Editor LauraThe National Student Financial Aid Scheme (NSFAS) has to date received more than 300 000 applications for the 2022 academic year. Out of this figure, about 6% are expected to be funded by the scheme. According to NSFAS, its main aim is to ensure that all students who apply for a loan get one as long as they qualify on their own merit and not because they come from disadvantaged backgrounds or have other special circumstances.
How Much Is NSFAS Monthly Allowance?
The National Student Financial Aid Scheme (NSFAS) has to date received more than 300 000 applications for the 2022 academic year. This is an increase of approximately 15% from last year’s figures and shows that more students are benefiting from NSFAS funding.
The National Student Financial Aid Scheme (NSFAS) provides financial assistance to students who have demonstrated academic merit and need financial help to pursue their studies at South African Higher Education Institutions (HEIs). The scheme was launched in 1999, and has since provided over R5 billion in grants to students across the country.
It is funded by the Department of Higher Education and Training, which currently offers a monthly allowance up to R5000 per month, depending on your financial needs.
The NSFAS studies grant is only used to cover tuition and registration fees unlike the grant which can be used for other expenses like food and accommodation as well. The application process for the NSFAS studies grants takes place once every year and candidates apply by filling an online form on the official website of NSFAS.
The application process takes two weeks to complete and at the end of this period, candidates will receive a notification saying whether they have been successful in their applications or not.
Each student who is funded by NSFAS is required to sign an agreement form in which they are obliged to repay the loan after graduating or after dropping out of school.
The agreement form states: “I hereby enter into a loan agreement with the government of South Africa, represented by the National Student Financial Aid Scheme (NFSAS) as lender and as surety, for an amount that I am admitted to study at this institution. I agree that unless excused by law, I shall repay this loan in full on completion of my studies or upon withdrawal from further study”
Typically the allowance is used for food transport and books.
The allowance is typically used for food and transport, as well as books. However, it can also be used for accommodation, other expenses (for example: medical expenses) and school fees. Many students use their allowance on uniforms too.
This amount will differ on a case by case basis depending on your family s financial situation.
The amount of your monthly allowance will depend on your family’s financial situation. The school will use a formula to determine the amount, and this amount may be reduced if your family earns more than R185 000 per year.
Closing
The NSFAS allowance is the national student financial aid scheme monthly allowance. This amount will differ on a case by case basis depending on your family s financial situation. The allowance is used to cover the cost of tuition and registration fees or other expenses like food transport and books. You are required to sign an agreement form in which you are obliged repay the loan after graduating or dropping out of school