The National Student Financial Aid Scheme (NSFAS) funds any course available at a public tertiary institution, with a few exceptions. Students are reminded that the bursary only covers the cost of their first undergraduate qualification and do not fund postgraduate qualifications.
Online courses are funded by NSFAS, provided that they are offered at a public university or TVET college.
Students interested in studying a diploma course may be pleased to know that they are eligible for funding from NSFAS. So in simple terms, NSFAS will fund diploma courses at any public institution.
NSFAS funded students are required to meet certain terms to continue receiving funding. These terms include the use of the means test and the loan conversion of up to 40% of any loan as an incentive for academic success.
NSFAS provides the loan or bursary to the designated tertiary institution instead of the applicant.
Once NSFAS enters into an agreement with a higher education institution or education and training college, they are then permitted to:
- Administer bursaries granted to students of the institution.
- Receive bursary and loan applications from students.
- Consider and assess the applications in light of the criteria for the granting of bursaries determined by NSFAS.
- Grant bursaries if the requirements are met after the verification processes.
- Enter into a written agreement with a borrower or applicant per the provisions of the guidelines and on the terms and conditions determined by NSFAS.
NSFAS defines funding as a loan or bursary to enable the person to cover the costs associated with their education at a designated higher education institution.
This also extends to cover the accommodation of that person to attend the institution.
NSFAS determines the conditions under which bursaries are awarded to students, ensuring that students are provided with enough funds to cover tuition fees and accommodation at any public higher education institution.