NSFAS Will Provide Loans For Postgrad Courses: Students whose families make between R350,000 and R600,000 per year will be able to get much-needed financial assistance starting in 2024, thanks to the National Student Financial Aid Scheme (NSFAS). This group of students is eligible to apply for NSFAS student loans.
The Comprehensive Funding Model, introduced in January by Minister of Higher Education and Training Blade Nzimande, will enable students who are not eligible for government-sponsored NSFAS bursaries to still receive financial aid.
Requirements For Student Loans
- Students wishing to apply for the new program must fulfil the following requirements:
- The family income per year ranges from R350,001 to R600,000.
- Attending a public university to study
To maintain financing, students must maintain an average of 60% throughout their studies.
A significant difference between an NSFAS student loan and a conventional student loan is that the former allows students to petition for the forgiveness of 50% of the loan if they achieve over 70% and finish their courses within the allotted time.
NSFAS Loan Scheme
Nzimande disclosed that postgraduate students will also have access to the NSFAS loan program in addition to undergraduate students receiving this financing.
Nzimande disclosed that postgraduate students will also have access to the NSFAS loan program in addition to undergraduate students receiving this financing.
A focus on the significance of giving scarce skills programs a top priority for the nation’s National Development Plan is made clear by the announcement that loans from the NSFAS will be given preference for science, technology, engineering, and mathematics (STEM) fields.
Programs in STEM will receive 70% of the funds that are available. The final thirty per cent will be focused on qualifications in the social sciences and humanities.
In order to assist students in their pursuit of higher education, the National Student Financial Aid Scheme, or NSFAS, has made a major advancement. They’ll also start providing financial aid to postgraduate students in 2024. Here’s how it functions:
1. Qualifications
- Students in the “missing middle” group are those whose families make between R350,000 and R600,000.
- You have to be attending a public university to be eligible.
- To keep getting financing, you must maintain an average of 60% in your courses.
2. Funding Allocation
- The loan program will have access to R3.8 billion during the Comprehensive Student Funding Model’s first phase.
- A further R2.3 billion is provided by the Setas, with R1.5 billion coming from the National Skills Fund.
- The purpose of this money is to assist 47% of middle school pupils who are absent.
3. Fields That Are Prioritised
- Seventy per cent of funds are allocated to STEM (science, technology, engineering, and mathematics) fields.
- Social science and humanities degrees account for the remaining thirty per cent.
4. Loan Forgiveness
- NSFAS has a special advantage over conventional student loans.
- You can seek to have 50% of the loan forgiven if you receive a grade of greater than 70% and finish your coursework within the allotted period.
Recall that the goal of this program is to provide financial assistance to individuals who cannot afford the costs associated with pursuing higher education. Therefore, if you’re interested in postgraduate study, look into your NSFAS possibilities and take advantage of this chance!