Differences Between the NSFAS and Compensation fund (COID) bursary
The National Student Financial Aid Scheme (NSFAS) and the Compensation Fund (COID) Bursary are two financial aid programs in South Africa designed to support students in their pursuit of higher education. While both provide financial assistance, they cater to different groups of students and have distinct features and requirements.
Compensation Fund (COID) Bursary
The Compensation Fund bursary aims to support individuals facing challenges due to disability or income loss. Its purpose is to empower them to actively participate in society by providing educational assistance. Through this bursary, opportunities are created for these individuals to pursue their education and contribute meaningfully to their communities.
Eligibility and Coverage
The bursary provides:
- Payment of tuition fees
- Provision of required study materials
- Monthly allowance
- Acommodation
The bursary can be renewed annually for the length of the study programme enrolled, subject to the availability of funds and academic performance. The bursary is available throughout the 2024 financial year, but applicants are advised to submit their 2024 academic year applications by 31 March 2024.
To be eligible, applicants must be South African citizens, have a fully filled application form, proof of residence, claim number, and proof of admission from a public Post School Education and Training (PSET) institution.
Application Process
Applicants need to have an admission from a reputable Technical and Vocational Education and Training (TVET) College, Community Education and Training (CET) College, or Higher Education Institution (HEI). To apply, they have to fill out a form on the Department of Labour’s website.
National Student Financial Aid Scheme (NSFAS)
NSFAS is a financial aid scheme that provides bursaries to eligible students to help cover the cost of higher education. Unlike the Compensation Fund Bursary, NSFAS is not limited to individuals with occupational injuries or diseases or their dependents.
Eligibility and Coverage
NSFAS is open to South African citizens who meet the financial eligibility criteria set by the scheme. The bursary covers tuition fees, accommodation, meals, study materials, and a living allowance.
Application Process
The application process for NSFAS involves completing an online application form on the NSFAS website. Applicants must provide proof of their household income, among other documents, to demonstrate their financial need.
Recommended: How To Create A myNSFAS Account in 2024
Conclusion
While both the NSFAS and the Compensation Fund Bursary aim to provide financial assistance to students, they differ significantly in their target beneficiaries, eligibility criteria, and application processes. The Compensation Fund Bursary specifically targets individuals affected by occupational injuries or diseases and their dependents, while NSFAS is open to all students who meet the financial eligibility criteria. Understanding these differences can help students identify which financial aid program is most suitable for their circumstances.
