Is NSFAS a loan or bursary in 2022?
The National Student Financial Aid Scheme (NSFAS) was established in terms of the National Student Financial Aid Scheme (Act 56 of 1999).
The mission statement is made up of three distinct elements, which describe why NSFAS exists and the impact on the constituency:
- NSFAS exists to provide financial aid to eligible students at TVET colleges and public universities;
- NSFAS identifies eligible students, provides bursaries, and collects past student loan repayments to replenish the funds available for future generations of students; and,
- NSFAS supports access to, and success in, higher education and training for students from poor and working-class families who would otherwise not be able to afford to study.
Who qualifies for NSFAS funding?
- All South African citizens
- All SASSA grant recipients qualify for funding
- Applicants whose combined household income is not more than R350 000 per annum
- Person with disability: Combined household income must not be more than R600 000 per annum
- Students who started studying before 2018 whose household income is not more than R122 000 per annum.
What does the bursary cover?
Amounts indicated of accommodation, living allowance, transport, and learning materials need to be aligned with the approved latest DHET guidelines.
Now to answer your question Is NSFAS a loan or bursary in 2022? NSFAS is a bursary, not a loan.