NSFAS Loans and Bursaries for Students in South Africa
The National Student Financial Aid Scheme (NSFAS) assists students who possess the academic capability to succeed at university and who qualify in terms of the NSFAS Means Test for financial help
It covers the costs of your studies at any of the 24 public universities in South Africa. The support provided includes residence or private housing costs, tuition, transport, food, and books.
Applying Ways and Means
You can apply for NSFAS study loan at the institution
. Fill out an application form. Print it and send it to NSFAS by post at the below mentioned address-
Private Bag X4
Submit the following documents along with the application form:
- Grade 12 Certificate
- Copy of South African ID
- Certified Copy of Bank Account
- Parents' income proof
- Registration Proof: Registration at educational institution in South Africa
- Copy of birth Certificate: It should be certified
- Proof of Disability (if applicable): A letter from doctor confirming disability
- Acceptance Letter: It is issued by the University or Colleges where you’ve enrolled
To know in detail about the documentation needed for a NSFAS bursary or loan, click here
NSFAS student loans repayment begins only you’ve completed your studies. Depending upon your results, up to 40% of the NSFAS study loan may be converted into a bursary and it does not need to be repaid. All loans that are paid back are used to fund other pupils who are also in need of financial aid. The NSFAS sends you the statements showing the amount you owe and the amount you need to pay back every month.
Calculation of Repayments
The NSFAS student loan Repayments are based on the salary you earn, and begin once the salary is R30,000 or more per year. Payments begin at 3% of the annual salary, to a maximum of 8% when your salary reaches R59,300 or more per year.
Interest rates- The Interest is charged at 80% of the repo rate. NSFAS charges interest on all outstanding balances.
If you’re not employed or still studying, in that case, you’re not required to pay back rather have to provide a written proof in the form of an affidavit that is valid for 3 months.