The National Student Financial Aid Scheme (NSFAS) is a government subsidy that helps students pay for their higher education by providing them with financial assistance. The main aim of the scheme is to help poor and working class South Africans who are academically deserving students in order to allow access to higher education, and assist in the retention of students at institutions of higher learning.
Does NSFAS Fund Higher Certificate At UNISA?
You may be wondering if the National Student Financial Aid Scheme (NSFAS) can fund you to study at Unisa. The answer is yes! The NSFAS will allow you to get a loan or bursary so that you can study at Unisa and finish your Higher Certificate.
The purpose of the National Student Financial Aid Scheme (NSFAS) is to provide financial assistance to poor and working class South Africans who are academically deserving students in order to allow access to higher education, and to assist in the retention of students at Institutions of Higher Learning.
It is funded by government through tax paid by all South Africans who earn above R350 000 per annum. This means that even if you are not working, but have enough money saved up from previous jobs or investments, then this could still qualify as income for purposes of funding your studies with NSFAS
Students who are receiving NSFAS funding and have completed their studies will be required to pay back the loan. The repayment period starts from the month following the completion of studies and ends after 24 months.
If you fail to make your payments on time, NSFAS will start reducing your study grant by 10% per month until all outstanding amounts have been paid off. You may also be charged with late payment fees if there are delays in paying off your loan
A minimum repayment amount of R2 000 per month is required if your monthly salary is above R6 000.
When you have been approved for Nsfas funds, you will be required to pay back a minimum of R2 000 per month. This is regardless of your salary amount or whether you are employed or not.
If your monthly salary exceeds R6 000, the repayment amount increases to a maximum of R3 500 per month.
If your monthly salary is below R6 000 but more than R2 500, the repayment amount will increase in increments by 10% each year until it reaches the maximum limit set by SARS (currently R3 500).
The repayment term varies depending on how much your parental contribution was and how much money was used towards funding your studies at unisa:
As soon as you have graduated, you will be contacted by the National Student Financial Aid Scheme (NSFAS) and they will inform you of your repayment obligations. You will only be required to repay the loan once you have graduated and are employed earning a minimum of R30 000 per year (before tax).
The amount of loan that is given depends on various factors such as:
- whether or not you are eligible for funding;
- your current income and future earning potential;
- if there are any requirements attached to the loan type being applied for such as having an employment contract in place before applying for funding;
You can apply for financial assistance for your studies using the NSFAS Online Application System (OLAS) by visiting www.nsfas.org.za and select Apply Now!
You will need to have a valid South African passport or ID card when you apply for NSFAS funding.
If you are an international student, please contact your nearest embassy or consulate in South Africa to obtain the necessary documentation to apply for a Social Development Fund (SDF) bursary/fee loan/grant through NSFAS
NSFAS funding is only provided for students undertaking diploma or degree courses and not for those who are enrolled in certificate or diploma programmes. Students should also note that NSFAS funding for higher certificate at Unisa can only be received by first-time applicants.
The NSFAS funding is only available for students who are in their first year of studying at a higher education institution. If you are currently studying, but have completed a previous qualification such as a diploma or degree, then there is no funding available for this qualification.