Online applications for the NSFAS financing scheme are open until 15 February.
The National Student Financial Aid Scheme (NSFAS) has announced that online applications for the loan scheme for 'missing secondary school students' will open today and close on February 15th.
This follows an agreement between the NSFAS Board and the South African Students' Union to extend the 2024 scholarship application period. Applications for the NSFAS scholarship scheme were previously due to close on January 31st.
Minister for Higher Education, Science and Innovation, Dr Blade Nzimande, last month confirmed plans to fund “short-term secondary school” students through the so-called new inclusive student funding model.
The missing middle is the category of students from families with an annual gross income of more than R350 000 and less than R600 000.
The Comprehensive Student Funding Model aims to introduce measures to support students who are currently not supported by NSFAS bursaries and funding policies. They also want missing middle school students to receive financial support from the government in the form of loans to continue their studies.
As with the bursary scheme, the loan scheme is also managed by NSFAS, which has the legal authority to provide student loans in accordance with NSFAS legislation.
The financial aid plan states: “The NSFAS Student Loan Scheme is the first step in the introduction of a comprehensive student funding model. Students who have already applied for the NSFAS Scholarship Scheme will not need to submit a new application to the Student Loan Scheme.
“All students who do not meet the eligibility criteria for the scholarship scheme, but meet the eligibility criteria for the loan scheme, will be automatically offered a loan for consideration.”
According to NSFAS, students eligible for the loan must be TVET and public university, undergraduate or postgraduate students with an annual household income between R350,000 and R600,000 (STEM programmes: % and 30% social science students). program) and learners who are willing to sign a loan agreement.
NSFAS also reminded all applicants for scholarship and loan schemes to submit consent forms to verify relevant information from third parties.
'Information required to confirm the employment status and income level of the applicant's parent, guardian or spouse. Applicants can download the completed consent form to the NSFAS website, portal or mobile app. It is essential that they be uploaded,” said Professor Lawrence van Staden, Acting Director of NSFAS.
NSFAS, part of the Department of Higher Education and Training, operates an annual budget of nearly R50 billion and serves young people from poor and working-class backgrounds.
Between 2019 and 2022, NSFAS is said to have disbursed R123 billion to 2,918,624 beneficiaries.
However, over the years, the plan has been plagued by numerous challenges, including IT system failures and mismanagement. More recently, the school has been at odds with students over issues and claims related to the new direct payment system, the suspension of student funding, an unresponsive inquiry system, and a backlog of accommodation certifications.
Last year, NSFAS indicated it was taking steps to harden its IT systems after cybercriminals attempted to gain unauthorized access to the payments infrastructure of the company and its fintech partners.
