The National Student Financial Aid Scheme (NSFAS) has outlined important information regarding its loan eligibility criteria and funding conditions. One key area of interest is what happens when a NSFAS loan beneficiary decides to change their qualification.
NSFAS provides financial support to deserving "missing-middle" students who are enrolled in approved programs at universities and TVET colleges. This funding typically covers essential expenses, such as tuition fees, registration, and allowances for food, accommodation, and learning materials.
While NSFAS funding opens doors for many students, it’s important to understand how changing your qualification may affect your NSFAS loan.
Will Changing My Qualification Affect My NSFAS Loan?
NSFAS has confirmed that students who switch between institution types, such as moving from a university to a TVET college or vice versa, will see their loan funding terminated. In such cases, the student will need to reapply for NSFAS funding.
Students who change institution types from TVET College to University or vice versa) would terminate their loan agreement and a new application would have to be made to be considered for loan fund eligibility at another institution type.
It’s essential to note that NSFAS is not required to provide a new loan to students transferring between institution types. Therefore, students who change their course or institution may find that they need to reapply for financial aid.
NSFAS has said, "It is the loan scheme’s prerogative to consider a reconsolidated loan agreement."
Additionally, if a student deregisters from their current course and plans to continue their studies at a later date, they will also need to reapply for NSFAS funding.
