Higher Education Minister Dr. Blade Nzimande announced that the National Student Financial Aid Scheme’s (Nsfas) budget for the current financial year is estimated to be R47 billion to fund approximately 900 000 NSFAS beneficiaries.
The Scheme has a 7% increase in the number of students qualifying for the government bursaries as compared to the 2022 financial year.
In a statement about the Nsfas state of readiness for the 2023 academic year, Higher Education Minister Dr. Blade Nzimande said:
On confirmation of the 2023 academic year allowances, an inflated linked increase of 5% on all allowances, other than the living allowance, has been effected for our universities.
Nzimande also announced students at universities which provide accommodation and catering will receive a R5 460 learning material allowance and an accommodation allowance capped at R61 500.
Nsfas-funded students' university-managed, self-catering institutions will receive an allowance for learning materials to the value of R5 460, R16 500 per annum living allowance and accommodation allowance capped at R45 000.
While students in private off-campus accredited accommodation will be provided with a learning materials allowance to the value of R5460, R15750 per annum for living allowance, and accommodation allowance capped to R45 000 with a lease agreement.
Private accommodation allowances will be required to be paid directly to private accommodation service providers by Nsfas or institutions.
Bursary recipients who reside with relatives will be provided with a learning materials allowance of R5 460 and R16 500 per annum living allowance only, confirmed Nzimande.
As of the 2023 academic year, university distance learning students who are studying less than 60 course credits towards their qualification, qualify for the learning materials
allowances only.
When it comes to students who also fall under this category but are studying an equivalent full-time course credit load, qualify for the personal care allowance of R3,045 per academic year. Students will be required to be registered for a minimum of 120 course credits in one academic year.
Nsfas living allowances have increased by 10% for both public university and TVET College students, which is of the value of R1 650 per month.
