Is nsfas allowance extended
Is nsfas allowance extended
Is nsfas allowance extended | 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 percent 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.
When nsfas is closing
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 whose household income is not more than R122 000 per annum.
Is nsfas allowance extended?
Higher Education Minister Blade Nzimande hosted a media briefing on Monday to talk about funding decisions for 2022.
The Minister said he understands the pressure that students and institutions are under, as funding decisions for 2022 have not yet been finalized.
Many students have not yet been able to register, as they have not received feedback from the National Student Financial Aid Scheme (NSFAS).
The Minister said NSFAS has not finalized funding decisions because it is facing a shortfall.
“NSFAS is facing a shortfall on its funding for 2022. Which means it has been unable to confirm funding for new university students.” said Nzimande.
This shortfall was caused by a number of factors, including:
- The extended academic year — due to Covid-19, students had to receive allowances even when universities were closed.
- Budget cuts for all departments
- Deteriorating economy — due to families facing financial troubles and retrenchment, more students meet the funding requirements
Otagouni.com is here to bring you the latest information regarding the NSFAS application process.
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.
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