How Nsfas Fund
How Nsfas Fund
NSFAS was established according to the National Student Financial Aid Scheme Act (Act 56 of 1999) and incorporated TEFSA (Tertiary Education Fund of South Africa). From 1993 to 2000, TEFSA was the primary non-profit company in terms of Section 21 of the Companies Act and ceased to operate in July 2000. All existing loans on the TEFSA books were transferred to NSFAS.
Financial Aid
The NSFAS Act enables any student to apply for a bursary from NSFAS but allows the board to impose conditions, generally, or in respect of a particular loan or bursary. Such conditions include the use of the means test and the loan conversion of up to 40 per cent of any loan as an incentive for academic success.
It provides for payment by NSFAS of the amount of the loan or bursary “to the designated higher education institution”, rather than to the applicant. It also allows NSFAS to enter into what is in effect an agency agreement with higher education institutions (HEIs) or further education and training (FET) colleges.
Is nsfas still open for 2023
Who qualifies for NSFAS funding?
- All South African citizens
- All SASSA grant recipients qualify for funding
- Applicants whose combined household income is not more than R350 000 per annum
- A person with a disability: Combined household income must not be more than R600 000 per annum
- Students who started studying before 2018 and whose household income is not more than R122 000 per annum.
What does the bursary cover?
- Accommodation in an urban area is R24,000 per annum
- Accommodation in a peri-urban area is R18,900 per annum
- Accommodation in a rural area is R15,750 per annum
- Transport (up to 40 km from the institution) R7,350 per annum
- Transport R7000 per annum
- Incidental/personal care allowance R2900 per annum
NSFAS Allowance Amount
| NSFS ALLOWANCE CATEGORY | ANNUAL AMOUNT | SELF-CATERED/CATERED RES |
|---|---|---|
| Study Materials (Once Off) | R5,200 | R5,200 |
| Accommodation (Max) | R5,617 (Private) | |
| Living Allowance | R15,000 | R1,500 |
| Incidental Allowance | R2,900 | R290 |
| Travel | R7,500 | R750 (Home) |
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How to Apply for NSFAS Online 2023
If you would like to apply for NSFAS 2023, follow the steps outlined below:
- You have to visit the NSFAS website: www.nsfas.org.za online
- Then, you have to click on the “myNSFAS” tab
- After that, you create your myNSFAS account
- After creating myNSFAS account, you then have to click on the “Apply” tab
- Answer the following questions you see on your screen
- Update all your personal information
- Upload all the required supporting documents
- Lastly, Click on “Submit” to send your application for review
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