NSFAS Allowances for 2024
NSFAS Allowances for 2024 | The National Student Financial Aid Scheme (NSFAS) is a financial aid scheme for students in South Africa, funded by the South African government. Each year the NSFAS scheme funds undergraduate students, to help them complete their studies at university and TVET colleges across the country. NSFAS is funded by the Department of Higher Education and Training (DHET). Remember, if your NSFAS application was unsuccessful, there are still many bursaries you can apply for.
How many students are funded by NSFAS for 2024
Blade Nzimande, the Minister of Higher Education, Science and Innovation reported that the South African government allocated R47 billion to fund approximately 900 000 NSFAS beneficiaries in the 2023 academic year. This represents a 7% increase in the number of students that are eligible for NSFAS bursaries, compared to the fiscal year of 2022.
Nzimande states that more than 60% of undergraduates within the public university system receive NSFAS funding, while more than 90% of students at TVET colleges receive funding.
NSFAS Allowance increases from 2022
After confirming the 2024 academic year allowances, Nzimande stated that an inflated link increase of 5% on all allowances will be effective for South African tertiary institutions (this link increase will, however, exclude living allowances).
Number of NSFAS applications received for 2024
To date, the scheme has obtained more than 150 000 applications from potential beneficiaries, with over 600 000 applications receiving provisional funding. Of these 600 000, about 330 000 are continuing students, with the remaining 270 000 being new applicants.
Owing to these figures, Nzimande believes that it is vital that the State provide financial support to students in need.
What expenses does an NSFAS Allowance cover?
NSFAS aims to provide allowances to students in the form of learning materials allowance, accommodation allowance, and living allowance.
The value of these allowances is determined by whether students are living on-campus or in private accommodation.
NSFAS 2024 Allowances for University students
Students that are managed and catered by universities will receive R5 460 towards a learning materials allowance, as well as an accommodation allowance to a maximum amount of R61 500. These allowances will be provided in instances where universities provide both catering and accommodation.
Students who are managed by a university, but self-cater will receive a learning materials allowance valued at R5 460, a living allowance of R16 500 per annum, and an accommodation allowance at a capped amount of R45 000.
Students who live with relatives (not private accommodation) will receive a learning materials allowance valued at R5 460, and a living allowance of R16 500 per annum.
Students who live in private, off-campus accommodation will receive a learning materials allowance valued at R5 460, a living allowance of R16 500 per annum, and an accommodation allowance at a capped amount of R45 000.
It’s important to note that the living allowance increment across the board will be R1 650 per month. This is a 10% increment, as compared to the 2022 figure. Whilst this amount is above inflation, one must note that for three years, there has been no increase in the amount.
NSFAS 2024 Allowances for TVET students
Students at TVET Colleges with their own catered residence will receive an accommodation allowance valued at R54 045 per annum.
Students at TVET College with managed own and leased self-catered accommodation will receive a living allowance of R6 000, personal care allowance of R3 045, and a living allowance of R45 000 (with the living allowance paid directly to the TVET College).
Students living in private accommodation will receive a R6 000 living allowance, R3 045 personal care allowance, and an accommodation allowance valued at R45 000 per annum.
Students who live within 10km of their college will receive a R6 000 living allowance, R3 045 personal care allowance, and R7 718 travel allowance.
The above allowances were sourced from the SA Government News Agency website.
Check back here at otagouni.com for more updates regarding NSFAS
How are NSFAS student allowances paid?
The student’s allowances are paid directly into their NSFAS-approved bank account. To access this, students must ensure that the NSFAS direct payment onboarding process is completed.
NSFAS will also ensure that a student-based transaction fee is negotiated on behalf of the students and that this transaction fee will be reviewed on a regular basis.
(It’s important to note that students who only receive a personal care allowance can qualify to opt out of the set negotiated student-based transaction fee.)
For queries, contact NSFAS:
Call: 080 006 7327 (this is a toll-free number)