Is nsfas allowance extended

Is nsfas allowance extended

Is nsfas allowance extended | NSFAS was established according to the National Student Financial Aid Scheme Act (Act 56 of 1999) and incorporated TEFSA (Tertiary Education Fund of South Africa). From 1993 to 2000, TEFSA was the primary non-profit company in Section 21 of the Companies Act and ceased operating in July 2000. All existing loans on the TEFSA books were transferred to NSFAS.

Financial Aid
The NSFAS Act enables any student to apply for a bursary from NSFAS but allows the board to impose conditions, generally, or in respect of a particular loan or bursary. Such conditions include the use of the means test and the loan conversion of up to 40 percent of any loan as an incentive for academic success.
It provides for payment by NSFAS of the amount of the loan or bursary to the designated higher education institution”, rather than to the applicant. It also allows NSFAS to enter into what is in effect an agency agreement with higher education institutions (HEIs) or further education and training (FET) colleges.

 

When nsfas is closing

Applications will open for two weeks, from November 18, 2022, to January 2023. NSFAS encourages qualifying students who are registered in the 2023 academic cycle and are without any other form of a bursary to enquire with their Financial Aid Office whether they qualify to apply during this window, and prepare all the relevant supporting documents and apply as soon as the university gives you the go-ahead. Applications submitted after the closing date will not be considered.
No Late Application.

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
  • A person with a 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.
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Ngfinders.com is here to bring you the latest on NSFAS application process.

Is nsfas allowance extended?

Higher Education Minister Blade Nzimande hosted a media briefing on Monday to talk about funding decisions for 2023.

The Minister said he understands the pressure that students and institutions are under, as funding decisions for 2023 have not yet been finalized.

Many students have not yet been able to register, as they have not received feedback from the National Student Financial Aid Scheme (NSFAS).

The Minister said NSFAS has not finalized funding decisions because it is facing a shortfall.

“NSFAS is facing a shortfall on its funding for 2023. Which means it has been unable to confirm funding for new university students.” said Nzimande.

This shortfall was caused by a number of factors, including:

  1. The extended academic year — due to Covid-19, students had to receive allowances even when universities were closed.
  2. Budget cuts for all departments
  3. Deteriorating economy — due to families facing financial troubles and retrenchment, more students meet the funding requirements
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How to Apply for NSFAS Online 2023

If you would like to apply for NSFAS 2023, follow the steps outlined below:

  1. You have to visit the NSFAS website: www.nsfas.org.za online
  2. Then, you have to click on the “myNSFAS” tab
  3. After that, you create your myNSFAS account
  4. After creating myNSFAS account, you then have to click on the “Apply” tab
  5. Answer the following questions you see on your screen
  6. Update all your personal information
  7. Upload all the required supporting documents
  8. Lastly, Click on “Submit” to send your application for review

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National Student Financial Aid Scheme NSFAS Details