How Much Does NSFAS Give Students
How Much Does NSFAS Give Students | 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.
NSFAS provides the following allowances to students:
- Personal Care Allowance
- All students funded by NSFAS get a personal allowance which is R2 900 per year.
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- Transport Allowance
- If you live less than 40km away from the College, you’re eligible for the transport allowance and you’ll receive R7 350 per year.
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- Accommodation Allowance
- For students who live in private accommodation more than 40 km from the College:
- Students who live in rural areas receive R15 750 per year
- Students who live in peri-urban areas receive R18 900 per year
- Students who live in urban areas receive R25 200 per year
- If students are residing in the College’s hostel accommodation, their accommodation allowance comes to R33 000 per year
- For students who live in private accommodation more than 40 km from the College:
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They will also cover tuition fees and registration fees.
TVET College students currently receive their allowances through the NSFAS wallet system.
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How to Apply for NSFAS Online 2022
If you would like to apply for NSFAS 2022, 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.
NSFAS: What is NSFAS?
NSFAS, or National Student Financial Aid Scheme, was established according to the National Student Financial Aid Scheme Act of 1999 and incorporated the Tertiary Education Fund of South Africa (TEFSA), which stopped operating in 2000.
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