How NSFAS Works For Returning Students
The National Student Financial Aid Scheme (NSFAS) offers financial assistance to underprivileged students who want to attend TVET institutions or public universities in South Africa. Returning students often face the challenge of financing their higher education. Each candidate must fulfill their financing requirements in order to be eligible for the NSFAS bursary. Let’s delve into how NSFAS works specifically for returning students.
What is NSFAS?
NSFAS is a government-funded financial aid scheme in South Africa aimed at providing financial assistance to eligible students to access higher education. It covers various expenses such as tuition fees, accommodation, and study materials.
What are the requirements for NSFAS funding?
Applicants must be a South African Citizen
Candidates must have Sassa Grant Recipients
Must have combined household income of R350 000 or less/annum
If you are living with a disability, you need to have a combined household income of R600 000 or less per annum
Also Read: List Of Institutions And Colleges That NSFAS Fund 2024
How NSFAS Works For Returning Students
As of 2024, continuing and First Time Entering Students (FTEN) university students must get a credit pass rate of 50%. Continuing and FTEN university students are required to have a course credit pass rate of 60% for the end of the 2024 academic year to succeed academically for the 2025 funding year.
If returning students who started their studies prior to 2018 fulfill the pre-2018 NSFAS financial and academic qualifying requirements, they will be given consideration for the bursary.
The combined household income criterion of R122 000 per year, which is the 2017 NSFAS DHET general fund requirements, will be evaluated.
The most recent authorized DHET rules should be followed for allocating funds for living expenses, transportation, lodging, and educational supplies.
Similar allowances are given to students at TVET institutions and public universities, although the amounts vary to cover the costs of their higher education.
Application Process
Returning students need to reapply for NSFAS funding each academic year. The application process typically involves submitting updated financial information and academic records. It’s crucial to meet deadlines to ensure timely processing of your application.
Funding Allocation
Once approved, NSFAS allocates funding based on the student’s financial need and the cost of their study program. The funding may cover tuition fees, accommodation, meals, and study materials. However, the amount awarded varies depending on individual circumstances.
For University students
Accommodation: According to the actual costs charged by the university (costs for private accommodation must not be more than the costs for university residence).
Transport (up to 40 km from the institution): R7 500/year.
Living allowance: R15, 000/year.
Book allowance: R5200/year.
Personal care allowance: R2900 per year for students in catered accommodation.
TVET College students
Accommodation in the urban area: R24,000/ annum
Accommodation in the peri-urban area: R18,900/ annum
Accommodation in the rural area: R15,750/ annum
Transport : R7,350/annum
Transport: R7000/ annum
Personal care allowance: R2900/ annum
Repayment Obligations
NSFAS provides funding as a loan or bursary, depending on the student’s household income. For returning students, the funding received in previous years may need to be repaid if certain conditions are met after graduation.
Benefits of NSFAS for Returning Students
NSFAS gives several benefits to returning students, including:
Financial Support: Helps cover the costs associated with tertiary education, reducing the financial strain on students and their families.
Opportunity for Advancement: Enables returning students to continue their education and pursue their academic goals without worrying about finances.
Equal Access: Ensures that all eligible students, regardless of their financial background, have the opportunity to access higher education.
Repayment Flexibility: Offers flexible repayment options, including income-contingent repayment plans, making it easier for graduates to manage their debt.
Conclusion
NSFAS plays a crucial role in supporting returning students in their pursuit of higher education. By providing financial assistance and ensuring equal access to education, NSFAS helps pave the way for a brighter future for thousands of students across South Africa.
