National Student Financial Aid Scheme – myNSFAS & NSFAS Application 2023/2024:
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 qualifies 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.
As per the actual costs charged by the university (costs for private accommodation must not exceed costs for university residence)
- Transport (up to 40 km from institution) R7 500 per annum
- Living allowance R15, 000 per annum
- Book allowances R5200 per annum
- Incidental/personal care allowance R2900 per annum for students in catered residences
- Accommodation in an urban area R24,000 per annum
- Accommodation in an peri-urban area R18,900 per annum
- Accommodation in an rural area R15,750 per annum
- Transport (up to 40 km from institution) R7,350 per annum
- Transport R7000 per annum
- Incidental/personal care allowance R2900 per annum