NSFAS has become a primary funding option for many tertiary education students in need. As such, it is of great importance that students considering tertiary studies understand what the bursary scheme is, and how it can benefit them.
NSFAS, or National Student Financial Aid Scheme, was established according to the National Student Financial Aid Scheme Act of 1999 and incorporated Tertiary Education Fund of South Africa (TEFSA), which stopped operating in 2000.
The NSFAS Act allows students to apply for financial aid, be it a bursary or student loan. These applications do, however, come with certain conditions: each student undergoes a "needs test" to determine how much financial aid they require and if they are eligible.
Students whose annual gross family income falls below R350 000 are eligible for NSFAS funding. Furthermore, although students who represent the 'missing middle', typically having an annual gross family income of between R350 000 and R600 000, may not be eligible, there have been other funding schemas created to accommodate this group.
As of 2018, NSFAS has no longer functioned as a repayable loan, but rather a full-fledged, non-repayable bursary. Therefore, students who have received NSFAS funding from 2018 onward, have had the benefit of being unplagued by costly tertiary fees.
Paid to the higher education institute
Under the NSFAS Act, the bursary or loan is paid directly to a student’s place of learning, rather than to the student. This also allows NSFAS to engage with universities and keep track of those who receive financial aid and their academic progress.
Funding
NSFAS makes financial aid available to students in the form of bursaries and student loans. This allows students in need to finance their studies at either university or a TVET college and so further their education and career prospects.
