Are you a student who is struggling to pay for your studies? If so, NSFAS may be able to help you. NSFAS provides financial aid to students who are studying at tertiary institutions in South Africa. If you qualify for this assistance then it can make life much easier for you and give you peace of mind that all of your tuition fees will be paid on time.
How Much Money Does NSFAS Give To Students?
The amount of money you will get from NSFAS depends on the type of student you are, your circumstances, level of study and income.
You will get R3 500 per month if you have been studying for less than two years. For example, if you have just finished Grade 10 and are starting university in 2018, you will receive R3 500 per month. This is regardless of how long it takes to complete your course.
If you come from a poor family or an orphanage/care institution/homeless shelter and have been living on campus since 2017 as a first-year undergraduate student studying towards an honours degree at the University of Pretoria (or another South African university), then your grant is paid directly by SARS.
You don’t need to apply through NSFAS because they already know who qualifies for this grant – so there’s no need for SARS to notify them that their child has started higher education; they already know! All parents whose children qualify for this grant must fill out an application form before 31 March each year so that SARS can issue them with an exemption certificate which allows them not to pay tax on these funds until after their child has completed his/her studies (up until 2022). The maximum exemption period allowed under this scheme is 5 years
How much money does NSFAS give students?
You can get R4000 for living with parents or guardians, R5500 if you’re living on your own or sharing with others, and R6000 if you live in a rural area. If you have a disability, there are extra amounts available too (R8000). It’s important to note that these amounts are not the only things students receive from NSFAS – they also get money towards the cost of tuition fees.
R4000 for a student living with parents or guardians.
As a student living with your parents or guardians, you may be eligible for R4000 financial aid. This is the maximum amount that NSFAS will give to students who live with their parents or guardians. The amount of money that you receive depends on how much money your family earns per month.
If your family earns less than R8000 per month, then they will pay no loan repayments and you can get up to R4000 from NSFAS. If they earn between R8000 and R12000 per month, then they will pay 0% of their income as loan repayments and you can get up to R2400 from NSFAS. If they earn more than R12000 per month, then they have to pay 10% of their income as loan repayments and so you’ll only receive up to R1800 from the fund in such cases (the rest going towards paying back their loans).
R5500 for a student living on their own or sharing accommodation with others.
If you are a student who lives on your own or shares accommodation with others, you are entitled to the maximum amount of R5500 from NSFAS. This money is paid directly into your bank account and can be used for all types of expenses such as food, transport and clothing.
Do all students get the same amount from NSFAS?
When you apply for NSFAS, the first thing they will look at is your financial situation. If they find that you are a student living in a rural area, or if you have an impairment of any kind, or if you are supporting dependent children while studying, they may give you more money than students without such circumstances.
No, some students may be given more financial aid from NSFAS depending on their circumstances. For example, students living in rural areas, students with disabilities and students who are supporting dependent children will be given more money.
Students must apply for the additional funding and submit proof of their circumstances to NSFAS. In addition to this, they must also submit proof of their income so that NSFAS can calculate how much money they can give them.
Do I need to pay back my NSFAS loan?
There are no payments required on your NSFAS loan until you have completed your studies and are earning an income of at least R30 000 per annum. Your repayment will start one year after you have finished your studies.
During the year that you are studying, NSFAS will send you statements and reminders about your account balance, which will be based on what is available to them from their records or from the SARS system. If there are any changes to your personal details, such as name or address, then these must be updated in order for NSFAS to continue sending out statements and reminders.
Once your NSFAS loan has been paid out, you will be required to pay it back once you are earning an income of at least R30 000 per annum. You have 15 years to pay it back. Payments start one year after you have completed your studies, so make sure you keep in touch with NSFAS so they can send you statements and reminders.
By law, you must update your details at any time if they change or when you have completed your studies to ensure you receive statements and payment reminders in a timely manner. If you default on payments for more than three months then your outstanding balance will be handed over to a debt collector and this may negatively impact your credit score. Make sure that you know what the consequences are of not paying back the loan before accepting it.
The next step is to start looking for jobs so that you can begin earning money. Remember not all jobs pay well, so make sure you have your finances in order before accepting one.
It’s also important to keep track of all your expenses so that you know exactly how much money you need each month and whether or not it will cover everything from food bills to rent payments! If you run into problems with NSFAS loans and payments then contact them immediately as they deal with these issues every day.