The National Student Financial Aid Scheme (NSFAS) announced the progress which has been made on applications for their new Missing Middle Student Loan Scheme. This initiative targets students from families earning above the NSFAS bursary threshold (over R350,000 per year) who still struggle to afford higher education.
According to NSFAS Administrator, Mr. Freeman Nomvalo, over 24,000 applications were received for the Missing Middle Loan in 2024. NSFAS received a total of over 1.9 million applications for all funding options this year.
NSFAS has completed eligibility assessments for Missing Middle Loans. Nomvalo expects to finalize loan approvals and provide further updates by 15 June 2024.
The Missing Middle Loan program is a key part of the government's Comprehensive Funding Model for higher education. It bridges the gap for students whose family income disqualifies them from traditional NSFAS bursaries, but who still require financial aid.
An important distinction of the Missing Middle Loan is its availability to postgraduate students. NSFAS bursaries are exclusively for undergraduate students.
This broader support ensures a wider range of students can access funding for higher education.
Next Steps for Applicants
NSFAS is currently finalizing the list of all 2024 beneficiaries, including successful bursary appeals. They are also reviewing their IT systems to improve processing times and integration with educational institutions.
It's important to note that bursary applications opened in 2023, while loan applications were a new offering in 2024. The application window for loans was less than a month.
Earlier this year, NSFAS confirmed sufficient funds to support approximately 31,000 Missing Middle Student loans.
