who is not contributing to the growth of the economy.
As a South African citizen, money is no longer an excuse for staying out of school as NSFAS has relieved you off this burden. Don’t miss the beautiful opportunity for anything.
Education is power.
Read Also:
- How to Submit NSFAS Appeal >>>
- How to Access the mynsfas Portal >>>
- NSFAS Application Closing Date >>>
- NSFAS Funding Application Form >>>
- How to Register for a NSFAS Wallet account >>>
- How to Re-register for NSFAS Bursary >>>
- Check your NSFAS Application Status Check >>>
Kindly like us on Facebook & follow us on Follow @EAfinder OR leave a comment below for further inquiries.
