The National Student Financial Aid Scheme, popularly known as NSFAS, is a South African government initiative that provides financial assistance to eligible students. The scheme was established in 1991 and has since been instrumental in enabling students from low-income households to access higher education in various fields. The question that many students ask is, "How much does NSFAS pay per student?" In this blog post, we will delve deeper into the matter and provide you with all the relevant information.
How Does NSFAS Work?
Before we can answer the question of how much NSFAS pays per student, let's first understand how the scheme works. NSFAS provides financial assistance to eligible students in the form of bursaries or loans. A bursary does not need to be repaid, while a loan must be repaid after completion of studies. The amount of money that a student receives from NSFAS depends on various factors, including the type of qualification, the institution attended, the study duration, and the financial situation of the student's household.
NSFAS Bursaries
NSFAS provides bursaries to students who come from households earning a combined annual income of R350 000 or less. The bursary covers registration fees, tuition fees, and allowances for accommodation, transport, and study materials. For 2021, the maximum amount that a student can receive from NSFAS is R101 000 per annum. However, it is important to note that not all students who apply for NSFAS bursaries are approved, and those who are approved may not receive the maximum amount.
NSFAS Loans
NSFAS also provides loans to students who come from households earning a combined annual income of more than R350 000 but less than R600 000. The loan covers tuition fees, but the student is required to pay for other expenses such as accommodation, transport, and study materials. The maximum loan amount that a student can receive from NSFAS is also R101 000 per annum. The student must start repaying the loan after a year of completing their studies or after securing employment, whichever comes first. The interest rate charged on the loan is also low, making it an affordable option for many students.
Conclusion
NSFAS plays a crucial role in enabling students from low-income households to access higher education. While the amount that the scheme pays per student varies depending on various factors, it provides financial assistance that makes it possible for many students to complete their studies. If you are a student who requires financial assistance, we advise you to apply to NSFAS and explore this option.
