The NSFAS (National Student Financial Aid Scheme) is the primary student loan administrator in South Africa, managing a budget of R41.9 billion for the fiscal year 2024. This budget represents a decrease from R47 billion in the previous fiscal year.
The NSFAS budget reduction resulted from a 10% cut by the treasury, leading to a R5.5 billion decrease in funding. This reduction is expected to affect approximately 87,000 students. Nonetheless, NSFAS has pledged to boost its budget by R8.1 billion in 2025.
The NSFAS Student Loan program aims to support previously disadvantaged individuals who lack the financial means to pursue higher education in South Africa.
Who Can Apply For NSFAS
- All South African citizens are eligible for NSFAS funding.
- SASSA grant recipients qualify for funding.
- Applicants with a combined household income of not more than R350,000 per annum are eligible.
- Persons with disabilities can qualify if their combined household income does not exceed R600,000 per annum.
- Students who commenced their studies before 2018 and have a household income of not more than R122,000 per annum are also eligible.
NSFAS Allowance 2024
NSFAS projects an average cost of R63,935.00 per student. The organization offers various allowances to students, including the following:
For University Students:
- Accommodation costs are based on actual university charges, with private accommodation capped at university residence rates.
- Transport expenses within a 40 km radius from the institution are covered up to R7,500 per annum.
- A living allowance of R15,000 per annum is provided.
- Book allowances amount to R5,200 per annum.
- Students in catered residences receive an incidental/personal care allowance of R2,900 per annum.
For TVET Students:
- Accommodation in urban areas is covered up to R24,000 per annum.
- Accommodation in peri-urban areas is covered up to R18,900 per annum.
- Accommodation in rural areas is covered up to R15,750 per annum.
- Transport expenses within a 40 km radius from the institution are covered up to R7,350 per annum.
- A transport allowance of R7,000 per annum is provided.
- An incidental/personal care allowance of R2,900 per annum is given to all TVET students.
FAQ (Frequently Asked Questions)
Do I have to pay NSFAS back?
No, because NSFAS was converted to a bursary in 2018, there is no need to repay it. Those who used NSFAS to fund their education prior to 2018 must repay NSFAS because it was a loan at the time.
Does NSFAS have an age limit?
NSFAS doesn’t have an age limit, therefore, anyone who is a South African can apply for NSFAS bursary.
Who can’t get financed by NSFAS?
NSFAS cannot finance the following individuals:
- Students with a combined household income of more than R350,000.00,
- Students who have completed a previous Qualification.
- Foreign students, and
- Students who have already applied for NSFAS, qualified for NSFAS, received funding.
How much is the NSFAS allowance?
NSFAS has the following allowances available for students holding an NSFAS bursary or loan:
- R2,900.00 per year personal care allowance accessible monthly.
- R7,500.00 per year transport allowance and the allowance is paid monthly.
- R15,000.00 per year living allowance and the allowance is paid monthly.
- R7,500.00 per year study material allowance and the allowance is paid monthly.
Which universities are funded by NSFAS bursary?
NSFAS is accepted in 25 public universities in South Africa, these include:
- Cape Peninsula University of Technology
- Central University of Technology
- Durban University of Technology
- Mangosuthu University of Technology
- Monash University
- Nelson Mandela Metropolitan University
- North West University
- Rhodes University
- Sefako Makgatho Health Sciences University
- Stellenbosch University
- Tshwane University of Technology
- University of Cape Town
- University of Fort Hare
- University of Johannesburg
- University of Kwazulu Natal
- University of Limpopo
- University of Mpumalanga
- University of Pretoria
- University of South Africa
- University of the Free State
- University of the Western Cape
- University of the Witwatersrand
- University of Zululand
- Vaal University of Technology
- Walter Sisulu University
Which colleges are funded by NSFAS?
NSFAS is accepted in 50 TVET colleges in South Africa and they include:
- Boland College
- Buffalo City College
- Capricorn College
- Central Johannesburg College
- Coastal KZN College
- College of Cape Town
- Eastcape Midlands College
- Ehlanzeni College
- Ekurhuleni East College
- Ekurhuleni West College
- Elangeni College
- Esayidi College
- Ethekwini College
- False Bay College
- Gert Sibande College
- Goldfields TVET College
- Ikhala College
- Ingwe College
- King Hintsa College
- King Sabata Dalindyebo College
- Letaba College
- Lephalale College
- Lovedale College
- Majuba College
- Maluti TVET College
- Mnambithi College
- Mopani South East TVET College
- Motheo TVET College
- Mthashana TVET College
- Nkangala College
- Northern Cape Rural College
- Northern Cape Urban College
- Northlink College
- Orbit College
- Port Elizabeth College
- Sedibeng TVET College
- Sekhukhune College
- South Cape College
- South West Gauteng College
- Taletso TVET College
- Thekwini TVET College
- Tshwane North College
- Tshwane South College
- Umfolozi College
- Umgungundlovu College
- Vhembe College
- Vuselela College
- Waterberg College
- West Coast College
- West College for TVET
Conclusion
For many years, NSFAS has been the largest donor to South Africa’s tertiary education budget. The bursary include some of the biggest benefits that some student bank loans do not provide. As a result, any South African attending a postsecondary institution, whether undergraduate or postgraduate, should consider applying for an NSFAS bursary.
Except for those who had a student loan before 2018, since NSFAS is now a bursary, there is no need to repay the bursary. Students can also take care of additional things other than tuition fees now that NSFAS has funding available for allowances. The bursary can now cover housing, food, and textbooks, making school stress-free for individuals coming from low-income families.
