If you are a student in South Africa, chances are that you have heard of the National Student Financial Aid Scheme (NSFAS). NSFAS is a government initiative aimed at providing financial assistance to students who cannot afford to pay for their studies. However, not all students are eligible for NSFAS funding. One of the main requirements for qualifying for NSFAS is meeting the income threshold. In this article, we will take a look at how much you must earn to qualify for NSFAS funding.
What is NSFAS?
Before we delve into the income requirements, let us first understand what NSFAS is. NSFAS is a government-funded financial aid scheme that provides monetary assistance to students who wish to further their studies but are unable to do so due to financial constraints. The scheme offers a variety of funding options, including tuition and accommodation fees, book allowances, and travel allowances.
Who can apply for NSFAS?
NSFAS is open to all South African citizens and permanent residents who wish to study at a public university or TVET college. However, not all applicants are guaranteed funding as NSFAS is subject to availability of funds. In addition to meeting the income threshold, applicants must also meet academic requirements and must not already be in possession of a tertiary qualification.
Income threshold for NSFAS
The income threshold for NSFAS changes every year and is determined by the Minister of Higher Education and Training. As of 2021, the income threshold for NSFAS is a household income of R350 000 per annum or less. This means that if the combined income of all members of your household is R350 000 or less, you may qualify for NSFAS funding.
What counts as household income?
Household income is not limited to just the income of the student applying for funding, but includes the income of all members of the household. This includes parents, guardian(s), and spouse(s). It also includes any income from investments, rental properties, or other sources.
How is the income threshold determined?
The income threshold for NSFAS is determined by taking into account the country's poverty lines, as well as the GDP per capita. The aim is to ensure that students from disadvantaged backgrounds are given priority for funding. By setting an income threshold, NSFAS aims to ensure that funding is provided to students who need it most.
Conclusion
Qualifying for NSFAS funding can be a great relief for students who are struggling to pay for their studies. However, it is important to note that meeting the income threshold alone does not guarantee funding. If you meet the income requirements, you will still need to apply for funding and meet all other eligibility criteria. With that said, NSFAS is a valuable resource for students who require financial assistance and is worth exploring if you meet the income requirements.
